The real estate boom in Germantown continues apace and is increasingly branching into commercial projects alongside residential additions. The latest example is a joint venture between local bar owner Terry Raley and Woodland Street Partners, who are teaming up to open a 7,000-square-foot beer garden just south of Morgan Park and east of the Werthan Lofts complex. Matt Rogers at Eater Nashville has more info on the project, which is scheduled to open next fall.
H.G. Hill Realty Co. CEO Jimmy Granbery has been busy lately, overseeing the company’s multiple projects (including those in 12South, Hillsboro Village and Midtown), planning for new developments, closing on the purchase of a prime piece of Brentwood property and helping find a new executive director for the Metro Development and Housing Agency.
Post Managing Editor William Williams recently caught up with Granbery for a chat.
Hill Realty owns four sites in Germantown, including the Hampton Crane Services site that fronts Jefferson Street between Third and Fourth avenues north, two lots on Eighth and a very small lot at Third and Jefferson. Your thoughts on the possible redevelopment of those sites?
Both Rite Aid and Regions [on Eighth] are under lease and we have no immediate plans on either building. Hampton Crane is leased short term. With the recent announcement of the new Sounds stadium and surrounding development, we will step up our due diligence to determine the highest and best use for the site.
What is your take on North Nashville with the Sounds ballpark announcement?
The redevelopment of North Nashville is long overdue. It is clearly the best site for a stadium.
How many large-scale projects by various developers could be underway in the heart North Nashville by, say, this time next year?
There will be a lot of smaller projects but nothing will compare to the many facets of the baseball stadium project and all the buildings that will be constructed around it: (including a parking garage, residential and retail buildings, the state museum and the state library/archives building). Given the size and scope as presented this week in multiple presentations, it will be multiple projects under one umbrella.
Switching gears, Hill Realty — with its purchase this week of the Tennessee Baptist Convention property — now controls 32 prime acres in Brentwood. Do you anticipate a scaled-back version of The Streets of Brentwood? At the minimum, could there be a residential component?
Given the current 20/20 plan review underway by the City of Brentwood, we will watch very carefully how the plan evolves over the next few months. Our deal allows the Tennessee Baptist Convention to rent our building for up to a year so it is not urgent to start moving dirt. It is important that we get it right this time working with the Commissioners and the Citizens and create a product we can all be proud of for many years in the future.
Hill is focused mainly on urban projects. Brentwood is not urban. How could that dictate what you develop on the site?
Well, our site is certainly urban to the city proper, and the suburbs are now Cool Springs and farther south.
You were part of a MDHA search committee that recommended the board hire Jim Harbison as the new executive director. What might his vision be for the agency and how, given you have a developer perspective, do you see him positively affecting development?
I will let Jim speak for himself as it relates to his vision. With that said, his vision as expressed to the search committee and the board was a key part of his selection. Furthermore, his vast experience in development will be good for Nashville as well as MDHA. His selection is huge for our agency and, as I told the board and staff [Tuesday], I am really excited for the great staff at MDHA that they will have a new executive director with his qualifications and experience.
What, realistically, will be the next Hill Realty project to break ground? And when?
It’s likely that both our projects on Charlotte Avenue (at 40th Avenue and near Nashville West) will start next year. Both require a significant amount of infrastructure before we can go vertical with buildings. 2015 will be a huge year for our company if planning goes well over the next 15 months.
The developer of Luxus Germantown, a neo-tradtional residential building under construction at the southeast corner of the Fifth Avenue North and Monroe Street intersection, has released a new image. Trust Development President Jim Creason said the homes will range in price from the mid-$400s to the high-$800s. The company is targeting an August 2014 completion date. Read more about the project here.
Work is slated to start next week on the rehabbing — and conversion to mixed use — of the former Centurion Stone and Exteriors warehouse located at 1325 Sixth Ave. N. in Germantown, the Nashville Business Journal reports. The 20,000-square-foot structure is to include a mix of office, retail, restaurant and outdoor venue spaces. Andy Stone will serve as developer, according the NBJ. Read more here.
SWH Residential Partners is anticipating an August 2014 opening for its The Flats at Werthan Mills apartment project currently under construction in Germantown.
Ben Schaedle, SWH Residential development manager, said framing of the massive structure is taking major shape.
Read more about the project here.
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