K.C. developer eyes Formosa site for Germantown apartment building

Price Development seeks rezoning to accommodate 256-unit structure

A Kansas City, Missouri-based company is hoping to purchase Germantown property home to iconic North Nashville business Formosa Foods on which it wants to develop a 256-unit apartment building.

Price Development, which has yet to undertake a project in Nashville and would join a growing list of out-of-town developers, is seeking a rezoning of two parcels of land, one owned by Wang's Enterprises, Inc., and the other by Angelo Formosa Foods, Inc.

Price Development has created PDG Germantown for the effort and will go before the Metro Planning Commission on Sept. 11 to request the city rezone from industrial to specific plan-residential two parcels: at 1309 Third Ave. N. and 1304 Fourth Ave. N. The 2.79-acre site partly addresses Monroe Street, catty-corner from 312 Pizza, and is located within the Germantown Historic Preservation Overlay District.

If the commission approves the rezoning, PDG could move forward with the purchase of the two sites.

PDG’s Chris Bennish could not be reached for comment. To date, Price has done mainly suburban work (see here).

Lance Bloom, a broker with the Nashville office of CBRE Group. Inc., is representing both Wang’s and Formosa Foods. He said the property is under contract.

“With the announcement of the new ballpark, Germantown is experience an extreme level of interest from multi-family developers from across the region,” Bloom said. “Price Development has built great products in other cities across the county and I believe they would do great-looking development on a piece of property that currently houses some non-descript industrial buildings.”

What would become Angelo Formosa Foods Inc. began in 1916, when Formosa himself began selling nuts and bananas from a cart in North Nashville. The business is still in operation.