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19th & Broadway; Fallyn Apts. (26 stories, 295', 355 units); Fraye Hotel (16 stories/220 rooms); 2,500 sq. ft. ground retail; garage


MidTenn1

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  • 7 months later...

^ ^ ^ Unfortunately, the group that was wanting to buy and move this have found that N.E.S. is going to charge $1 million in order to reroute all the power lines that would have to be altered during the approximate 15 block move.  Seems pretty steep to me, but that's the word. Hence, the home will most likely be demolished.  

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  • 1 year later...

This is officially dead now.  Regent Partners has decided to sell this plot that has been pre-approved by Metro Council and Metro Planning for up to 25 stories.

"We anticipate a broad range of interested developers who are existing in Nashville, as well as many who are looking at entering the market," said Rob Lowe Jr., a senior managing director at Cushman & Wakefield. The real estate brokerage firm is representing Regent Partners in marketing the site for sale. The marketing flyer does not include an asking price. Regent had paid $9 million for the land in 2015.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/06/04/high-rise-broadwaydevelopment-site-hits-the-market.html

Here is a rendering of the project that I don't think we had seen before.  Any new purchaser could build to similar specs/height since this had been approved already by Metro:

Screen Shot 2018-06-04 at 4.32.58 PM.png

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Rob Lowe, of Cushman & Wakefield (hired by Regent to handle marketing of the sale of the property made these points today:

- The land should be valued, based on recent transactions in the area (including those by Vanderbilt University) at about  $320 per square foot. As such, any sale, he said, should yield an approximately $17 million transaction.

- The property is being marketed to allow for a plan similar to what Regent originally envisioned. “It’s an interesting plan as it offers a developer diversification in the product types with the hotel tower and multi-family tower,” Lowe said. “We’re seeing several potential buyers partnering to share risk with the plan that upon completion one will own the hotel and the other the apartments.”

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21008285/new-images-released-for-airport-project

Here was the original rendering in 2015:
 

Broadway & 19th, 2015 render.jpg

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  • 5 months later...

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