1501 Broadway/Beaman Midtown (8 acres on Broadway, 6 towers? 1.3 million sq. ft. office, 1,000 residential units, 150,000 sq. ft. commercial/retail)

[UrbanWes03]

Now that’s what I’m talking about! Those are some impressive numbers thrown out there. This and the Reed site are gonna be an impressive power couple. 

[smeagolsfree]

It would be wishful thinking to have all 1.3 million Square Ft.  of office space in one building, I suppose. 

When I first saw that this morning my jaw hit the floor out of pure joy.  I hope this is the plan. The big question now is what will be the price of the land per sq ft or acre. Whichever way you want to look at it, it will be expensive.

This is another one we can start a betting pool on. 

[natethegreat]

If we can get this and Reed under construction soon, we’ll essentially have 3 Nashville Yards going at the same time. These are slightly smaller scale, but still.

[Flatrock]

Hella good news. The previous scheme made zero sense, as proposed. I can only guess at who all made money by doing nothing more than backing off. Onwards and upwards, as they say.  Very exciting....

 

[nashville born]

(shakes his head as he looks away trying to hide his tears of joy...)

 

[TheRaglander]

Starts a group "slow clap"

[markhollin]

GBT Realty is, indeed, the developer for the 8 acre site, having finalized the purchase for an estimated $110 million today. Monarch Alternative Capital (with $9.5 billion in assets) out of NYC will be an equity partner. No word design team, renderings, or ground breaking yet.  Still appears that it could be around 6 towers featuring 1.32 million sq. ft. office space, a 350 room hotel, 60,000 sq. ft. of retail, 1,000 units of residential space, numerous restaurants totaling 6,000 seats, and massive underground parking. 

“This has been one of the most highly sought after and anticipated redevelopment sites in Nashville due to its importance in connecting downtown to Midtown, its size and potential scope, and its prominence intersecting major thoroughfares and interstates,” George Tomlin, GBT Realty president and CEO, said in the release. “We are proud to partner with Monarch, whose deep and broad real estate experience coupled with our own knowledge of leading-edge development in our home market will ultimately deliver a transformational project that greatly enhances and evolves the urban core of Nashville.”

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/beaman-sells-midtown-property-for-110m/article_33e75242-5dff-11ec-9827-07ac7cfcffb6.html


And at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/16/beaman-midtown-land.html


And at NashvilleNowNext here:

https://nashvillenownext.com/2021/12/16/monarch-gbt-to-develop-the-beaman-site-in-midtown-nashville/

[nashville born]

Pop-corn!!!!

[TheSound]

Hopefully we'll get details and renderings from GBT for this and their River North land both in 2022.  Crazy.  GBT is basically building the new Nashville it seems, which is nuts considering they mainly just did shopping centers 5 years ago.  They are everywhere.

[smeagolsfree]

Beaman has pocketed 152 million this week and still has the property fronting McGavock. Unless he reinvests the money, he is in for one heck of a tax bill.

Just now, TheSound said:

Hopefully we'll get details and renderings from GBT for this and their River North land both in 2022.  Crazy.  GBT is basically building the new Nashville it seems, which is nuts considering they mainly just did shopping centers 5 years ago.  They are everywhere.

said Joshua Acheatel, managing principal at Monarch. "We believe that our dynamic real estate expertise and partnership with a best-in-class development firm in GBT Realty will bring an exciting change to Nashville’s skyline."

[nashville born]

3 hours ago, smeagolsfree said:

said Joshua Acheatel, managing principal at Monarch. "We believe that our dynamic real estate expertise and partnership with a best-in-class development firm in GBT Realty will bring an exciting change to Nashville’s skyline."

[rolly]

A new tallest would certainly be an exciting change to Nashville's skyline.

[markhollin]

GBT/Monarch Alternative Capital have landed an $80 million loan from commercial real estate lender Acore Capital LP for this project.  No more details available yet.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/30/deal-dash-midtown-tower-site-closes.html

[nashville born]