St. Clair Apartments Set to Develop 268-Unit Stacks on Main
- Feb 23, 2015
Nashville’s Metro Planning Commission put a moratorium on Music Row residential development, and many developers are left stunned with projects in limbo, reports the Nashville Business Journal. But while Music Row is one of the hottest submarkets for residential development in Nashville, it certainly isn’t the only one drawing investors and developers.
East Nashville is also drawing significant interest. One of the investors looking to take a bite out of Nashville’s apartment market is St. Clair Holdings. According to the Nashville Post, the Atlanta-based real estate investment company is ready to start development on the $40 million Stacks on Main, a 268-unit mid-rise apartment community. The project will be developed by St. Clair Holdings’ apartment subsidiary, St. Clair Apartments, at the corner of 6th and Main Streets. The Class A community will be built to LEED standards and comprise one and two-bedroom upscale units. The apartments will be stacked around a 322-car central parking structure. There will also be 24 surface parking spaces. Amenities will include a saltwater swimming pool, fitness center, gaming room and business center. The project was initially planned to break ground in July 2014, deliver the first units in September 2015, and take 23 months to fully complete. According to the Nashville Post, the project is now targeting an April 2016 completion. According to the Nashville Business Journal, Saint Clair Holdings, operating through entity Stacks on Main Owner LLC, acquired the project site in August 2014, paying $4.08 million.
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Image courtesy of St. Clair Holdings