Bellevue-based garden apartment complex The Lexington Apartments has sold for $93.5 million.
According to Nashville Business Journal, Passco Companies of Irvine, California, was the buyer. CND Lexington Gardens was the seller.
The Lexington offers about 600 units in 28 buildings. It is located at 510 Old Hickory Blvd.
Vincent Lefler, senior vice president with Jones Lang LaSalle, brokered the sale, NBJ reports.
There has been some confusion regarding the eventual height of SoBro, the luxury apartment building under construction at the southeast corner of the intersection of Demonbreun Street and Second Avenue.
An article in JLL’s The Investor noted SoBro could push nearly 400 feet. Relatedly, some local manmade environment enthusiasts (including this writer) have speculated the 33-story high-rise would stand at least 360 feet.
However, Giarratana Development officials told the Post on Wednesday that SoBro will top out at 341 feet. If standing today, the skyscraper would be Nashville’s 12th-tallest building, ranking behind the 354-foot-tall UBS Tower and ahead of the 300-foot-tall Sheraton Nashville Downtown.
WMG Realty Holding Co. is the project developer and comprises Wanxiang America Real Estate Group, Magellan Development and the aforementioned Giarratana Development.
Click here to read the JLL article, which offers an interesting look at banks providing loans for skyscraper construction.
(Image courtesy of WMG: This perspective shows SoBro as positioned at the corner of Third and Demonbreun. The little cream building seen here on the corner no longer stands and is being replaced by a six-story brick building to be home to The Diner)
Atlanta-based The Residential Group plans to open next month its now-named One MetroCenter Apartments in North Nashville.
Relatedly, the Atlanta-based company has tapped Pegasus Residential, which is also based in Georgia’s largest city, to handle management of the 320-unit apartment building. The property is located at 45 Vantage Way in MetroCenter.
Of note, the four-building One MetroCenter Apartments is the first residential development of its type located east of Rosa Parks Boulevard. Kurt Alexander, Residential Group principal, said a leasing trailer is now on the site.
“We will have our first move-in in the beginning of September,” he said.
One MetroCenter Apartments units will average 881 square feet, considerable larger than the average units found in apartment buildings located in downtown and Midtown. Units will rent for, on average, $1.75 per foot, Alexander said.
The Residential Group, which developed the 244-unit West End Village at the southwest corner of 31st Avenue and Long Boulevard in West End Park, has teamed with Horsepower Realty on One MetroCenter Apartments.
Pollack Shores Real Estate Group has landed a permit to demolish The Gossett Building in the North Gulch, one of the first steps toward the Atlanta-based developer’s starting construction on a large-scale mixed-use building.
The Gossett Building (see here courtesy of Google Maps) is best known for most recently housing costume and makeup business Performance Studios.
Nashville-based Demo Plus will handle the job, according to a Metro Codes Department document. The permit is valued at $300,000.
The 3.44-acre site is bounded by Church Street on the north, 12th Avenue on the east, Grundy Street on the south and Davis Boulevard on the west.
Read more about the Pollack Shores project here and see the proposed building here.
The Metro Planning Commission on Thursday voted to approve rezoning for two key projects: The Manning at Belle Meade (read here), pictured, and Evergreen Real Estate’s townhome development eyed for the Blair and Belmont boulevards intersection (read here).
In addition, the commission voted to approve a request to revise the preliminary plan and final site plan that will allow the Metro Development and Housing Agency to undertake a four-story 68-unit apartment building at Cayce Place Apartments in East Nashville.
Atlanta-based developer Pollack Shores Real Estate Group announced earlier this weeks its plans for a mixed-use building (apartments and retail) for the North Gulch.
Post Managing Editor William Williams caught up with Michael Blair (pictured), the company’s managing director of development, to discuss the form and function of the future building (read more here).
When will the Gossett building be demolished and when do you expect to break ground?
The Gossett sign has already been removed so that we can preserve and re-use it as part of our new project. More prep work associated with the demolition will commence next week, with physical demolition of the building to start by the beginning of June. Following the demolition, we will break ground this summer with the sitework, utilities and building foundation activities.
Where will the retail be positioned?
The majority of the retail/restaurant space will be along 12th Avenue starting at the building’s corner at Grundy. The Church Street Viaduct frontage will include our leasing office and specific resident amenities, such as fitness center and mailroom, as well as a few live-work units near the intersection of Church and George Davis Boulevard.
What are the minimum and maximum number of retail spaces you anticipate?
Although that has not yet been finalized, I would expect there may be at least two retail spaces, and possibly up to four spaces, along the 12th Avenue frontage. Our design for that portion of the building allows for that flexibility given the multiple storefront access points.
Explain the connectivity to and interaction with the Church Street Viaduct.
The surface parking lot between the Gibson building and our new building will remain. We will provide a new curb cut location on Church Street that allows for both resident and visitor access. This arrangement will provide pedestrian and vehicular access to the building from the Church Street Viaduct.
The streetscape along 12th will continue under the viaduct. As you continue north on 12th towards the viaduct, we are planning some outdoor use, such as a dog park, to help activate 12th under the viaduct and to help screen our parking structure. Adjacent to that outdoor space, we will also have a building access point on 12th that provides residents with access to other amenities, including bike storage, dog spa, and a multipurpose music/rehearsal room.
Where could the Gossett sign go?
We’re not sure yet, but we are considering possible exterior locations that may be permitted, as well as interior locations such as inside our two-story clubroom.
Given you have an interesting site that allows much connectivity to the public realm, how many building access points do you envision?
The primary residential access points will be through the main leasing/lobby space on the Church Street Viaduct and through the corner lobby at 12th and Grundy. It’s important that we engage all four sides of the building and the streetscapes at each frontage. Residents will also have vehicular access to the parking structure (with entrances off both 12th and Church). However, there will be multiple secondary access points around the building.
What will be the primary materials for the exterior?
Primarily masonry (a mix of split face block and brick) at the base of the building with fiber cement panels above at upper residential levels. We'll use glass storefront at the retail space.
When will you provide a name for the building? Could you call it The Gossett, for example?
I would expect that we will have a name within the next 30-60 days. Incorporating “The Gossett” into the name is certainly a possibility, but we are in the process of developing some preliminary concepts and branding for the property, which includes different names and logos.
Will the building comprise the entirety of the footprint and, if not, will there be some green space and/or a hardscape pedestrian area?
The overall building footprint will take up most of the block. This is fairly typical of an urban development such as this to ensure that the building connects with the streetscape. The residential and retail pedestrian traffic created by this type of design are very important to the activity of the block. Within the property, we will have three distinct courtyards that will provide different resident amenities, including swimming pool, outdoor kitchen, bocce court and other multipurpose outdoor spaces.
What entities will participate?
Our architect is Poole & Poole Architecture, with Beasley and Henley providing interior design. The general contractor will be Cambridge Swinerton. Littlejohn will serve as the civil engineer and is doing the landscape/hardscape architecture as well.
(Image courtesy of Pollack Shores and Poole & Poole)
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