Three New Apartment Projects Rumored in Nashville
- Feb 20, 2014
Nashville’s apartment boom continues with proposals and plans for new projects popping up all over the city. This should come as no surprise as Music City’s employment growth is expected to outpace the national average for its fifth consecutive year with a 2.4 increase or roughly 20,000 new jobs, according to market forecasts by Marcus & Millichap.
One of the most recent projects to hit the rumor mill is a 171-unit, four-story apartment development in the Sylvan Park commercial district. According to the Nashville Post, the unnamed project pursued by Stonehenge Real Estate Group will comprise 80 percent one-bedroom apartments and 20 percent two-bedroom units. It could also have a retail building with five spaces as a new neighbor, if a development proposed by Austin Ray and Spiva Hill Investments is approved. Stonehenge is also developing the upscale one- and two-bedroom apartment project 23Hundred at Berry Hill which offers amenities such as an oversized pool, fitness club with personal trainers, summer outdoor chef’s kitchen and bike racks.
Other developers eyeing Nashville’s hot apartment scene include Texas-based Forestar Group and Phoenix Property Co. According to The Tennessean, Littlejohn Engineering Associates is pursuing site approval on behalf of Phoenix Property for 1.22 acres off 16th Avenue South and McGavock Street in the Music Row area. The developer is eyeing the site for a 194-unit apartment project that would include a two-story above-grade parking garage, live-work units and onsite leasing. While Phoenix Property’s project remains unnamed, Forestar has dubbed its 230-unit development Music Square Flats. According to The Tennessean, Music Square Flats would be five stories tall and feature a two-level parking garage. Local engineering firm Civil Site Design Group is involved in the project.
Image courtesy of 23Hundred at Berry Hill via Facebook
Chart courtesy of Marcus & Millichap