The agreement will let Ford keep her building at 23 Music Circle E., but she will trade land behind the building for a parcel next door.
It also means the Metropolitan Development and Housing Agency will soon withdraw its petition to seize a part of Ford’s property through the power of eminent domain.
The pact will let Lionstone build a 225,000-square-foot office building with ground-floor retail on land surrounding Ford’s property. The firm has already lined up two tenants, which will take up about 60 percent of the building, and it is in talks with banks for a construction loan, McKinnon said.
Metropolitan Development and Housing Agency asked to delay a hearing scheduled for Friday morning so it could formally introduce a proposal to divide Music Row business owner Joy Ford's property in half.
The proposal is meant to end a dispute that has halted a $100 million plan from a Houston firm, Lionstone Group, to redevelop a three-acre plot on the Music Row roundabout.
Earlier this year, the MDHA agreed to acquire the property for Lionstone and resell it to the firm at cost. Now, the agency says Lionstone would need the parking lot in the rear of Ford's property only. Ford would receive $455,000 for the lot and be given lifetime parking, free of charge, in a garage planned as part of the new development.
The Institute for Justice, the libertarian group that fought the most famous eminent domain case of the last decade, has taken on Music Row property owner Joy Ford's fight against a plan to redevelop her building.
signed a lease with Nashville's largest pure architectural firm, Earl Swensson Associates, Inc., for 60,000 square feet
1515 Demonbreun will be a 250,000-square-foot office building with 25,000 square feet of retail space fronting Demonbreun Street.
Earl Swensson Associates, Inc., will be moving from their current location at Vanderbilt Plaza and will design the project for Lionstone
Lionstone's plans for the three-acre site they acquired from Reba McEntire in March 2006 include development of a 125-room hotel with an adjacent 100-unit luxury high-rise residential condominium tower
Lionstone purchased the 1515 Demonbreun property as part of Lionstone Urban Investments One - a $185-million discretionary fund that acquires real estate assets in high amenity urban areas