Giarratana Nashville is on track to close on a $93.3 million senior construction loan, thus concluding the financing portion for the company’s 505 skyscraper now under construction in the Central Business District.
Little Rock, Ark.-based Bank of the Ozarks is the lender, according to a Metro Development and Housing Agency letter addressed to Tony Giarratana.
The Bank of the Ozarks loan will be supplemented by a $37.6 million mezzanine loan LaSalle Property Fund REIT Inc. is providing.
Giarratana Investors and Chicago-based general contractor The Walsh Group are providing a total of $25 million of equity.
To stand about 545 feet tall and include a mix of ground-level retail space and apartments, 505 will be located at the southeast corner of the intersection of Church Street and Fifth Avenue North. If standing today, it would be Nashville’s tallest building consisting primarily of residential space. Viridian, the current tallest, is also a Giarratana development.
Premier Parking has acquired for $1.85 million a 0.41-acre site straddling the Music City Center roundabout and on which the Nashville-based company plans a surface parking lot, according to a Metro document.
Premier, which created Roundabout Parking Partners LLC for the acquisition, will operate a lot with 42 spaces.
Charles E. Cook was the seller.
Led by CEO Ryan Chapman, Premier also is partly owned by developer Tony Giarratana, thus spurring some to wonder if a development could be in the site’s future.
Read more here.
Nashville-based Premier Parking will go before the Metro Development and Housing Agency Design review committee today to seek approval for what would rank among the city’s most unusual surface parking lots.
If approved, the lot would hug the western portion of the Music City Center Roundabout with an address of 417 Eighth Ave S. in SoBro (see here courtesy of Google Maps). The parking lot would offer a distinctive shape and vehicular space configuration, robust landscaping and extensive metal fencing.
Premier, which is led by CEO Ryan Chapman (pictured), will present a lot with 42 spaces. A previous iteration, which the MDHA committee did not approve, offered 44.
Fulmer Engineering is involved in the project.
The site is located within MDHA’s Arts Center Redevelopment District and, as such, committee approval is needed for the concept plan.
(Image courtesy of Premier Parking)
In a change that caught my attention, Giarratana Nashville and LaSalle Investment Management announced earlier this week they have modified their now-called Edge Midtown project to include far fewer micro-units than originally planned.
The 138-residences structure (read more here) will now feature only a handful of units of about 500 square feet. The previous iteration of the building, to have been called 22state, was to have offered 146 units, with upwards of a third as micro-sized, many as small as 400 square feet.
That plan has been scrapped due to practical considerations, Tony Giarratana told the Post. The always-positive Giarratana is hopeful a micro-unit-heavy building looms at some point.
"We wanted 50, or more, of the apartments in Edge Midtown to be micro-units but could not secure debt and equity financing for them,” Giarratana said. “We anticipate that the performance of the micro-units in Edge Midtown will permit us to include more of them in future developments."
Nashville-based 19th Avenue Land Partners LLC has landed a permit to demolish a Midtown building it purchased earlier this month.
Tony Giarratana (pictured) and Ryan Chapman, co-owners of Premier Parking of Tennessee, created the LLC for the $900,000 acquisition of the property (read more here). They have yet to announce their plans for the site.
Nashville-based Chris Rogers Construction will handle the demo work, with the permit valued at $19,000.
See the property here courtesy of Google Maps.
An updated image of downtown tower SoBro, currently rising from the ground within the district from which the building takes its name, can be found on the website of the architect.
Chicago-based Loewenberg Architects is designing the 32-story tower, on which Nashville-based SoBro Development Co. (an affiliate formed in 2008 when local developer Tony Giarratana bought the land) Wanxiang America Real Estate Group and Magellan Development are partnering. The trio comprises WMG Realty Holding Co. LLC.
(Image courtesy of WMG and Loewenberg)
Nashville-based 1818 LLC has landed a master permit to undertake its Church Street residential project with the same Midtown address, according to the Metro Codes Department.
Giarratana Nashville created 1818 LLC for the project, with Tony Giarratana having noted the development company is still targeting a groundbreaking by April.
Read more about the project here.
(Image courtesy of Giarratana Nashville)
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