Demolition is underway at the Germantown site on which Charlotte-based Proffitt Dixon Partners will develop its Fountains at Germantown apartment building.
Stuart Proffitt, company co-managing principal, said the demo of the buildings last home to R.D. Herbert & Sons and the waste removal process at the 2.4-acre site will take about four weeks, shortly after which point a groundbreaking should occur.
The project will be the first in Nashville for Proffitt Dixon, which paid $4.5 million for the property at 1407 Third Ave. N. Fountains at Germantown will include 249 units.
The Brentwood office of Birmingham, Alabama-based Doster Construction is serving as general contractor, with Synovus having provided the construction loan. Nashville-based Smith Gee Studio is the architect.
“We’re excited to be underway,” Proffitt said.
Read more about the project and see an additional image here.
(Image courtesy of PDP and Smith Gee Studio)
The parent company of The Bank of Nashville is ramping up its new branding campaign, titled "the bank of here," to include the Nashville market. Synovus Financial execs earlier this year rolled out the TV ads, which aim to build the holding company brand on top of its local institutions, in some of its markets.
The Bank of Nashville will in the spring of 2015 leave its longtime home in the L&C Tower for the Gulch Crossing building now under construction, where it will take up almost 19,000 square feet for its regional headquarters and a retail branch. CEO Bill Nigh tells Getahn Ward the bank also will put its name atop Gulch Crossing when it moves its staff of 60 there.
UPDATE: Here's the bank's release on the move, which mentions that 45 percent of Gulch Crossing's space has now been pre-leased.
Synovus Financial, the $27 billion holding company for The Bank of Nashville and other lenders around the Southeast, has agreed to sell its Memphis division to IberiaBank out of Louisiana for an undisclosed amount. Iberia's deal calls for it to take over all of Trust One Bank's $205 million in deposits, some of its $131 million in loans and its six branches — although it expects to close some of those offices.
Executives at regional bank holding company Synovus Financial on Friday said they plan to redeem $968 million in preferred shares issued to the U.S. Treasury under the Troubled Assets Relief Program. The Georgia-based parent of The Bank of Nashville plans to sell $315 million in common and preferred shares and fund the rest of the payback through an upstream dividend from Synovus Bank.
“Today’s announcement of our planned TARP redemption represents the culmination of a journey to return Synovus to a position of strength,” said Kessel Stelling, Synovus Chairman and CEO. “We laid out and successfully executed a clear, deliberate, and aggressive plan to return Synovus to sustainable profitability. Key components of the plan included taking significant actions to strengthen credit quality, stabilize and remix the balance sheet, and improve operating efficiency while investing in the talent and technology that will enable us to support growth and enhance the customer experience.”
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