Crescent Communities Buys 2-Acre Site in Nashville’s Music Row to Build M-U Project
- Dec 12, 2014
Crescent Communities has acquired a 2.1-acre site in Nashville’s iconic Music Row district with plans to develop a mixed-use community containing 275 luxury apartments and street-front retail space.
“Crescent’s vision is to build community and better people’s lives. This community does both,” Ben Collins, Crescent’s vice president of the Mid-Atlantic multi-family group, told Commercial Property Executive. “We’re very passionate about preserving the ‘music’ in Music Row and have formed strong local partnerships to ensure that we do just that. This will be a truly exceptional place for our residents to call home.”
The community will include studios and one-, two- and three-bedroom apartments, as well as three VIP penthouses featuring custom finishes and dramatic two story height ceilings.
The property is unique in that it has permanently unobstructed views to downtown Nashville. It is ideally situated between The Gulch and Music Row. It is within three miles of more than 170,000 jobs and walkable to all of the rich amenities of The Gulch, Music Row and Vanderbilt University.
“Nashville continues to be one of the leaders in the nation in employment growth. The imbalance between employment and housing in downtown is immense,” Collins said. “Nashville is hot right now, and young people want to move here. While Vanderbilt and The Gulch are both very walkable, we believe there will be strong demand for the properly merchandised retail offerings in Music Row.”
Crescent Music Row will be distinguished by unique features inspired by the music industry, and preserve the character and charm of Music Row. The community will include a full, professional-quality recording studio and a live performance venue with a stage measuring 10 by 30 feet and seating for up to 50 people.
According to Collins, these amenities will create opportunities for professional and established musicians and give residents increased access to Nashville’s music culture.
“The history in this neighborhood is remarkable. To think about the number of albums that have been recorded in the immediate vicinity of our property is astounding,” he said. “Preservation and enhancement of Music Row is critical. We believe Crescent Music Row will be an important contributor to the next chapter in this historically significant neighborhood.”
Other amenities include a resort-style, saltwater pool, an outdoor grilling area and rooftop observation deck.
It’s been a busy year for Crescent, with last month’s $700 million portfolio sale of nine new apartment communities in North Carolina, Florida and Georgia; its $115 million sale of Crescent Bayshore, a 367-unit multi-family community in downtown Tampa; and the summer opening of the 320-unit Crescent Alexander Village in Charlotte, N.C.