it was announced last month that 4th & monroe will now be converted back to condos. the project was originally built as condos for sell but ultimately forced to lease the units as an apartment community during the housing market downturn. the transition will begin this summer and the last units will be ready and available by early 2014 as the current leases expire. the 25-unit existing row house-type units are from 700-1,400 square feet and will range in price from $185,000 to upwards of $450,000. there will also be eight new carriage homes and five townhomes that will start at $372,000 which will all include a 2-car garage. so far, seven are already under contract.
4th & monroe is a testament to the changing tides in the housing market in nashville. germantown and salemtown specifically are seeing evidence of that. area builders are taking note as well and snatching up property left and right.
after a successful sell-through of fifth & garfield this spring, jim creason’s trust development is set to break ground on luxus germantown on the corner of fifth & monroe in june. all six units, however, are either sold or reserved (at press time, four were under contract although none were on mls).
next up for trust development is a yet-to-be-named project on the corner of 7th and monroe which they purchased in february. depending on zoning options and the market demand for larger residences, trust plans to build somewhere between 9-15 units.
on top of the many individual one-off projects aerial development has in the works in these two neighborhoods, aerial has entered into a joint venture w miken development and h.r. properties to soon build salemtown cottages, a 24-unit free-standing, single-family home development. approved by metro this month with a few conditions, it will be the next big project on the docket for the neighborhood. the first round could be completed as early as fall if all goes as planned. bordered by rosa parks blvd on the west, buchanan street on the south, i-40 on the north, and seventh street on the east, it will be fashioned similar to gale park in the 12 south neighborhood or west end station in sylvan park with courtyards and good greenspace.
and if you are not ready to purchase but love the area, there’s an influx of apartments rising as well in germantown and salemtown. with the recently completed and successfully leased 242-unit vista germantown apartment development last year, the relatively small neighborhood area is now seeing two other big apartment communities rising this spring: the 282-unit werthan flats on 5th and the 92-unit evergreen project on the corner of hume & rosa parks blvd. this part of the city could look much different this time next summer.