A Michigan investment group is targeting a prime block in SoBro for a large mixed-use project that would take the place of the Market Street Apartments. Adam Sichko at the Nashville Business Journal reports the development would comprise a hotel, condominiums and apartments and have a value that could reach $300 million.
Pohlman and his business partner, Jay Barnes, lead the firm Northern Capital Investments, based in Grand Rapids, Mich. Pohlman said the firm has developed 2.5 million square feet of commercial real estate space during its 18-year history, mostly in the Midwest.
For this project, Pohlman's firm is partnering with Chicago developer Dan McLean, of MCL Cos. The same tandem also is developing an apartment complex in Naples, Fla.
As part of the Scene's 2015 Gimme Shelter issue, Jim Ridley traveled down to Columbia to see how the creative class is helping revitalize the center of the Maury County seat — without the not-so-good-at-all side effects that redevelopment has brought with it in parts of Nashville.
What's different is the energy feeding into the square these days. Startlingly affordable property, coupled with a zoning mix downtown that allows first-floor commercial and second-floor residential, is luring tech businesses, music companies, restaurants and a variety of boutiques back to the once fading town hub. So far, they say, there's no sign of the hipster poisoning, ruthless development or chain proliferation that has infected many Middle Tennessee hot spots.
(Photo by Eric England)
Charlotte, N.C.-based developer Spectrum Residential has released new images for its three-building, 310-unit project slated for the Stock-Yard site.
The Tennessean reports the company is considering offering some retail space fronting Third Avenue North across from First Tennessee Park.
Spectrum Residential will go before the Metro Development and Housing Agency Design Review Committee today to seek approval. The site, with an address of 900 Third Ave. N., sits within MDHA’s Phillips Jackson Redevelopment District and, as such, the buildings’ exterior designs need committee approval.
The Stock-Yard building will be incorporated into the project (pictured at left and below).
Read more here.
SoBro building to be rehabbed, house ST8MNT
Local business owners and married couple Bethany Newman and Josh Newman are undertaking a $400,000 adaptive reuse of a SoBro building that eventually will be home to their branding agency ST8MNT, Nashville Business Journal reports.
The Newmans paid $1.1 million in June for the 0.47-acre site located at at 822 Third Ave. S., according to NBJ.
ST8MNT clients include the Country Music Association, Live Nation Entertainment, Big Machine Label Group (Taylor Swift's label and management company) and Reba McEntire-founded Starstruck Entertainment.
See the site here courtesy of Google Maps. Read more here.
Murfreesboro retail center sells for $4.5M
Investment Partners LLC has sold for $4.5 million retail strip center Shoppes at Innsbrooke located in Murfreesboro.
According to a release, the buyer was Triple R Development, LLC represented by David Rosenblum with Alliant Commercial Realty Services.
Investment Partners partners Bobby Kirby and Jewell Hale developed Innsbrooke, construction of which was completed last year. Tenants are Dunkin Donuts, Smoothie King, AT&T, Avail Vapors, & Heartland Dental.
(Image courtesy of Spectrum Residential) (As seen from Third Avenue and looking east with CSX railroad bridge and Riverfront Condominiums in the background.)
Lee Co., one of the largest private companies headquartered in Williamson County, plans to build a 100,000-square-foot home office in the Berry Farms development, where it has bought about seven acres. Getahn Ward at The Tennessean has the details on the planned move, which is similar to one in the works for Dave Ramsey's financial planning enterprise.
Perko said Lee Co. chose Berry Farms to reasons similar to its choice of Cool Springs years ago for its current headquarters.
“It’s in the path of progress,” he said about Berry Farms where Lee Co.’s planned building will be among the first office space. “We feel like we’re getting ahead by being in the new development.”
Franklin city officials and Williamson County leaders have approved millions of dollars of tax abatements and other incentives to facilitate the headquarters relocation of the holding company for Dave Ramsey's financial planning tools and services. Lampo Group/Ramsey Solutions plans to build a new home office to replace its base in Cool Springs. Nothing definitive about the new HQ's location has been announced, but public officials have said Ramsey has picked a section of Boyle Investments' large Berry Farms project at the Goose Creek exit off Intestate 65 for the $98 million project. (The area encompasses the blue section in the bottom right of the image below.)
Emily West at Franklin Homepage has a rundown of the incentives — which include more than $3.7 million from the county — as well as Lampo's ambitious hiring plans, which stretch well into next decade.
Two years after opening her East Nashville vegan bakery and café, Karina Khan will close the doors to Khan's Desserts this Sunday. The chief culprit — cue some It City teeth-gnashing — is the fast-rising rent at the corner of Porter and Eastland avenues. Lizzy Alfs at The Tennessean has more info here.
Core Development now has a website for its Twelve60 Martin residential project planned for Wedgewood-Houston.
The website (see here) does not offer full details, and Core officials could not be reached for comment Friday morning.
However, images show the building, to sit at the northeast corner of the intersection of Merritt Avenue and Martin Street, would rise five stories and offer an industrial-esque exterior vibe. Village Real Estate Services (a Core sister company) is listed on the website, which references "townhouse units."
Smith Gee Studio is the architect for the project. Of note, the Nashville-based company has designed Core’s Six10 Merritt (read more here), planned for a site located across Martin from Twelve60 Martin.
The two buildings will be part of what Nashville-based Core is calling The Finery.
(Image courtesy of Core and Smith Gee)