After a long stretch in which apartment news ruled the Nashville multifamily scene, Tennessee developer Regent Homes and Companies has announced plans for a 16-unit luxury condo development in Hillsboro Village.
The yet-to-be-named development will rise at the corner of Acklen Av. and 24th, where Regent Homes President David McGowan is closing on two adjacent parcels. A 1965-built apartment community currently resides on the site of the planned boutique development.
The $4.5 million project will be comprised of two-bedroom units of 1,500 square feet featuring balconies and flex space. Amenities will include controlled secure access, elevators and high-end traditional finishes. The brick and stone façade is described as “Jacksonian” in style. Units are expected to cost between $360,000 and $375,000 and will be ready by the end of 2013. Groundbreaking is set for March, as the developer expects to take care of the necessary site clearing process by the end of February.
The luxury condo development, in close proximity to Vanderbilt University and its medical center, will be targeting related professionals. “For people who work at the university, the No.1 thing they’d like to be able to do is find a home they can live in and do away with at least one if not both cars,” McGowan said.
Designs for the property have yet to be released.
Founded in 2000, Regent Homes is the sixth-largest developer in the Greater Nashville area.
Regent’s condo project will probably find a ready market. According to a July 2012 report by the Nashville Downtown Partnership, there are no condominium projects in the works for Nashville’s greater downtown area. In addition, steady and consistent sales numbers reported throughout 2012 are expected to result in increased demands and sales prices. The average unit price in for first quarter 2012 was $270,071 up from the same period in 2011 where it hit $253,142.
Image of Lennox Creekside community courtesy of Regent Homes
Chart courtesy of the Nashville Downtown Partnership