Developer plans $50M Midtown apartment project

Developer Tony Giarratana has yet another Midtown site under contract, with plans for a $50 million apartment development that also will include retail space.

The apartments, called 1818 Church, could be the first project to take advantage of a zoning change that allows developers to build higher in parts of Midtown.

Giarratana Nashville LLC has a contract to buy the three-quarters of an acre or 34,000-square-foot tract from Nashville real estate investor Michael Shmerling. Giarratana expects to complete buying the two parcels, which include the Heritage Fuel gas station at 19th Avenue North and Church Street, within the next three months.

At 15 stories, 1818 Church will have 238 condo-quality apartments, including about 15 micro-unit apartments that will be just under 400 square feet, he said. There will be 4,000 square feet of retail space at the bottom level, Giarratana said, adding that Shmerlings XMi Commercial Real Estate would handle that leasing.

Separately, Giarratana and his equity partner LaSalle Investment Management have two other tracts in Midtown that also were acquired from Shmerling where apartments are either underway or planned. Midtown has a lot of potential that will finally be realized due to the new zoning code (there), Giarratana said.

As part of the change in Midtown to a new zoning district that went into effect last spring, Giarratana can build up to seven stories high along Church Street or 19th Avenue North and as high as 15 stories further into the property. Previously, the developer would have been limited to four stories along the street.

Giarratana said a construction timeline for 1818 Church isnt set, but he expects the units to be available in 2017. The gas station at the targeted site, which also includes a parking lot, will leave after its lease expires around mid-year, he said.

The site for 1818 Church is about the same size as the tract at the northwest corner of 22nd Avenue North and State Street where Giarratana and LaSalle plan this spring to start building a 146-unit apartment community that should be available next summer. Its slightly larger than the two parcels at Elliston Place and 21st Avenue where the partners have started construction of another 105-unit apartment in Midtown that should be available for occupancy this summer.

Its not yet clear whether LaSalle will be an equity partner with Giarratana for 1818 Church.

See the rest here:
Developer plans $50M Midtown apartment project