Construction of a 23-story apartment building for Nashville, called “12th and Laurel,” is scheduled to begin mid February. The site is located in “The Gulch,” a LEED (Leadership in Energy and Environmental Design) certified community.
Nashville based developer Ray Hensler and Fort Lauderdale based Stiles Development have hired JE Dunn Construction Co. as general contractor. Plans call for an $80 million, 23-story, high-rise luxury apartment building with 312 rental units.
The purchase of the 1.4-acre site was funded by a $58 million construction loan that buyer Laurel Property LLC obtained from U.S. Bank. HFF, a commercial real estate financial intermediary, was an adviser to Laurel Property LLC on the debt and equity. The seller was a partnership between developer John Eakin and banker Gaylon Lawrence Jr.
Eakin told The Tennessean newspaper, “This was always our plan — to have that northern piece be a hotel, the southern piece be a high-end, high-quality residential development and to have the corner of 12th and Demonbreun be an office tower,” Eakin said, referring to another developer’s purchase in the spring of a smaller piece of the overall property with plans to build a hotel there.
The architect is Hastings Architecture Associates. The tower is scheduled to be completed by Summer 2014.
Rendering by Hastings Architecture Associates