San Diego-based Southwest Value Partners will align with the investors who are under contract to acquire downtown’s LifeWay Christian Resources campus, Nashville Business Journal reports.
Robert Sarver, who is the majority owner and managing partner of the Phoenix Suns National Basketball Association franchise, founded Southwest Value Partners in 1990. Forbes in January valued the NBA entity at $910 million.
Sarver (pictured) also is chairman and CEO of Western Alliance Bancorp, which has $13.5 billion in assets.
Los Angeles-based C. Frederick Wehba Jr. is leading the investor group (Uptown Nashville LLC) that has the 15-acre site on the Central Business District's western fringe (see here courtesy of Google Maps) under contract. According to sources, Wehba recently was given an extension on acquiring the property, a move seemingly to accommodate his efforts to land a major equity partner.
Nashville-based Tresa Halbrooks, the investor group’s spokeswoman, confirmed to NBJ the Southwest Value Partners involvement but declined further comment.
If the sale materializes, LifeWay will purchase from Metro a SoBro parcel located at the southeast corner of the intersection of First Avenue and Korean Veterans Boulevard and on which the company will have an office tower of up to 17 stories constructed.
Read more here.
The Metro Development and Housing Agency board has approved up to $11 million in public incentives for various planned projects, including $4.9 million for a LifeWay Christian Resources headquarters buildings set for Rolling Mill Hill and on Metro land.
In addition to the LifeWay project, and as The Tennessean reports, the money will go toward the development of a boutique hotel planned for Printers Alley and a retail space on Jefferson Street. The board approved the incentives Tuesday.
LifeWay is expected to pay Metro $12.7 million for the site, which is located at the northeast corner of the intersection of Korean Veterans Boulevard and First Avenue South.
Read more here.
LifeWay Christian Resources is slated to pay $12.7 million for the Rolling Mill Hill land for its new corporate headquarters, Nashville Business Journal reports.
Relatedly, the Metro Development and Housing Agency (which will sell the land to LifeWay) is expected to approve up to $4.9 million in incentives to LifeWay, according to NBJ. (Read more here.)
The news follows reports that LifeWay and has tapped Bell & Associates Construction to manage construction and Gresham Smith and Partners to serve as the architect.
Plans to buy from the Metro Development and Housing Agency a little more than 1.5 acres at 400 First Ave. S. have been in the works for the past two months, the morning daily reports. However, the sale of the property is now on the fast-track, with pending approval by the Metro Development and Housing Agency’s board next Tuesday.
The site sits immediately west of the Metro Nashville District Energy System building (see image here courtesy of Google Maps).
According to Davidson County property records, the appraised value of the site is $4.8 million.
The LifeWay building is expected to rise 11 stories. Construction is anticipated to begin by year's end with a completion eyed for late 2017.
Downtown-based LifeWay Christian Resources wants to acquire a 1.6-acre SoBro parcel on which it would have its new headquarters building constructed, Nashville Business Journal reports.
The Metropolitan Development and Housing Agency owns the property, which is located at the southeast corner of the intersection of First Avenue and Korean Veterans Boulevard on Rolling Mill Hill. The address is 400 First Ave. S.
Adjacent to the site (see here courtesy of Google Maps) sits the building home to the District Energy System.
NBJ reports LifeWay officials and MDHA are in discussions, citing multiple unnamed real estate industry sources.
Uptown Nashville LLC, led by Los Angeles-based real estate investor Fred Wehba Jr., is under contract to buy LifeWay's roughly 15-acre central business district-based campus for a reported approximately $125 million.
LifeWay officials have said the company wants to have its future headquarters remain within Nashville’s urban core.
Read more here.
LifeWay Christian Resources has signed a letter of intent to sell its 15-acre downtown Nashville campus to an unidentified buyer, Nashville Business Journal reports.
LifeWay spokesman Marty King described the winning bidder entity as comprising both local and and non-local developers and real estate investors, according to NBJ.
Read more here.