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Mar. 7, 2013

$60M Condo and $80M Apartment Projects Stir Up Nashville

By Eliza Theiss, Associate Editor

Thanks to favorable market conditions, developer LaRawn Scaife Rhea’s 34-unit luxury condominium project The Manning at Belle Meade could soon restart development. According to the Nashville Business Journal, the $60 million project planned for Woodmont Boulevard has been getting attention from potential financing partners. If financing is secured, the project, which was supposed to break ground in January 2008, will start construction by the end of 2013 and units will be put on the market once again.  The Manning condos were originally priced between $950,000 and $5.5 million with about 50 percent of units sold by the time construction halted.

Some of the features planned at the 10-story luxury project included private wine storage, a formal grand salon, extensive walking areas and estate gardens, full-time staff, concierge service, personal trainer service, personal shopping service and pet care service. Units were to range between 1,800 and 6,000 square feet and boast balconies and terraces. According to the Nashville Business Journal, the project’s amplitude has not been curtailed.

LaRawn Scaife Rhea and husband Richard have also developed upper-high-end projects in the US and the Caribbean.

In other multifamily luxury news, Metro Nashville has released a construction permit for foundation work on developer Ray Hensler’ $80 million luxury apartment project, which means things are going smoothly for the highly anticipated development. According to the Nashville Business Journal, the still unnamed $23 million Gulch apartment high-rise, the first one in Music City in over a decade, is set to break ground before the year is out and work will be completed in the second or third quarter of 2014.

Featuring 312 units with some of the largest floor plans in Nashville, rents are expected to range between $1,400 and $3,500 per month. Its luxurious community amenities will include a 2,800-square-foot fitness center, an 82-foot saltwater pool, game room complete with billiards, sky terrace featuring a community kitchen, and hotel-style lobby with round-the-clock concierge and security. A 7,000-square-foot restaurant will also open at the location.

Local firm Hastings Architecture Associates is reportedly lead architect on the project, while JE Dunn Construction Corp. is general contractor.  Ray Hensler’s development partner is Fort Lauderdale-based Stiles Corp. The duo previously developed Sunrise Harbor, the highly-acclaimed $60 million 368-unit Fort Lauderdale luxury apartment project featuring a marina, yacht slips and retail shops.

Photo of Sunrise Harbor courtesy of Sunrise Harbor Apartment’s Facebook page

Chart courtesy of CBRE

 

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