NewsChannel 5 spoke with some of the 44 condo owners in The Velocity in the Gulch about the future of the building, now that its 220 unsold units will be available for rent following Atlanta-based Pollack Partners' purchase of the building earlier this month.
According to the story, residents recently met with Pollack Partners people and it seemed both parties were "on the same page" about what they wanted to see happen in the community:
Johnson says this left many of the condo owners "cautiously excited" and there are no plans of buying anyone out.
This April, Fifth and Main will open sales to the public, with its units priced lower than any other comparable condo complex on the market. With a mixture of contemporary flats, lofts and townhomes, the six-story development offers unobstructed views of the Nashville skyline. The homes feature spacious layouts, balconies or rooftop terraces and sizeable kitchens. “This is one of the best deals in town, with reduced pricing in an area that has seen steady revitalization throughout the economic downturn,” Lang said.
Terrazzo is actually one of the healthier new-build condos in Music City, and Crosland doesn’t appear to be buying units under shells, just selling them. That’s another hint they might be simply trying to avoid Land Act lawsuits from nervous owners.
Reportedly, Reese Witherspoon’s father as well as Taylor Swift’s mother had low offers rejected on the two largest penthouses in the building. However, it is believed that at least 5 more auction condos sold during this time.
The condominium homes offered in the sales event include a broad array of floorplans, and minimum offering bids are approximately 40-50% of the list price. One-bedroom and one-bedroom den residences available at the sales event range from 891 to 1,150 square feet with minimum offering bids of $159,000 - $225,000. Two-bedroom, two-bath and two-bedroom plus den residences available at the sales event range from 1,320 to 1,617 square feet with minimum offering bids of $250,000 - $310,000. Three-bedroom, three-bath residences available at the sales event have 2,090 square feet with minimum offering bids of $399,000. The minimum bid prices include one parking space in the access-controlled, underground garage.