Also: Rendering shows how church building could be altered; Report: AB to Fifth + Broadway

The Metro Development and Housing Agency has released a new image related to phase three of its Envision Cayce project and for which ground has been broken.



A groundbreaking for phase two was held in late 2017.



The project (pictured), which will be built along South Sixth Street, will consist of three buildings with a collective 96 mixed-income residential units. Fifty of the residences will be subsidized and house current Cayce Place residents, many of whom were instrumental in the Envision Cayce process, according to a release.



Nashville-based Kline Swinney Associates is the architect.



“It’s so important that we create mixed-income communities in Nashville by building affordable housing in the urban core, and this new Envision Cayce residential project will do just that,” Mayor David Briley said in the release. “I appreciate MDHA’s hard work to get this development started, and I look forward to seeing the final product.”



The initial residential building (representing phase one) of Envision Cayce is the 70 one-bedroom Barrett Manor — named after the late Nashville attorney and civil rights advocate George Barrett. It was the first new addition of public housing in Davidson County in 18 years.



The aforementioned phase two involves the construction of 94 townhome-like apartments at Kirkpatrick Park. It will be Envision Cayce’s first mixed-income development.



Metro Councilman Brett Withers, in whose District 6 the property sits, said he applauds Kline Swinney Associates for quality design work.



“While a more traditional style was selected for portions of the [Cayce Place] campus, I am excited that Cayce Place residents chose this contemporary design for this highly visible location at the western end of the campus,” said Withers. “This architecture compares favorably to Rolling Mill Hill and some other popular, dense, new construction urban neighborhoods close to downtown.”



Image shows how Nolensville Road church could be updated

A South Nashville property home to a stately masonry church building and listed for sale for $4.4 million now offers an accompanying rendering (click on View Gallery in the above image to see) as part of its marketing package.

The 1.56-acre property has an address of 2635 Nolensville Pike in the Woodbine commercial district.

2635NP LLC owns the two-building property and recently had environmental remediation work completed within the collective 35,000 square feet of the two structures, the main building of which was last home to Word of Faith Christian Center.

The LLC has enlisted Tad LeFevre, an agent with Brentwood-based SilverPointe Properties, to handle the marketing effort.

“A lot of the feedback I have already gotten is that it could be suitable for a charter school, creative office space or an events space,” LeFevre told the Post for a previous article.

The asking price is the equivalent of $125 per square foot. Relatedly, LeFevre recently brokered the sale of a nearby and “very similar property,” with an address of 2949 Nolensville Pike, for the equivalent of $115 per square foot.

LeFevre said the 12,000-square-foot building (which is located behind the main building but attached to it) is fully leased to multiple tenants and that the LLC is also willing to lease the main structure — highlighted by the church building sanctuary — as an event or office space. The LLC is willing to rent as an event space, sell or build-out to lease.

Read more here.



Report: AB to take office space at Fifth + Broadway

New York-based AllianceBernstein LP reportedly has chosen the future office tower of the under-construction Fifth + Broadway to house its corporate headquarters.

City multiple sources, Nashville Business Journal reports AB has yet to finalize the lease.

A $430 million mixed-use development to also feature retail, structured parking and a residential tower, Fifth + Broadway will be located at northwest corner of the intersection of Broadway and Fifth Avenue North.

Read more about the AB move here.



Clark-Bell to construct Hyatt Regency Hotel building

San Diego-based Southwest Value Partners has signed an agreement with a joint venture that will build the Hyatt Regency Hotel at Nashville Yards, Nashville Business Journal reports.

The venture include Clark Construction Group, which is headquartered near Washington, D.C., and Brentwood-based Bell & Associates Construction.

The Clark-Bell entity was the main contractor for the Music City Center convention center project in SoBro.

Clark-Bell will serve as general contractor for the 24-story Hyatt Regency project, excavation for which remains underway. The hotel, to sit at Broadway and 10th Avenue North, will offer 591 rooms and will be the first element in the multi-building Nashville Yards. The development will rise from the 15-acre site last home to LifeWay Christian Resources.

Read more here.



Rutherford remains hot for retail work

The Brentwood office of Marcus & Millichap has released its second quarter retail report.

And interesting tidbit: Retail properties in Rutherford County remain popular target, with buyers particularly seeking buildings in Murfreesboro and Smyrna. First-year returns in the county are roughly 50 basis points higher than the metro average.

Read the report here.



GBT slates $23M project in Florida

Brentwood-based commercial development and investment company GBT Realty Corp., has announced the expansion of Port Charlotte Marketplace, a regional shopping center located in Port Charlotte, Florida.

The project will carry a price tag of $23 million and will yield an additional 58,000 square feet of building to the nine-acre site. Both national and regional retail names are slated for the future building.

Last fall, GBT acquired a 75-year ground lease for the site from 19400 Cochran Boulevard Holdings, LLC.

“The concentration of retail, restaurants and service providers along this retail corridor brings an impenetrable energy to this node making our site some of the most sought-after dirt in Charlotte County,” Fraser Schaufele, director of leasing, GBT Realty, said in the release. “The demand for premium space along Tamiami Trail is insatiable especially at centers such as Port Charlotte Marketplace where high visibility and high traffic top the list of key selling points.”

Capital Holdings adds to GBT’s business lines of shopping center, net lease and diversified development that collectively includes more than three million square feet of commercial assets in 22 states.





