Houston-based real estate developer The Dinerstein Cos. has purchased 1.38 acres of land at 70 Music Sq. W. for $11.59 million, with plans for a midsize luxury apartment community, MusicRow has confirmed. The apartment community will be 230 units, average 750 sq. ft. and mostly one-bedrooms. There will be a retail component as well.
The luxury apartments will also include a bike shop and storage area, dog wash, mail room, music jam room, pool, clubhouse, fitness center, business center, courtyard, and rooftop lounge.
“This is the perfect spot for millennials in a convenient walkable location,” The Dinerstein Companies said in a statement to MusicRow. “The Dinerstein Companies has had eyes on Nashville for the last three years for its great job growth, vitality and this project in particular is in the best area of town. We look forward to doing more business in Nashville.”
The property, which includes parcels of 54, 56, 58, 60, 62 and 64 Music Square West, is the site of a former SESAC office, among other buildings. The land was purchased by Texas-based Forestar Group over two years ago for $6.25 million and all buildings on the site were razed. Forestar had planned to make the property home to a 230-unit apartment building Music Square Flats, which would have included retail. The apartments had been expected to open in 2017.
Forestar abandoned those plans and put the the property up for sale last month.
The Dinerstein Cos. intends to update the former building plans set by Forestar. New renderings from Dinerstein Cos. are not available at this time.
The Dinerstein Cos. develops multi-family and student housing properties across the nation, and has developed more than 52,000 apartment units, including Millennium Greenway in Houston.
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