Albion Residential Begins $140M Nashville High-Rise
Hartford Investment Management Co. has provided an $87.2 million construction loan for the project.
Developer Albion Residential has started construction of Albion in the Gulch, a $140 million, 20-story luxury apartment community in Nashville, Tenn., aided by an $87.2 million construction loan provided by Hartford Investment Management Co. The property, which will have 415 units including 20 two-story townhomes, is slated for completion by late 2022.
Clark Construction has begun excavation at the site at 645 Division St. The property will be situated on an elevated point where I-65 meets I-40 in Nashville’s urban core. Designed by Hartshorne Plunkard Architecture, the tower will have curved edges and green features. The project’s units will range from studios to three bedrooms and include 20 townhomes, all with best-in-class finishes and amenities.
Fifteen townhomes will be on the fourth floor between each tower and five on the 20th floor in the east tower. The west tower will have an outdoor amenity deck, including a pool and tiki bar, on the roof of the 20th floor. Other amenities will include a Comedy Club that will double as a karaoke venue; coffee shop; indoor dog run and spa; indoor/outdoor fitness facility; golf putting greens and simulation room; and 10,000 square feet of shared workspace.
Cyclone Energy of Chicago is handling LEED engineering for the project that is seeking LEED Silver certification. Other team partners, most of them Nashville-based, include Carter-Haston, which is providing management and leasing services; Barge Cauthen & Associates, planning and engineering; Hodgson Douglas, landscape architecture; Stanley D. Lindsey & Associates, structural engineer; I.C. Thomasson Associates Inc., MEP engineer; and Waller Lansden, legal.
Earlier Albion Projects
Based in Oak Brook, Ill., Albion Residential is owned by Compatriot Capital and is focused on the acquisition, development and operation of urban, luxury rental apartments primarily in the Midwest. Albion in the Gulch is the firm’s first project in Nashville. In November 2019, a partnership of Albion Residential and Wilton Investment Management completed Albion Oak Park, a 19-story, 265-unit luxury high-rise multifamily building in the Chicago suburb of Oak Park, Ill.
It was the first of several Albion-branded developments the firm had planned for the Chicago suburbs, including Evanston, Ill., where Albion Residential had acquired multiple downtown parcels for $7 million to build The Albion at Evanston. The 270-unit luxury community delivered in December 2019. Albion Highland Park, a 161-unit luxury property in Highland Park, Ill., is scheduled for completion later this year.