Chartwell Residential Launches Nashville Projects
Groundbreaking is complete and construction is expected to take 18 months.
Chartwell Residential will build two new communities in downtown Nashville, Tenn. The firm will develop The Chartwell at Marathon and The Chartwell at Watkins, located in Marathon Village and at Watkins College. The assets will be revitalizations of existing properties located in federally pronounced Qualified Opportunity Zones.
“We selected these two sites due to their ideal positions in high-growth areas of Nashville, Tenn., and we like that both sites are within Nashville’s designated Opportunity Zones,” Will Schaedle, partner at Chartwell Residential, told Multi-Housing News. “We believe both communities will provide great new residential options in their respective neighborhoods.”
The Chartwell at Watkins is currently in its site work stage after breaking ground in August; the Marathon Village location property is about to begin vertical construction following its June groundbreaking. Construction on both communities is anticipated to take 18 months.
The Chartwell at Marathon will be redeveloped to include 10,000 square feet of rental and retail space, adding new local job opportunities. The community will be located on the site that formerly held Union Station Brick Yard. Other mixed-use assets have been developed in and around the neighborhood, including buildings such as Capitol View apartments and residences by RangeWater Real Estate.
A total of 388 units and 10 townhomes will be included in The Chartwell at Marathon. Community amenities will feature a pool, coworking spaces, a fitness center and a parking structure. In the Watkins College location, the community will replace currently defunct buildings with more affordable alternatives to downtown Nashville, just 3 miles south. The property is part of a two-stage redevelopment initiative. The first is the construction of The Chartwell at Watkins with 377 apartments. EJF Capital LLC is also partnered on the build after closing a $67.4 million construction loan on the project in May. Located at 550 Great Circle Road, the community will include a clubhouse and an outdoor lounge and pool.
Franklin Construction Group will act as the general contractor for both communities.
Chartwell is expanding its presence in Tennessee. The firm also 124-acre mixed-use development in Spring Hill, Tenn., in July.