Terwilliger Pappas Multifamily Partners is no longer part of Alex S. Palmer & Co.'s long-stalled West End Summit project, Nashville Business Journal reports. The Charlotte-based entity was to have developed a building with high-end apartments but will not do so. Read more here.
The entity with which Nashville-based Alex S. Palmer & Co. was teaming to develop a InterContinental Hotel as part of the long-proposed West End Summit is no longer involved in the effort, Nashville Business Journal reports.
Raleigh, North Carolina-based Concord Hospitality has left the project, but Palmer continues to work to have InterContinental Hotels Group involved in the mixed-used project that would be located on Broadway at 16th Avenue and near the split with West End Avenue, according to NBJ.
Read more here.
Charlotte-based apartment development and acquisition company Terwilliger Pappas is targeting a 300-unit residential building on the West End Summit site of Alex S. Palmer & Co., The Tennessean reports.
Citing people familiar with Palmer’s plan, the morning daily notes the project, if it materializes on the high-profile Midtown site that fronts the Broadway-West End Avenue split, would also include a building(s) to accommodate office and hotel space.
The report of possible activity on the long-dormant site is not surprising. Last November, Nashville Business Journal reported Metro Finance Director Richard Riebeling told attendees of a Nashville Convention Center Authority meeting that Palmer was in negotiations with prospective tenants. A little later, The Tennessean reported that Palmer was conducting talks to have Philadelphia-based Rubenstein Partners as an equity partner in the development of the site.
Also in early December, a local real estate investor group led by Mark Bloom announced it had Midtown property located near the WES site under contract. Bloom noted Palmer’s progress as, in part, an incentive to acquire the land (which the group recently did).
About three weeks ago, this reporter (while driving past the WES site) spotted two men undertaking at the intersection of Hayes Street and 16th Avenue what seemed to be water resources engineering work of some sort. For what it's worth, the men were observing the WES site.
Lastly, online website constructionwire.com is now listing a third-quarter construction start at the WES site for InterContinental. The hotel company has been linked to the overall development for years.
Palmer & Co. officials are staying tight-lipped. And, no doubt, all this info might mean nothing. But consider the old (and, admittedly tired) expression: “Where there’s smoke, there’s fire.”
The chatter of West End Summit finally materializing is assuming a flame-like heat.
Commercial Real Estate Direct reports that Alex S. Palmer & Co. has a prospective buyer for its 18-story Midtown tower Palmer Plaza, according to Nashville Business Journal.
Chicago-based Vanderbilt Partners LLC has the property under contract for about $50 million, NBJ cites CRED as reporting.
Palmer Plaza Partners II owes $29.2 million on its loan related to the building, according to data supplied by global commercial real estate analytics firm Trepp and as originally reported by NBJ. The loan debt must be retired by September 2015.
Read more here.
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