Getahn Ward

gward@tennessean.com

The Landings at River North will include 13 office, retail, multifamily and hospitality development parcels.

That kickoff project will include the site of the former Cargill warehouse building at 600 Cowan St.

Most properties in the River North Development District probably will be sold, leased or developed through joint ventures.

The master plan includes more than 50 acres of roads, bridges, sidewalks, parks, greenways and other open spaces.

The biggest property owner on Nashville's East Bank is eyeing a spring start to construction of what eventually is expected to be a 105-acre mixed-use development that's being called River North.

Chicago-based Monroe Investment Partners LLC plans to begin the work with a 40-acre first phase called The Landings at River North planned just north of the Kelly Miller Smith Memorial Bridge near where Jefferson Street becomes Spring Street. The overall River North Development District will span 125 acres, including where the Topgolf sports entertainment complex is rising.

The Monroe Investment firm, led by Principal Don Allen, will offer 13 office, retail, multifamily and hospitality development parcels in The Landings at River North section, where current zoning allows for new buildings up to 15 stories. That kickoff project planned at 520 and 600 Cowan St. also will include redevelopment of the 140,096-square-foot former Cargill manufacturing warehouse that sits along the Cumberland River banks.

While Monroe Investment Partners expects to develop some of the sites, the investment firm said most of the properties within the River North Development District probably will be sold, leased or developed through joint venture with other development specialists, including build-to-suit arrangements.

"River North is a catalyst that will establish life and energy along the Cumberland River and expand what we think of as downtown," Allen said in a statement. "We plan to create a true mixed-use environment that will provide Nashvillians the opportunity to live, work and play in a dynamic and lushly landscaped environment."

In addition to initiating a new era of waterfront life and commerce downtown on the Cumberland River and revitalizing downtown's Cumberland riverfront, the River North project is expected to improve connectivity between downtown, Germantown, East Nashville and Rolling Mill Hill.

Allen has spent 18 years assembling 73 acres around the Cowan Street industrial corridor for the River North Development District, with plans to complete buying the remaining 32 acres within weeks.

The former Cargill warehouse building at 600 Cowan will be demolished in the second quarter in preparation for infrastructure improvements and creation of pad-ready development parcels for The Landings at River North, which is expected to be built over several years. The Landings at River North will be a pedestrian- and bicycle-friendly environment designed to reduce traffic and accommodate future public transportation initiatives.

The master plan for the River North Development District includes more than 50 acres of roads, bridges, sidewalks, parks, greenways and other open spaces. The owner/developer plans to donate roughly 50 acres of the overall property to Metro for the public space, which will include a milelong Cumberland River greenway, interior parks, a riverfront plaza, roads and common areas.

"We have been in discussion with the city for many months about the larger infrastructure/open space investments associated with River North, and those discussions will continue into 2017,” Allen said.

In a statement, Mayor Megan Barry called converting industrial riverfront property into vibrant, livable environments good for Nashville’s future. "This redevelopment has the opportunity to become an incredible asset for the entire city of Nashville,” she said.

Doug Sloan, the Metro Planning Department's executive director, said the River North project exemplifies how Nashville can grow in a sustainable and thoughtful way. "The east bank of the river offers our community the rare opportunity to expand our core without negatively affecting our existing neighborhoods," he said. "We applaud the developer for engaging us early in the process to ensure a fully realized private-public partnership.”

The Nashville office of global real estate firm JLL is leading the marketing of The Landings at River North, including pursuing build-to-suit opportunities. In addition to Monroe Investment and JLL Tennessee, the River North development team includes Hastings Architecture Associates, Civil Site Design Group and law firm Waller.

Allen said development of the River North mixed-use site will be driven solely by the marketplace. "Given that we will own all 105 acres, this development isn’t like other situations where a project is announced and if a lead tenant, hotel operator or even financing isn’t secured it doesn’t close," he said.

For more information on River North visit rivernorthnashville.com.

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