Giarratana Nashville is on track to close on a $93.3 million senior construction loan, thus concluding the financing portion for the company’s 505 skyscraper now under construction in the Central Business District.
Little Rock, Ark.-based Bank of the Ozarks is the lender, according to a Metro Development and Housing Agency letter addressed to Tony Giarratana.
The Bank of the Ozarks loan will be supplemented by a $37.6 million mezzanine loan LaSalle Property Fund REIT Inc. is providing.
Giarratana Investors and Chicago-based general contractor The Walsh Group are providing a total of $25 million of equity.
To stand about 545 feet tall and include a mix of ground-level retail space and apartments, 505 will be located at the southeast corner of the intersection of Church Street and Fifth Avenue North. If standing today, it would be Nashville’s tallest building consisting primarily of residential space. Viridian, the current tallest, is also a Giarratana development.
A developer based in both California and Nashville is eyeing a six-story condominium building on a downtown site that overlooks the Cumberland River and located a few blocks southeast of First Tennessee Park.
Dennis Devine has enlisted Nashville-based EOA Architects to design the 24-unit residential building, to be called Water Tower Condominiums. EOA will go before the Metro Development and Housing Agency Design Review Committee Tuesday morning to seek approval of the project's concept plan, with approval needed given the 0.5-acre parcel sits within MDHA's Phillips-Jackson Redevelopment District.
Devine could not be reached for comment.
With an address of 700 First Ave. N., the North Capitol property is as noteworthy for its owner as it is its distinctive location next to a historic CSX train bridge.
In the past, Devine undertook residential development in the Los Angeles area and has even done some work in conjunction with The Walt Disney Co. Of note, he is the son of the late, and legendary, Hollywood character actor Andy Devine — who appeared in more than 75 films and on various television series, including Batman, Bonanza and The Twilight Zone. He is also the father of Adam Patrick Devine, himself an actor and the creator of the Comedy Central series Workaholics.
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The Barnes Housing Trust Fund has awarded $2 million to help Woodbine Community Development Organization as well as three other organizations add to the city's stock of affordable housing units. The money will help with the creation of 57 units, some of them slated to be sold below market rate.
Only three other agencies are slated to get money, out of 11 who applied, pending a final vote by the board of the Barnes Fund. That’s the most competitive process the city has seen so far. Other approved recipients are New Level Community Development Corporation (5 units), Habitat For Humanity (8 units), and Affordable Housing Resources (2 units).
The developer of Salemtown Cottages is targeting an end-of-January completion date for the residential project, with 16 of the 24 finished homes now sold.
Michael Kenner, president of MiKeN Development, said five of the final eight under-construction homes are also under contract.
Kenner (pictured) said the project, located on the northern fringe of North Nashville’s Salemtown at the northwest corner of the intersection of Seventh and Buchanan Street (see the site here courtesy of Google Maps) will be noteworthy in that the homes will offer Nest learning thermostats, which are self-regulating and can be controlled remotely. Kenner said he believes this will be the first Nashville development of its type with homes fully controlled by Nest learning thermostats.
Last week, a Nashville-based development entity led by Travis Kelty acquired for $5.26 million the 1.8-acre Division Street site on which it plans a mixed-use high-rise.
Kelty and his team are eyeing the $75 million 23-story Crescendo for the site, which includes the building home to Myers Flooring. The partnership created Highpoint Division Partners for the acquisition of the property, which straddles the edges of both The Gulch and SoBro.
Crescendo would include 303 apartment units with ground-level retail shops and restaurant space and an attached 600-space parking garage. The building is projected to be 350,000 square feet.
Post Managing Editor William Williams caught up with Kelty to get a quick update.
What is the next step?
We need to finalize the design plan and determine if we’re going to have the building be 23 stories. If so, we will need a specific plan zoning.
Are all the players (including the Nashville office of Gresham Smith & Partners) previously reported still involved?
On that theme, why did you choose Atlanta-based architect KPS?
They were referred to us by our general contractor (Roy Anderson Co. of Gulfport, Mississippi, an affiliate of Tutor Perini Company)
How is the effort going to finance the project?
The first step is to secure the project equity and a development partner. Arranging the debt [via a lender] will follow.
Are you considering condos?
We are designing the units as high-end rental apartments with condo amenities.
If all went well, when might you break ground?
We will need at least six months to do the construction plans. Then Myers will need to vacate the building so that we can demolish it. It could easily be eight months before a groundbreaking.
On that theme, work is now underway on the Division Street Extension. Your thoughts?
Our timing seems to be right with the commencement of construction on the new bridge that will connect SoBro with The Gulch. This bridge will provide great connectivity between the two neighborhoods. We have to give [former Mayor Karl Dean] credit for his forward thinking and vision for this area. The bridge will be a catalyst for the redevelopment of the southern part of SoBro and the southeastern quadrant of The Gulch. I believe that this area will transform in short order into a vibrant neighborhood for Nashvillians to live, work and play. I am confident that Mayor [Megan] Barry will carry this vision forward.
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