Tennessee’s Tallest Rental Tower Tops Out
The 34-story mixed-use community is being developed by Brookfield Properties, with Swedish construction giant Skanska as general contractor, in the heart of downtown Nashville.
Developers Brookfield Properties and general contractor Skanska have hit a high note in Music City, announcing the topping out of Tennessee’s tallest rental tower. Brookfield is developing Fifth + Broadway, a 386-unit residential community in the heart of downtown Nashville that rises 415 feet high. The building is one component of The Place at Fifth + Broadway, a mixed-use project that will include office, retail and entertainment.
READ ALSO: Top 5 Multifamily Transactions in Nashville
Located at the corner of Broadway and Fifth Avenue S, Fifth + Broadway is situated across the street from Bridgestone Arena, which is home to the NHL team the Nashville Predators, as well as famed music venue the Ryman Auditorium. The 34-story community will offer a mix of studios to penthouse units ranging in size from 500 square feet to more than 2,000 square feet.
The building will feature 17,000 square feet of resident amenities, including a swimming pool, recording studio, fitness facilities and multiple lounge and coworking spaces. Construction on the luxury tower began more than two years ago, with the development team aiming for a 2020 opening date. Once completed, Fifth + Broadway will be directly connected to 256,000 square feet of retail and entertainment space and 372,000 square feet of Class A office space within The Place at Fifth + Broadway mixed-use development.
Nashville is one of the hottest real estate markets in the U.S. According to a recent Yardi Matrix report, in 2018 alone, nearly $1.3 billion in multifamily assets traded in the Tennessee capital, a cycle high. Last month, a 354-unit residential development in the SoBro neighborhood secured a $106 million construction loan provided by Goldman Sachs, while in June, CBRE Global Investors paid $101.5 million for The Gossett on Church, a 367-unit community located in The Gulch.