The Metropolitan Development and Housing Agency is requesting bids from prospective entities looking to acquire and adaptively reuse downtown’s modernist Ben West Library building, Nashville Business Journal reports.
In 2012, the library was appraised at $6.25 million. The 50-year-old building has an address of 225 Polk Ave.
Bids are due Aug. 8, with MDHA saying tax credits could be available to developers, NBJ notes.
Cleveland-based Gates Capital Resources has announced that it has provided $35.5 million of financing for the Metropolitan Development and Housing Agency parking garage and retail building now under construction at the southwest corner of Church Street and Fifth Avenue North.
The MDHA facility (read more here) will contain 1,000 self-park spaces on 12 parking levels and 17,700 square feet of street-level retail and commercial space. EOA Architects and R.C. Mathews Contractor, both Nashville firms, will provide design and construction services.
Construction on the parking facility started last year in mid-November, with completion scheduled for late 2016.
“This will deliver vital parking to the vibrant downtown Nashville area, which is enjoying phenomenal growth,” Graham White, managing partner of Gates Capital Resources, said in a release. “We are very pleased to provide the city with a flexible, private capital solution.”
Gates Capital Resources is an affiliate of Gates Group Capital Partners LLC, a private Cleveland investment firm.
(Image courtesy of EOA and MDHA)
The Metropolitan Development and Housing Agency has purchased for $6.5 million 0.8 acres of downtown land on which it plans a building to combine structured parking and retail.
Giarratana Development was the seller.
In June, MDHA and the Nashville-based development company agreed to a $9 million deal for the property. The agency said it was able to negotiate the price down to $6.5 million.
Relatedly, MDHA earlier this week agreed to provide $12.5 million in tax increment finning for Giarratana Development's planned 505 CST residential skyscraper, which will rise next to the MDHA structure.
The site, currently a surface parking lot, is located at the southwest corner of Church Street and Fifth Avenue North. Premier Parking, which is affiliated with Giarratana Development, will continue to manage the for MDHA until construction of the garage/retail space starts.
A sidewalk easement has been issued related to the Metro retail and parking garage structure planned for a portion of the property located at the southwest corner of Church Street and Fifth Avenue South within downtown’s central business district.
According to Davidson County Register of Deeds documents, Metro and 505 LLC have agreed upon the easement, with the latter entity created by Giarratana Nashville to eventually develop a combination residential and retail tower (to be called 505 CST) on an adjacent portion of the overall site (read here).
The Metro Development and Housing Agency will develop the building with retail space and a 1,200-space parking garage (read here), with on-site work tentatively slated to start by year’s end.
The site, currently used as a service parking lot, can be seen here in an image courtesy of Google Maps.
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