According to the Nashville Business Journal, the long vacant site at 1515 Demonbreun St. across from the Tin Roof and the one-time location of the Barbara Mandrell Museum, is now slated to become home to a $40 milllion apartment project.
Lionstone Group, based in Houston, is said to be selling the land now a parking lot used for the shops across the street (property also owned by Lionstone) for almost $3.5 million per acre. NBJ names Lionstone principal Doug McKinnon who confirms that about half the 3-acre site will be used for the new apartments expected to hold 225-250 units plus over 10,000 sq. feet of retail space.
A few years ago an office tower was planned for the location and was in the news over a property rights dispute with Joy Ford who owned an adjacent land/building.
According to real estate professionals quoted in the article, Nashville’s rental market is much stronger than it’s condo market since renters “do not have to qualify for a mortgage, pay closing costs, or make a long term commitment.”
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David M. Ross has been covering Nashville's music industry for over 25 years. [email protected]View Author Profile
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