A real estate company based in Charleston, S.C., plans to build a 16-story apartment building in the Gulch, Nashville's highest-profile urban neighborhood.
August 2, 2018 | Adam Sichko | Nashville Business Journal
Greystar Real Estate Partners LLC wants to build 300 apartments at 908 Division St., according to newly filed documents with the Metro Planning Department. If built, the project would push the tally of apartments and condos in the Gulch well past the 2,000 mark — an informal benchmark of sorts in the 20-year revitalization of what was once a rundown rail yard. The Gulch now also boasts the luxury Thompson Nashville Hotel, a pair of all-glass office buildings and some 80 bars, restaurants, shops and entertainment venues.
Greystar builds apartment complexes and also manages them for other owners, including several such buildings in Greater Nashville. This site is next to the current home of Yazoo Brewing Co., which is relocating to Madison and selling its land to a hotel developer from Charlotte.
The Downtown Code Design Review Committee, part of the Metro Planning Department, is set to review Greystar's proposal at a Sept. 13 meeting. Greystar can build a 10-story building under the site's existing zoning. The company can achieve extra levels for energy-efficiency, lining its parking garage to make it more visually appealing and providing public parking in that garage. If the company does all three of those things, it would be able to build a 16-story building. Greystar's plans call for 58 public parking spaces.
OakPoint Real Estate marketed the property on behalf of its owners, a local family who operates as Crowell Capital Partners. In early 2017, when the site hit the market, OakPoint broker Rick Helton said the family was open to selling the site outright or entering a joint venture with a developer.
The structure of Greystar's deal was not clear on Wednesday. A request for comment from Greystar was not returned.
Habitat for Humanity had leased the property for one of its ReStore locations. That lease expired in mid-2017.
• Kimley-Horn and Associates Inc.; Nashville employee Mary McGowan is listed as a contact in Metro records
• R2L:Architects PLLC, which has offices in Washington, D.C., and Charleston.