Nashville Business Journal - by Eric Snyder
Date: Tuesday, December 7, 2010
The buzz of new development in Nashville’s Midtown area is growing louder.
The Metro Planning Commission will consider an application this week to convert three parcels between Elliston Place and West End Avenue from commercial to mixed-use zoning to make way for a new hotel project.
The zone change request was submitted by Ragan-Smith Associates, Inc. on behalf of the property owner, RMRTN West END, LLC, a subsidiary of Memphis-based developer Robert M. Rogers Investments.
According to the application submitted to the planning commission, the 181,955-square-foot project would be built over two phases in two buildings. In addition to hotel space, the project calls for 3,168 square feet of retail space and 2,000 square feet of restaurant space. A 110,336-square-foot parking garage would be built below the facility.
The properties up for rezoning include 1.37 acres at 2400, 2402 and 2404 West End Avenue, currently home to an F.Y.E. music store and an adjacent two-story retail center.
Down the road on Elliston, Southern Land Co. is pursuing plans for 348,000-square-feet development at Elliston and 23rd Avenue, the former Father Ryan High School property.
The urban core bordered by Interstate 440 is currently getting a lot of attention from developers, especially for apartments. In addition to these projects, ground was recently broken for the Vista Germantown apartment community.
These deals show that the equity partners who make financing new projects possible are willing to get off the sideline and invest. They remain cautious in how they do so, however, hence the large number of investments in 'safer' projects like urban apartments.
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