Getahn Ward

gward@tennessean.com

A Charlotte, N.C.-based developer has 3.3 acres under contract for a planned apartment community, including the building that houses the Stock-Yard Restaurant.

Llewellyn Development LLC’s website lists 901 Second Ave. N. — the Stock-Yard’s address — as the site for a new 300-unit urban apartment community. The purchase contract also includes land across Stockyard Boulevard that’s used for parking. The entire site is next to where the new ballpark is being built at Sulphur Dell.

The firm, operated by Terrence Llewellyn, is involved with other multi-family sites in Nashville, including projects off Demonbreun Street for Faison Enterprises and Childress Klein Properties. Llewellyn typically secures the site for a financial partner, and then retains a minority stake in the development.

Still, it’s unclear whether Llewellyn has a financial partner for the Stockyard site. Atlanta-based real estate and investment management firm Cooke Finkelstein Inc. was actively pursuing the site, but eventually dropped its interest, said Brett Oliver, director of development for that company.

With the ballpark for the Triple-A Nashville Sounds set to open next spring, interest in properties nearby is high, including for apartments. San Antonio-based Embrey Partners plans a 290-unit project next to the ballpark site, while Toronto-based commercial real estate company Avison Young just last week paid $53.25 million for the existing Vista Germantown apartments, which are less than a mile from the Stock-Yard.

“If an area is being revitalized and the ballpark is kicking it off, you’re going to expect other amenities like apartments and restaurants,” said Steve Massey, a multifamily broker with CBRE. “There will be a lot of other things that will come in.”

Llewellyn didn’t return calls and it’s unclear whether the apartments would be built on both sides of Stockyard Boulevard between Second and Third Avenues North. Efforts to reach Robert Patel, registered agent for Nashville Union Stock Yard Restaurant Co. Inc., which has owned the restaurant property for more than 30 years, were unsuccessful.

Under the downtown code, a developer could build an up to six stories tall structure near the intersection of Second Avenue North and Stockyard Boulevard and would have to build close to the street with parking behind it. Closing Stockyard Boulevard, which separates the two parcels, would require permission from Metro. That could be an issue because the city might want to keep as many nearby streets open as possible to allow for flow of traffic to and from the ballpark. Building a connector over Stockyard Boulevard would also have to go before the Metro Planning Department as part of any site plan for a project.

The building at 901 Second Ave. N. was completed in 1920 and housed various businesses related to The Nashville Union Stock-Yards, where farmers brought livestock to sell. Stock-Yard Restaurant opened at the renovated building in 1979, roughly five years after the stock-yards had closed.

Michael Emrick, a local architectural historian, isn’t surprised that tract is part of a redevelopment site because of its location. “I could see more development there and then still maintaining the building — it’s been a viable restaurant and entertainment area,” he added.

Land broker Fred Kane of Cassidy Turley is representing Llewellyn in its pursuit of the Stock-Yard property as with all of its other deals here.

Reach Getahn Ward at 615-726-5968 and on Twitter @Getahn.