the lot next to rumours wine bar on 12th avenue has been purchased. a mixed use project consisting of 90 luxury apartments and 9,800 square feet of retail space is the game plan for the site. the project will be known as 12 south lofts.
previously the tennessee roofing company, rumours wine bar & the blackbird tattoo parlor, the .82 acre was purchased for $1.2 million. the project is set to break ground in april 2012 with the, mostly one bedroom, apartments ready for occupancy by late spring 2013.
this is the latest in a trend of apartment developments planned for the city. at least 15 projects with at least 50 units within a 3.5 mile range is slated for construction in the upcoming months. more than 3,1000 total units are in the pipeline if all of the projects come to completion. five of those projects are currently already under construction:
:::eleven north on the corner of charlotte pike
:::elliston 23 across the street from elliston soda shop
:::midtown place slated for completion summer 2012 at 1018 18th avenue south near vanderbilt
:::ryman lofts on the river near rolling mill hill
in the spring, an additional six are gearing up:
:::park 25, a giarratana project near centennial park
:::west end village
:::gatewood, a metro develpoment on dickerson road
:::the melrose, across from melrose pub on 8th avenue south
:::pine street flats in the gulch
:::a to be named music row development at 16th & horton avenues
still in the brewing phase is a bristol development group 240-unit mid-rise on demonbreun. it will be in the big parking lot across from tin roof and otters near the roundabout. they are in talks for a possible grocery store on the street level but nothing is confirmed yet. they hope to begin construction later in 2012. also, ray hensler who developed the adelicia has big plans for a condo tower on the corner of demonbreun & 12th leading into the gulch and tony giarrantana has concepted a similar one in sobro near the convention center.
pretty safe to say if these all materialize, it would vastly transform the landscape, ushering in a new chapter in downtown living. the concept is relatively new for the city. the cumberland, a high-rise apartment development which opened downtown on church street in 1998, paved the way for the idea. even though interest rates are at an all time low as of last week, not everyone can be approved for a home loan or is ready to establish roots. until then, sounds like there will be options.