Nate Rau

nrau@tennessean.com

Bravo Development announced Friday that it has finalized a contract to sell the RCA Studio A building to an entity called AMT Trust for $5.6 million, a deal that likely saves the recording studio and tables plans to convert the property into luxury condominiums.

Leiper's Fork philanthropist Aubrey Preston is the founder of AMT Trust, a nonprofit organization.

The deal is merely under contract and not finalized. Should the sale go through, Preston's intention is to save Studio A, where Willie Nelson, Miranda Lambert and Keith Urban, among dozens of others, have recorded. Nashville rocker Ben Folds has leased the space for the past 12 years and touched off the movement to save the building, built by Music Row luminaries Chet Atkins, Owen Bradley and Harold Bradley.

Bravo Development, owned by Tim Reynolds, purchased the property for $4.1 million and announced in September that it would raze the building to make way for condos and a restaurant. The company gave potential buyers until 5 p.m. Tuesday to submit offers.

"I'm encouraged about the news of the impending sale of the historic RCA building to my friend who is a proven preservation leader I greatly respect," Folds wrote on his Facebook page. "I look forward to discussing with him what the future holds for the studio space once the deal closes."

Preston released a statement through a publicist that shed a few details on the purchase agreement. AMT Trust is seeking a "preservation-minded owner," according to the media release.

"Studio A has enormous historic value," Preston said. "We see it as an absolutely essential part of the Music City brand that cannot be destroyed."

Reynolds said in a prepared statement that he had offers to sell to those who also would have demolished the building. But the public outcry, spurred ahead by Folds, motivated him to sell to AMT Trust instead.

"We have worked diligently to find an appropriate buyer and received multiple offers in the final hours before the deadline, including some from developers who did not intend to save the building," Reynolds said. "In light of public concern, we ultimately decided to select the buyer that plans to preserve the building and hopefully open it to the public."

'All just elated'

In addition to Folds, country singer-songwriter Jamey Johnson rents office space in the building — the very office once occupied by Atkins.

Along with Harold Bradley, heirs from the Bradley and Atkins families tried for years to sell the building before Bravo Development stepped up this year. Shortly before the sale, Bradley said he believed the building was not worth saving, and Bravo Development released engineering and architectural reports showing an array of problems.

"I am proud to hear that the building has been spared from demolition," Johnson said. "Mr. Reynolds has made a wise and appropriate decision to help us preserve this historic building. As it has always been open to the public, I am excited to hear the plans the new owners have for Studio A. Naturally all of the current tenants and I would love to stay and continue creating music in this beloved place."

After Bravo Development pulled a demolition permit, the Metro Historic Zoning Commission was able to intercede because the building is eligible for the National Register of Historic Places. But the city could stay demolition only until early December.

"I think we're all just elated that we as a community came together and fought for that studio," said Tim Walker, Metro Historical Commission executive director.

Reporter Kevin Walters contributed to this report.

Reach Nate Rau at 259-8094 and on Twitter @TNNateRau.