BROADWEST (former West End Summit), 36 story Conrad Hilton Hotel/condo tower, 22 story/510,000 sq. ft. office tower, 4 story/125,000 sq. ft. retail/office, 1 acre plaza, 2,500 car garage, $490 million

[Pdt2f]

11 minutes ago, DeemonBruhn said:

 

Just being rich isn’t enough. They will have to team with someone. I see nothing that gives me any confidence that they have the ability to pull this off.

 

At least we’ll have some new fence signs!  

[BnaBreaker]

I am thrilled to see any sort of movement on this, but after looking at the buyer's portfolio I have to say that I am not optimistic that they'll be able to develop the property into anything that  we will be excited to see in that location.  

[L'burgnative]

If they develop it the "Huntsville way" they are probably planning a suburban style Publix or try to squeeze 500 single family homes on it.  One things for sure it won't have height; you think Nashville's scared of height...  Huntsville has a 150' height restriction.

[Pdt2f]

26 minutes ago, L'burgnative said:

If they develop it the "Huntsville way" they are probably planning a suburban style Publix or try to squeeze 500 single family homes on it.  One things for sure it won't have height; you think Nashville's scared of height...  Huntsville has a 150' height restriction.

Maybe that’s why they’re buying this in Nashville and not some land in Huntsville? Hopefully they’re trying to make a splash and impress everyone. 

[markhollin]

The 3.9-acre property, located near the West End and Broadway split, will become a large, mixed-use project that includes office space. Propst plans to release more details more  on the close to 1 million square foot project in the coming weeks.

“We understand that not only is this a special site but Nashville is an extraordinary community, and we are committed to building a development with the quality and integrity reflective of the city,” said Propst President Chris Brown. “Propst has previously invested more than $115 million in suburban Nashville, and we look forward to sharing our plans for this project soon. It is a fantastic site," Brown said. "We are extremely excited about it. It's really  the gateway between downtown and Midtown and it's centrally located to everything."

Palmer wanted to preserve a role for himself . According to Monday’s news release, however, his Alex S. Palmer & Co. “will no longer be involved with the project.”

And this nugget from a new Nashville Post feature behind their paywall (link below):

Brown declined to note either a targeted groundbreaking date or the height of what will be a Class A office building. However, he acknowledged that, for example, a 10- to 12-story office structure would not be suitably tall for such a prominent parcel.

When asked if the future tower will rise at least 18 to 20 stories, Brown said it will be “commensurate” in scale, scope and attractiveness with the site.

“This clearly is one of those” urban Nashville properties deserving of a major high-rise," he said.

More here:

https://www.tennessean.com/story/money/2018/03/26/nashville-tn-west-end-summit-sold-propst-development/457767002/

https://www.bizjournals.com/nashville/news/2018/03/26/buyer-confirms-west-end-summit-purchase-updates.html

https://www.nashvillepost.com/business/development/article/20998114/wes-site-buyer-offers-few-clues-as-to-future-development

[e-dub]

i really hope they knock this out of the park, but i'm a little wary.

[titanhog]

What if Palmer is selling to another Palmer-esque developer? 

[NashvilleObserver]

1 million square feet is massive. You could build two 505 towers on this site and it still wouldn't equal 1 million sq. ft. 

[Guest]

Hazarding a guess here, but I think they are looking to build a development similar to this in Buckhead. Chris Brown is the former president of Daniel Corp. (Birmingham) and oversaw this project. They seem motivated and have all the equity needed in pocket. Looks to be the real McCoy.

 

1075 PEACHTREE

Atlanta, Georgia

 

The 1075 Peachtree office tower anchors the second phase of 12th & Midtown, a massive four-block, master-planned development located in the heart of Midtown Atlanta. The 700,000-square-foot Class A office tower elegantly rises high above the prestigious Peachtree Street corridor. The building is home to PWC, Boston Consulting, and Seyfarth Shaw and other leading professional service firms.

The accompanying 40,000 square feet of retail heavily amenitizes the office occupancy. Retail tenants include the nationally recognized Exhale Spa as well as local and national restaurants including STK and Cafe Intermezzo.

With state-of-the-art office design, the building offers stunning architecture and unparalleled modern amenities, featuring dramatic views, superior accessibility, flexible and efficient floorplates, 14’ floor heights with floor-to-ceiling glass, 2:1,000 secured covered parking, LEED Silver certified building systems, street-level restaurants and connectivity to the Loews Atlanta Hotel. 1075 Peachtree delivers the highest standards of both technology and elegance.

The development was a venture between Daniel, Selig Enterprises and MetLife, and was completed in 2010 and sold in 2015.

AWARDS & RECOGNITION:
LEED-EB Gold, LEED Silver Core & Shell
Named as part of Deal of Decade 2010 by Atlanta Business Chronicle
Golden Shoe Award Winner 2009 by PEDS
Named Best in Atlanta Real Estate 2008 by Atlanta Business Chronicle
Named Adobe Site of the Day Showcase Winner for “Strong Visual Content & Superior Functionality” on project Website (8/14/2007)
Golden Flame Award Winner 2007 for Best Public Relations Long-Term Media Campaign
Named Land Deal of the Year Finalist 2006 by Atlanta Business Chronicle

https://www.danielcorp.com/property/1075-peachtree/

[markhollin]

Highlights of interview with Christopher Brown of Propst Development in NBJ: 

- Purchase price was $36.9 million.

- Propst sees the 3.9-acre site as a central "gateway" to so many other places and neighborhoods that have flourished and transformed during the "It City" boom.

- Office space will be a signature piece (and probably more like the anchor) of a forthcoming mixed-use development, with more details to come in the weeks ahead.

- The site will no longer bear the West End Summit name.

- Brown said Propst — fueled by a family fortune stemming from success in the pharamaceutical industry— can by itself provide all the investor equity needed for a project that's likely to cost a few hundred million dollars to create.

- Propst doesn't have an in-house construction division, so it will be looking to pair with a general contractor.

- "We have the opportunity to move pretty quickly. … Our family office clearly has the financial capability."

- "This is a gateway between downtown and Midtown, with premier access to the interstate and walkability to all of the key areas of town. It's truly in the middle of everything."

- Even though the West End Summit site has sat dormant for almost five years Brown said that didn't deter his interest, particularly because the site is mostly excavated and consumes an entire city block. "Visually … that's a short-lived thing. In a few years from now, it will look a lot different. You can talk about the specifics of it today, but in 10 years, everyone will look back and say, 'That's an incredibly well-located site.' … Anytime you can find an almost 4-acre site in an urban setting, that's a big site. There is tremendous opportunity."

- Brown declined to say if Propst would hold off on construction until it could lease a certain amount of the building, or take the more aggressive step of starting construction without tenants in hand.

- Cooper Carry is the architect on the project.

Full article behind paywall:
https://www.bizjournals.com/nashville/news/2018/03/26/heres-what-the-new-owner-of-west-end-summit-has-in.html?ana=twt

New Propst Development website which went live today:
http://www.propstdevelopment.com/#home

[chris holman]

1 hour ago, nashville_bound said:

Hazarding a guess here, but I think they are looking to build a development similar to this in Buckhead. Chris Brown is the former president of Daniel Corp. (Birmingham) and oversaw this project. They seem motivated and have all the equity needed in pocket. Looks to be the real McCoy.

 

1075 PEACHTREE

Atlanta, Georgia

 

The 1075 Peachtree office tower anchors the second phase of 12th & Midtown, a massive four-block, master-planned development located in the heart of Midtown Atlanta. The 700,000-square-foot Class A office tower elegantly rises high above the prestigious Peachtree Street corridor. The building is home to PWC, Boston Consulting, and Seyfarth Shaw and other leading professional service firms.

The accompanying 40,000 square feet of retail heavily amenitizes the office occupancy. Retail tenants include the nationally recognized Exhale Spa as well as local and national restaurants including STK and Cafe Intermezzo.

With state-of-the-art office design, the building offers stunning architecture and unparalleled modern amenities, featuring dramatic views, superior accessibility, flexible and efficient floorplates, 14’ floor heights with floor-to-ceiling glass, 2:1,000 secured covered parking, LEED Silver certified building systems, street-level restaurants and connectivity to the Loews Atlanta Hotel. 1075 Peachtree delivers the highest standards of both technology and elegance.

The development was a venture between Daniel, Selig Enterprises and MetLife, and was completed in 2010 and sold in 2015.

AWARDS & RECOGNITION:
LEED-EB Gold, LEED Silver Core & Shell
Named as part of Deal of Decade 2010 by Atlanta Business Chronicle
Golden Shoe Award Winner 2009 by PEDS
Named Best in Atlanta Real Estate 2008 by Atlanta Business Chronicle
Named Adobe Site of the Day Showcase Winner for “Strong Visual Content & Superior Functionality” on project Website (8/14/2007)
Golden Flame Award Winner 2007 for Best Public Relations Long-Term Media Campaign
Named Land Deal of the Year Finalist 2006 by Atlanta Business Chronicle

https://www.danielcorp.com/property/1075-peachtree/

If the site turns into anything like this one 1075 Peachtree this will be very impressive 

[Titans10]

With this site I won't get excited until I see cranes in the air!

[nashvillwill]

This sounds fishy. This guy sure seems to make it clear that his family has amassed a fortune in pharmaceuticals, but is he really going to put a couple hundred million of it on the line for a vanity project?

[e-dub]

the choice of architect isn't giving me the warm + fuzzies, if i'm honest.

 

http://www.coopercarry.com/

Edited March 26, 2018 by e-dub

[titanhog]

One thing good we can assume is that if someone spends $37 Million on a piece of land, they're probably going to put something significant there to recoup.  Fingers crossed that it's a good design and appropriate for that site.  

[FromParkAveToTN]

11 hours ago, markhollin said:

The 3.9-acre property, located near the West End and Broadway split, will become a large, mixed-use project that includes office space. Propst plans to release more details more  on the close to 1 million square foot project in the coming weeks.

“We understand that not only is this a special site but Nashville is an extraordinary community, and we are committed to building a development with the quality and integrity reflective of the city,” said Propst President Chris Brown. “Propst has previously invested more than $115 million in suburban Nashville, and we look forward to sharing our plans for this project soon. It is a fantastic site," Brown said. "We are extremely excited about it. It's really  the gateway between downtown and Midtown and it's centrally located to everything."

Palmer wanted to preserve a role for himself . According to Monday’s news release, however, his Alex S. Palmer & Co. “will no longer be involved with the project.”

And this nugget from a new Nashville Post feature behind their paywall (link below):

Brown declined to note either a targeted groundbreaking date or the height of what will be a Class A office building. However, he acknowledged that, for example, a 10- to 12-story office structure would not be suitably tall for such a prominent parcel.

When asked if the future tower will rise at least 18 to 20 stories, Brown said it will be “commensurate” in scale, scope and attractiveness with the site.

“This clearly is one of those” urban Nashville properties deserving of a major high-rise," he said.

More here:

https://www.tennessean.com/story/money/2018/03/26/nashville-tn-west-end-summit-sold-propst-development/457767002/

https://www.bizjournals.com/nashville/news/2018/03/26/buyer-confirms-west-end-summit-purchase-updates.html

https://www.nashvillepost.com/business/development/article/20998114/wes-site-buyer-offers-few-clues-as-to-future-development

WOW!!! I LOVE Chris Brown's music.  Glad to see him putting his past drama with Rihanna behind him and he can focus on his construction company and making new music.

Edited March 27, 2018 by FromParkAveToTN
Correct spelling

[titanhog]

The picture the NBJ uses of Alex Palmer in the article of him finally "bidding adieu" to West End Summit really looks like he's in the process of saying the F word. 

 

[dxfret]

Over the past 12 years the entire city and region have exploded with all kinds of growth and development.  During this boom era  the biggest debacle of all has to be Alex S. Palmer and his repeated failures to do anything with this prime site.  Palmer’s greed and poor decisions caused HCA to quickly walk away. He also had to sell his namesake office building (formerly known as Palmer Plaza) now named 1801 West End Ave.  In the annals of Nashville development this must rank as the single biggest failure.  Here’s hoping the Propst group has much more success. 

[Guest]

^^ Maybe...let's get the Federal courthouse out of the ground and built before conferring honors prematurely. 

[LA_TN]

Workers on site cleaning up

[Bos2Nash]

^^ well that sure didn't take long

[MLBrumby]

The new owners know the liability risk of keeping the site in its present condition. Better fencing and signing are the least that's called for. 

[titanhog]

48 minutes ago, MLBrumby said:

The new owners know the liability risk of keeping the site in its present condition. Better fencing and signing are the least that's called for. 

They've already installed 2 cranes. 

 

j/k

[Pdt2f]

2 hours ago, titanhog said:

They've already installed 2 cranes. 

 

j/k

I move to call for @titanhog to be suspended from the site for causing me to have a minor heart attack. 

[smeagolsfree]

Taking down signage is the first one on the list.