AUTHORS Staff Reports
The development team eyeing apartment project Gateway 808 in North Nashville anticipates breaking ground no later than early 2018.
Raleigh-based Blue Heron Asset Management and Imagine1 Co. of Nashville announced in May 2016 plans for the 330-unit building — to be located 1703 Rosa L. Parks Blvd. in Buena Vista north of Germantown and straddling the inner-interstate loop. At that time, it was called Gateway Germantown.
Recently, the team released an updated image (pictured) and the new name.
Michael Eubanks, a Blue Heron partner, said the hope is to have construction of the building completed by early 2020.
“There have been a lot of new apartments delivered downtown over the last couple of years, and Germantown has seen a number of those new developments,” Eubanks said. “We have been closely monitoring new supply, absorption, and concessions, and we've been happy with what we've seen lately. Leasing has been strong in the Germantown submarket, properties are getting close to stabilization, concessions have been dropping, and we expect to see that pattern continue as we're just now getting into the busiest time of the year for leasing.”
The lead architect is Charlotte-based DAS Architecture, with Gresham Smith & Partners of Nashville handling interior design and landscape architecture. Civil Site Design Group, also based in Nashville, is the civil engineer.
Eubanks said the team (Matt Gardner and Brian Heuser lead Imagine1 Co.) recently submitted for building permits and is “far along in the process of selecting a general contractor.” He said a portion of the equity for the project is being provided by one of the real estate funds that Blue Heron manages, and a joint-venture equity partner is expected.
“We also anticipate using bank or life company financing for the construction loan, and will be advancing those discussions after making a final decision about a general contractor for the project,” he added.
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Source: Nashville Post