twelve|twelve, a new high rise in the gulch, has received over $30 million in committed reservations should the building switch from a high-end apartment building to a condominium development next month. the decision will be announced in mid-march but already, it is likely with this kind of upward momentum.
nashville is no stranger to top 10 lists the last couple of years. in 2014, we land in the top 10 real estate markets to watch. new condo developments are something the city hasn’t seen much of in the last five years but that may be about to change. for the recent past, hotels and apartments have been much easier for developers to get financed thus we are witnessing an onslaught of new apartment units in the thousands hitting the market right now in the urban core. many lenders have felt that building a condo development was a risk. that mindset is evolving.
in addition to twelve|twelve‘s 288 units in the gulch that could start under $300,000, the tennessean reported this week that a local developer group is planning a 120-unit east nashville condo project on litton avenue just off gallatin pike. prices will range from $109,000-$149,900. they will first need to get the 3-acre property rezoned since it is zoned currently for single-family residences.
also, up in east nashville, a 38-unit development is in the works near marche artisan cafe at 949 main street. it will also include a 5,000 square foot street level retail space. they hope to begin construction in late 2014.