$75M Crescendo Set for 2015 Groundbreaking; Northstar Income II Invests in $98M SoBro Project
- Sep 04, 2014
Division Street Land Partners LLC, the entity behind the highly anticipated Crescendo mixed-use project in the Gulch, has revealed a spring 2015 groundbreaking for the 23-story development, reported the Nashville Post. Set to become Nashville’s third largest apartment tower, behind the planned SkyHouse Nashville and under-construction SoBro, Crescendo will feature 303 apartments, a 600-car parking facility and 36,000 square feet of retail space. One- and two-bedroom apartments will charge rents between $1,400 and $2,800. Amenities will include a swimming pool, fitness center, two rooftop decks and a dog walk. The project plans to sign an organic grocery store, bank branch and restaurants for its commercial component. Roy Anderson Corp. has been named general contractor, Bone McAllester Norton is handling legal work, with architecture firm KPS Group and engineering firm Gresham Smith & Partners also involved in the project. Crescendo’s development is expected to take two years and cost $75 million, according to the Nashville Business Journal.
Details about Crescendo surfaced in a highly active period for residential high-rises in Nashville. NorthStar Income II, Inc. recently announced originating a $24.9 million subordinate interest in a $97.8 million multifamily development in Nashville. The loan had been made a 14 percent rate, including a 1 percent accrual paid at redemption. It features a 36-month term, with two one-year extensions.
The unnamed project is very similar to Tony Giarratana’s SoBro project, leading to speculations that the two are the same. According to a news release, Northstar Income II originated the subordinated interest for a 32-story Class A development on Nashville’s SoBro neighborhood. It will feature 313 luxury apartments, a 17,000-sqyare-foot amenities deck and 18,900 and will be built to LEED Silver specifications.
Image courtesy of Giarratana.com