Charlotte, N.C.-based developer Crescent Communities is planning a 280-unit luxury apartment and retail building to be located on Division Street between The Gulch and the Music Row Roundabout, The Tennessean reports.
If approved, the development would be Crescent’s first project located within Nashville’s urban core.
Crescent is known mainly for suburban development (check the company’s work here), having developed largely in its hometown. The company developed the two-building Greenway Centre in Cool Springs.
Crescent is seeking a variance related to the Music Row Urban Design Overlay district requirements so that it can give the building more height than is currently allowed along that stretch of Division Street, the morning daily reports. The building would be located, in part, at 1205 Division St. and replace some existing nondescript structures (seen in below image courtesy of Google Maps and on the south side of the street).
The building will include five stories of residential apartments located above about 7,500 square feet of first-level retail space, according to The Tennessean. It will feature 195 one-bedroom units, 84 two-bedroom units and one three-bedroom apartment.
The Mt. Juliet Planning Commission late last month gave the nod to almost 500 homes of various sizes on the north side of the Wilson County city. The construction will come in two projects, the larger one being developed by Khris Pascarella's Pearl Street Partners and Crescent Communities.
Local residents and business people spoke in favor of the development as well. Neighbor Ben Portland said, “This will have tremendous impact. It will be great for the north side.”
Sid Williams agreed, “We need this to keep north Mt. Juliet from dying.”
Older resident Jim Elliot threw both his arms wide and said, “I have open arms to welcome them to Mt. Juliet.”
Looking for home price appreciation in the coming year? The researchers at Zillow.com say you need to look beyond the Nashville MSA: Only in La Vergne, Thompson's Station and White House do they see home values rising more than 1 percent. That's a big change from this year, when nine area cities posted average price increases of 7 percent or more.
Zillow's data also shows that only in Brentwood and Franklin are less than 10 percent of homeowners with a mortgage still underwater. Along those lines below is, courtesy of fellow research firm CoreLogic, the chart showing how delinquencies and foreclosures have trended down in the past 18 months.
Another major out-of-state entity has dived into Nashville's residential real estate market.
Walker & Dunlop announced this week that it has provided $44.2 million through its large loan bridge program for the 560-unit Madison at Ridgelake, an apartment community located in Bellevue that recently changed ownership hands. (Read more here.)
Based in Bethesda, Md., and publicly traded on the New York Stock Exchange, Walker & Dunlop provided the acquisition financing for the apartment complex, which included funds for capital expenditures that will be completed during the next two years, according to Walker & Dunlop.
California-based Arenda Capital Management purchased the Ridgelake property from BPG Properties Ltd. of Yardley, Pa.
"By structuring this non-recourse loan at 80 percent loan to cost, we have provided long-time Walker & Dunlop borrower, Arenda Capital Management, with the opportunity to upgrade Madison at Ridgelake to a Class A property," Sandor Bidermam, Walker & Dunlop chief production officer, proprietary capital, said in a release.