Broadwest site as seen in late March
Also: North Nashville site near TSU eyed for mixed-use project Anthem
Huntsville, Alabama-based Propst Development has landed a major permit related to its mixed-use Broadwest project under construction in Midtown.
Valued at $18.3 million, the permit will allow for the construction of the podium of the office building to be part of the project. The 510,000-square-foot office tower will rise 21 stories and be accompanied by a 34-story tower with a 250-room Hilton-brand hotel and 220 luxury condos. A plaza will connect the two buildings, and retail will be in the mix.
Franklin-based Chartwell Hospitality (which focuses on hotel projects) is teaming with Propst to co-develop the site at 1600 West End Ave., at the split of Broadway and West End. Both high-rises are expected to open by summer 2021, according to plans.
Turner Construction is the general contractor. In 2018, Propst paid $36.9 million for the 3.9-acre property, on which Nashville-based developer Alex Palmer planned for years the two-tower West End Summit.
Broadwest could eventually carry a price tag of $500 million.
North Nashville site near TSU eyed for mixed-use project Anthem
Hattiesburg, Mississippi-based York Developments is eyeing a North Nashville site sandwiched by The Nations to the west and the Tennessee State University campus to the east for a mixed-use project, Nashville Business Journal reports.
To be called Anthem, the project will involve three buildings housing workshops, office studios, co-working space and warehouses — with possibly as much as a collective 200,000 square feet, NBJ reports, citing Metro permit applications. A fourth building would accommodate an events center. The site could include a boardwalk interacting with the nearby Cumberland River.
York, which also has a Florida presence, paid $3.8 million for the 19 acres earlier this year. The property is located near the T-intersection of 40th Avenue North and Centennial Boulevard.
Relatedly, York is developing a West Nashville site at 4305 Alabama Ave. with a Spacebox Storage facility. That building will sit one block north of Charlotte Avenue. (Read here.)
Ballpark-area retail building construction continues
The owners of property adjacent to First Tennessee Park in North Capitol have landed a key permit related to their two-story retail building, construction of which is underway.
An ownership group led by local developers Chris Ward and Tim Ward is developing the rectangular parcel that runs along the left field and center field sides of the ballpark and faces Third Avenue North. The 60,000-square-foot building would also have a small presence on Junior Gilliam Way. The address is 915 Third Ave. N.
The permit, valued at $6.7 million, will allow for construction of the main part of the building. JE Dunn Construction is the general contractor.
The retail building (to offer a bowling alley, brewpub and restaurant) will be a companion structure to an apartment building that will hug First Tennessee Park in left-center outfield and also be undertaken by Ward Brothers Development LLC. A summer 2018 groundbreaking had been eyed for that project. The 285-unit apartment building will sit on a 2.59-acre parcel and be called The Derby.
The retail building originally was slated to open so as to coincide with the 2019 baseball season’s start. Nashville-based MJM Architects has designed the building.
The Wards (the sons of Nashville Sounds franchise co-owner Frank Ward) are partnering with Michael Hayes and Brandon Kuvara of Nashville-based C.B. Ragland Co. on the development of both sites.
LC Murfreesboro owner lands $79.9M refinancing loan
KeyBank Real Estate Capital has announced it has provided a $79.9 million refinancing loan for 580-unit apartment complex LC Murfreesboro.
Columbus-based Lifestyle Communities developed the site. The company is undertaking a project in downtown Nashville’s SoBro district.
Jon Reible of KeyBank originated the loan on behalf of LC to refinance existing debt, according to a release.