Nashville, Tenn.—Southern Land Co. has broken ground on a multifamily and retail project in the Elliston Place neighborhood of Nashville, near Vanderbilt University. The development will be on the 2.7-acre former site of Father Ryan High School.
When complete, Elliston 23—or E23—will be a concrete structure consisting of 331 multifamily units and 15,000 square feet of restaurant and retail space fronting Elliston Place. A 500-space parking structure will also be built on site. E23 will pursue LEED silver, and if successful it will be the first multifamily project in the state to achieve that accreditation.
The development’s most unusual amenity, especially for Nashville, will be its saltwater pool. Borrowing design elements from high-profile pool designs found in Miami, the 2,000-square-foot heated pool will include sun decks, outdoor cabanas, flat screen televisions, outdoor kitchen and grills, large open entertainment areas and a hot tub. In addition to the pool, E23 residents will also have access to a fitness room with cardio and weights; resident coffee lounge; and a business center and resident conference room.
The east and west ends of the retail floor will be anchored with outdoor restaurant and entertainment seating facing Elliston Place, according to Franklin, Tenn.-based Southern Land. The two ends will be linked by an outdoor plaza.
The developer declined to discuss the specifics of financing the property. However, Michael McNally, vice president-multifamily development for company, did tell MHN that, “I would not say it was easy to raise money for a project like this. But I think the investment community always has its eyes open, and when a deal has the attributes that Elliston 23 has, then they listen to the proposition.”
The rules of the game for raising money have changed, McNally continues. “Attracting investors these days requires a long-term vision for the project, and how it’s going to get built,” he says. “There is much more due diligence, and frankly a healthier dialogue between the investment community and developers. It will ultimately make for better apartment communities in the future.”