Published October 19, 2015 by William Williams
Investors seek to reinvent masonry structure in fast-changing district
A group of Nashville-area real estate investors is hoping to acquire and adaptively reuse a small-scale building in a segment of The Gulch that is quickly gaining attention.
SVN senior advisers with the Nashville office of real estate brokerage firm SVN | Investec Real Estate Services, have the property under contract with an investment group and hope to close on the acquisition in early 2016.
The site has an address of 600 Ninth Ave. S., (see here courtesy of Google Maps) and is recognized for its old-school masonry building. The specific Gulch node in which it is located quietly sat under the radar until the last couple of years, according to local real estate sources. The pocket (some loosely refer to it as the East Gulch) is now the source of much focus, with a newish Fairfield Inn & Suites by Marriott and Mainland’s under-construction 1000 Division having helped place increased attention upon it.
Creed said he and Snipes are in discussions with entities regarding restaurant, retail and/or office uses for the building. Creed said the team has enlisted Nashville-based Pfeffer Torode Architecture to handle the design of the building if its is adaptively reused.
“A developer might eventually want our site and we’re open to that,” Creed said. “But this is a cool old building in a relatively untouched portion of The Gulch. We like this building’s original Nashville flavor. And if we can find a unique concept that blows us away, we will redevelop this building for tenants instead of selling to a developer.
“This is a very cool part of The Gulch and we would like to build upon the incredible concepts that are already here,” he added.
Of note, the site is located only three blocks from the epicenter of the Gulch (at the 11th and 12th avenues split). The property sits near restaurants including Pour House, Flyte, Peg Leg Porker, Party Fowl and Arnold’s Country Kitchen, craft breweries Yazoo and Jackalope, confectioner Colts Chocolates and café Barista Parlor. The Bongo Java Roasting Co. roasing and distribution space is located across the street. Robert and Dianne Ries own the property.
Unrelatedly, local real estate investor and Bravo Development owner Tim Reynolds is hoping to buy a site located adjacent to the property Creed and Snipes are eyeing (read here). Home to a surface parking lot and two industrial buildings accommodating Nashville Spring Service, the three-parcel property has an address of 602 Ninth Ave. S. (see here courtesy of Google Maps) and is owned by a trust estate.
Sources say Reynolds hopes to close by year’s end and then, at some point thereafter, likely place the property back on the market.