it seems apartments are the new talk of the town. they are going up all over town. with tougher lending guidelines for homebuyers and the trend continuing to shift towards shorter commutes to save gas, consumers desire to live close.
now nashville’s first high-rise rental development is in the works to be built as a two tower development on the corner of 12south and demonbreun, caddy corner from whiskey kitchen. this project will be a little different than the other ones being discussed. it will be a $80 million 312-unit condo-style development loaded with amenities aimed at the upper echelon of the market. rents are expected to start at $1200 and top out at $4000/month.
initially four years ago the plan for the site was a 22-story condominium complex with retail shops and a bank on the first floor as well as another 20-story office development. the recession however, has put the kibosh on that game plan and the finalized details continue to be firmed up.
what we do know is the developers, one being ray hensler who is best known for developing the adelicia condominiums off music row, is planning to take advantage of the ever growing rental market in nashville and will continue to pursue large anchor tenants to get the office tower kickstarted as well.