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Cannery Row 500,000 sq. ft. mixed-use project


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Thrilled to hear that the new owner highly values the existing businesses and the structure in which they reside!

Thor Equities Group, a global real estate company based out of NYC, has finalized the $32 million purchase of the Cannery Row complex, which covers 110,000 sq. ft. on 2.8 acres (including 1.2 acres of

Joseph Stitt of Thor Equities Group did an interview with NBJ about his plans for the Cannery Row project, including a 500,000 sq. ft. tower, and upgrading the existing historical structures.  Here ar

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Joseph Stitt of Thor Equities Group did an interview with NBJ about his plans for the Cannery Row project, including a 500,000 sq. ft. tower, and upgrading the existing historical structures.  Here are highlights:

What made Cannery Row the ideal debut deal for you? We like things that have physical histories, and obviously, it fits that. I love the architecture, the buildings, the history. We also like things we can grow and expand on. We happen to have that there, with the parking lots out in front.

How did you arrive at that choice? We actually searched for awhile to find such an opportunity and we had a very difficult time. Mostly what was available was plain old buildings that needed to be knocked down, or vacant lots. It was hard for us to find an asset we could buy that had a history to it. History brings perspective. It tells a story. It allows for a brand. When we say Cannery, people know which property we're talking about. What [we're] building new could become "Cannery Tower."

What do you want to build? We like the music venues that are there. That is part of what makes it special. People don't realize we're probably the most diversified property in the marketplace. We have music venues, office tenants, retail tenants and residential tenants. No one else has that mix. The goal is to continue with all four. And if you break retail into shops and restaurants, we have both of those. So really, it's really five things.

What timeline are you on? We're not in an extreme rush. I'd say it's at least a year and change before we start going full-blast over there. But a year goes by pretty quickly, with all the planning and design required. It'll be a big investment — tens of millions of dollars.

Are you already looking at other investments? Yes, certainly. We're starting to knock on doors. We're hoping people will come knock on our doors now, to bring us opportunities. As we get enough scale in the business community, we hope to get involved in the civic community and those organizations. For us, this is just the tip of the iceberg.

What was your first impression of Nashville? Great restaurants. Surprisingly, an incredible amount of great music venues. And while so many of the people there were new … everybody seemed to have a camaraderie. Last but not least was the local pride. You don't always see that. Historically, where I've seen pride of ownership, it's normally led to good success for those cities and good investments for us.

It made me not just think of it from the music perspective, as a tourist, but really realizing if a city like Nashville can recruit people away from New York, it must have something powerful. There aren't too many places moving and grooving like that city."

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/10/31/exclusive-cannery-rows-new-owner-loves-music.html?iana=hpmvp_nsh_news_headline

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