Getahn Ward

USA TODAY NETWORK – Tennessee

Monroe Investment Partners has largely completed assemblage of 105 acres for the River North mixed-use project.

Late last week, the Chicago-based investor paid $28.7 million for 27.7 acres at 520 Cowan St.

Monroe Investment also bought 4.56 acres of vacant industrial land at 1437 Cowan Court for $1.29 million.

The first phase, called The Landings at River North, is planned near where the Topgolf sports entertainment complex and concert venue is rising.

The Chicago investor behind the massive River North mixed-use development planned for the north end of the Cumberland River's East Bank has paid $30 million for 32 acres within its targeted footprint.

With the purchase, Monroe Investment Partners has largely completed assemblage of 105 acres overall for the mixed-use project. The 40-acre first phase, called The Landings at River North, is planned just north of the Kelly Miller Smith Memorial Bridge near where Jefferson Street becomes Spring Street.

Monroe Investment paid $28.7 million for 27.7 acres at 520 Cowan St., where logistics service Cherokee Marine Terminal has occupied a 68,450-square-foot warehouse. Separately, the investor paid Cherokee Equity Corp. $1.29 million for 4.56 acres of vacant industrial land at 1437 Cowan Court.

Previously in November, Monroe investment paid $8.1 million for 13.05 acres at 600 Cowan St., which is next to where the Topgolf sports entertainment complex and concert venue is under construction. Plans for The Landings at River North include redevelopment of the 140,096-square-foot former Cargill manufacturing warehouse that sits along the Cumberland River banks on a portion of 600 Cowan.

Monroe Investment plans to offer 13 office, retail, multifamily and hospitality development parcels in The Landings at River North, where current zoning allows for new buildings up to 15 stories. Buildings could be allowed to rise even higher if Downtown Code design standards are extended to the so-called River North Development District.

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

Reach Getahn Ward at gward@tennessean.com or 615-726-5968 and on Twitter @getahn.