Some residents of Gulch mixed-use tower Terrazzo are uneasy about some of the legal maneuvers made by developer Crosland, which has incorporated a number of new subsidiaries to sell units. One buyer says residents "don’t know who we’re dealing with," but the company says it's perfectly normal practice.
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.
Nov 22, 2010 7:53 AM
Josh Anderson at Nashville Real Estate reports a foreclosure of Crosland's Griffin Plaza property in The Gulch, scheduled for Jan. 11, is on hold.
Crosland Tennessee announced plans in 2007 to develop the property into Griffin Plaza, a $35 million project including 140 apartments in a 10-story tower and 32,000 square feet of ground-floor retail space. Crosland Inc. borrowed $15 million from Carolina First in May 2008. Carolina First claims Crosland defaulted on a $90,500 interest payment. “Crosland is still in negotiations with the bank and is confident of reaching a positive outcome,” Crosland Tennessee President Bill Barkley said in an e-mailed statement.UPDATED: The NBJ's original report of this story.
Jan 8, 2010 1:28 PM
Grant Hammond got the results from Saturday's highly anticipated auction at The Terrazzo. All told, 21 units sold during auction and additional six were sold during floor negotiations. Note Hammond only has four of those listed, but the remaining two went at the same $235-per-square-foot price. On average, the condos caught 62 cents on the dollar relative to list price - a great deal for the seller to be sure - but one lucky (or smart) buyer managed to catch a 1,000-square-foot, one-bedroom for $236,000, a mere 44 percent of the list price. The big question is how the success of The Terrazzo's sell-off will affect Nashville's next condo auction, slated for Dec. 5 at The West End.
Nov 23, 2009 1:32 PM
Crosland takes a drastic step in an attempt to start shipping condos at its Terrazzo tower. It will hold an auction the weekend before Thanksgiving with minimum bids starting below $200 per square foot.
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.
Oct 28, 2009 10:28 AM
RREEF, a real estate investment subsidiary of Deutsche Bank, has offloaded the management of more than 11 million square feet of property from New England to Texas to five firms, one of which is Crosland. A spokeswoman says the firm will take over the day-to-day running of Providence Marketplace, the $75 million shopping center it developed with Carolina Holdings before selling a majority stake to RREEF in 2007. Crosland, which also built the Terrazzo tower in The Gulch, will manage three sites in the Carolinas as well.
Oct 22, 2009 3:12 PM
Developer Crosland has signed on a handful new tenants to its Providence MarketPlace retail center in Mt. Juliet. The company announced yesterday three new tenants will take up a combined 7,426-square-feet of the 830,000-square-foot center. Trendy national clothing retailer rue21 — which bills itself as offering prices 25 to 50 percent below the competition — will take up 4,210 square feet of space. Body Shop Fitness, a specialized personal training facility, has signed on for a 1,842-square-foot space. The gym plans to open its doors in May. Later this month, Cori's DogHouse, a restaurant serving hot dogs and sausages, will open in a 1,374-square-foot-space.
Aug 20, 2009 9:47 AM