Castlerock Asset Management has landed a major permit related to its 27-story Westin Nashville Hotel under construction in SoBro on the northwest segment of the Music City Center roundabout.
According to a Metro Codes Department document, the permit is valued at about $71 million and is for the construction of the hotel tower component (which sits on a larger ground-level structure).
D.F. Chase Inc. is serving as general contractor on the project (read more here).
Belcourt Theatre Executive Director Stephanie Silverman and her team are embarking on a $4.5 million expansion and renovation of the Hillsboro Village staple. The highlight of the project is the addition of a third screen but many other features of the building will get a serious facelift. Jim Ridley has the story in this week's Scene.
With the theater in its best fiscal health this century — debt is low, and some $2.2 million has already been raised even before The Belcourt goes public this week with its $4.5 million capital campaign — staffers say the timing was now or never. Shortly after the theater hosts its annual sellout holiday run of It's a Wonderful Life, The Belcourt will close, and R.C. Mathews Contractor will begin a furious push toward a grand unveiling in June 2016.
(Renderings courtesy of Tuck-Hinton)
Per usual, there is much happening with the local real estate scene.
Following are a few quick hits:
City Lights progress
It looks as if progress is being made for City Lights Nashville (pictured here and to be located in Rutledge Hill). A permit has been issued related to a temporary sales office on the site, the address for which is 24 Lea Ave. The building will feature 72 for-sale condominiums.
R.G. Anderson will install the trailer, with the permit valued at $2,000. Project officials could not be reached for information regarding a possible groundbreaking.
Read more about the project here.
Gulch site under contract
An investor group with a local property has a Gulch property located near Peg Leg Porker under contract, Nashville Business Journal reports.
David W. Creed and Stan Snipes, senior advisers with the Nashville-area office of Sperry Van Ness | Investec, are leading the buyer entity and are part of the investment group. The two are focused on purchasing urban real estate across the U.S., Creed said, having recently bought a property in downtown Cincinnati.
The Gulch property (see here courtesy of Google Maps) has an address of 600 Ninth Ave. S. and sits on the southeast corneer of Ninth and Gleaves Street.
“As you can imagine, we are obviously very focused on our own backyard and we are very eager to purchase more real estate in Nashville,” Creed said.
“Gleaves and Division is my favorite untouched area of the Gulch," he added. "There is no question, this is a killer location for development with its proximity to the convention center, the new connector, Arnold's, Jackalope, Yazoo, Peg Leg Porker and Flyte.
Of note, the property is located next to a site that Bravo Development has under contract (read more here). Creed declined to identify the other investors in the group. He said a closing could take place in early 2016.
Read the NBJ article here.
Panattoni looks at second office building as first nears finish
The Nashville office of Panattoni Development Co. is under contract to buy the Music Row building home to the CMA administrative offices and located at 1 Music Circle South (see here courtesy of Google Maps) and is eyeing a potential replacement building, Nashville Business Journal reports.
Panattoni (brothers Whitfield and Hayne Hamilton run the local office) is finishing an office building nearby at 35 Music Square East (16th Avenue South) and to which CMA (and SESAC) will move.
Read more here.
Blakeford slated for upgrades
Green Hills-based senior living community The Blakeford is slated for renovations. According to a Metro permit, Solomon Builders will handle the work. The permit is valued at about $1.2 million.
The Blakeford is located at 11 Burton Hills Blvd.
LLC formed related to Tarkington & Harwell
The state has granted LLC status to an entity called Division Street Associates LLC. The LLC shares a 1705 Division St. address with Midtown-based property management services and real estate investor Tarkington & Harwell Co.
Officials with the entity could not be reached for comment.
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