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.
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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.
Boom town
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.
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