"The Nations has been found," said Wood Caldwell, a principal at Southeast Venture.
"The neighborhood association is very organized ... and they're saying they want 51st (Avenue North) to become another 12South.
People are excited we're changing industrial back to residential."
The Southeast Venture
development would be three blocks over from 51st Avenue North, at 5400 Centennial Blvd. Southeast Venture is developing the 36-acre site on behalf of its client, a partnership that operates under the name R Manuel - Centennial.
declined to discuss who's involved in the group, which paid $6 million for the land in mid-2015.
said it was too early to estimate a total budget for the development.
Full financing has not yet been obtained.
The land is bordered on the east by giant tanks of petroleum for two companies, stations where tanker-trucks fill up and then deliver that fuel to gas stations.
The easternmost part of the site will be undeveloped and act as a buffer from those operations, Caldwell
That piece of property also contains a landmark 200-foot former grain silo, which will be preserved, Caldwell
"It's like a beacon everybody uses for The Nations, which is pretty cool.
To be frank, that's what first attracted our buyer; they saw that and said it's the coolest thing ever," Caldwell
The properties are split by a CSX railroad spur that continues on and crosses Charlotte Avenue, where developer H.G. Hill Realty Co. is under construction on a mixed-use development.
said access rights already exist, so no negotiations are needed with the railroad.
also said the spur is used just four times a day, with a limited number of rail cars each time.
Arguably the most prominent potential selling point is the 1,200 feet of riverfront views, with the property sitting on a bluff 70 feet above the Cumberland River, Caldwell
The site is about six miles from the center of downtown, on the other side of Interstate 40 from Charlotte Avenue (which is experiencing its own rebirth) and also Sylvan Park, one of Nashville's more popular urban neighborhoods.
Between the river and the railroad tracks, Southeast Venture
is seeking a zoning change from Metro that would allow up to 300 multifamily units and about 100 single-family homes, Caldwell
The buildings will be three stories.
Most of those multifamily units likely will be apartments, though units facing the river may be sold as condos, Caldwell
The Metro Planning Commission
is scheduled to vote on the requested zoning change next month, which would then trigger a six-week vetting by Metro Council
The change needs council approval to become official.
Metro already approved a zoning change for the piece of land between the railroad tracks and Centennial Boulevard.
On that site, where construction could start this fall, Caldwell
said plans call for 180 multifamily units with ground-floor retail.
Future development on the site is expected to eventually bring the total numbers of units in the development beyond 600.
Average rent for the apartments will be about $1.80 per square foot, Caldwell