East Nashville site sells for $4.07M; apartment building planned

Atlanta company to develop parcel next to Fifth & Main

A key parcel in East Nashville — and located next to mixed-use building Fifth & Main — changed ownership hands today, with an Atlanta-based entity having bought it for a residential development.

The buyer is Stacks on Main Owner LLC, which lists an address of 999 Peachtree Street Northeast in Atlanta. St. Clair Holdings, a real estate investment firm focused on multi-family apartments, shares that address. Stacks on Main paid $4.075 million for the site. The price is the equivalent of about $28.69 per square foot, one of the most significant per-foot prices unimproved land has ever fetched on the city's east side.

Sixth & Main LLC, which acquired the site in September 2012 for $1.125 million, was the seller. Sixth & Main includes Mark Bloom, a partner in Corner Partnership LLC, and minority partners C.B. Ragland Co. and Rod Essig.

On its website, St. Clair Holdings notes it wants to develop a 238-unit four-story apartment building, to be called 6th & Main, on the site. (Read more here.) The site notes 6th & Main will include a "state of the art business center, gaming room, salt water swimming pool and fitness area." The building is slated to be finished in September 2015.

EOA Architects, which designed Fifth & Main and works from within that building's commercial spaces, is the architect for 6th & Main.