Charlotte, N.C.-based developer Crescent Communities is planning a 280-unit luxury apartment and retail building to be located on Division Street between The Gulch and the Music Row Roundabout, The Tennessean reports.
If approved, the development would be Crescent’s first project located within Nashville’s urban core.
Crescent is known mainly for suburban development (check the company’s work here), having developed largely in its hometown. The company developed the two-building Greenway Centre in Cool Springs.
Crescent is seeking a variance related to the Music Row Urban Design Overlay district requirements so that it can give the building more height than is currently allowed along that stretch of Division Street, the morning daily reports. The building would be located, in part, at 1205 Division St. and replace some existing nondescript structures (seen in below image courtesy of Google Maps and on the south side of the street).
The building will include five stories of residential apartments located above about 7,500 square feet of first-level retail space, according to The Tennessean. It will feature 195 one-bedroom units, 84 two-bedroom units and one three-bedroom apartment.
Gulch Crossing LLC, the developer of the Gulch building of the same name (minus the "LLC" of course) currently under construction on 11th Avenue, has secured from Wells Fargo Bank a loan of $62.9 million, according to documents filed with the Davidson County Register of Deeds. Gulch master developer MarketStreet Enterprises created the LLC for the project and declined to provide additional financial details (including the amount of equity in the project), citing a longstanding policy of not disclosing financials related to its developments.
The Mt. Juliet Planning Commission late last month gave the nod to almost 500 homes of various sizes on the north side of the Wilson County city. The construction will come in two projects, the larger one being developed by Khris Pascarella's Pearl Street Partners and Crescent Communities.
Local residents and business people spoke in favor of the development as well. Neighbor Ben Portland said, “This will have tremendous impact. It will be great for the north side.”
Sid Williams agreed, “We need this to keep north Mt. Juliet from dying.”
Older resident Jim Elliot threw both his arms wide and said, “I have open arms to welcome them to Mt. Juliet.”
Louisiana-Pacific has recruited a 26-year veteran of the forest products sector to be its regional operations manager in Canada, where the company will grow its presence from five to nine plants when it wraps up its $1.1 billion purchase of Ainsworth Lumber. Mac Palmiere had until this summer run Howe Sound Pulp and Paper in British Columbia and will continue to be based in Vancouver.
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