Metro officials and private property owners are now in discussions related to the city’s efforts to acquire the land needed for the future East Bank Boulevard.
Axios reports, citing a spokesperson for the Nashville Department of Transportation, that the city has made purchase offers to the property owners (read here).
The future north-south boulevard will parallel the Cumberland River. It will connect the River North segment of the East Bank, to be anchored by the future Oracle campus, to the land mass located across the river from the central business district and SoBro and to be highlighted by the NFL stadium, a TPAC structure and other buildings Boston-based The Fallon Company will develop.
Axios reports Metro could deploy eminent domain should the city fail to reach purchase agreements. In such a hypothetical scenario, the city would pay what it deems are fair market values for the properties, with the the owners able to challenge via litigation.
Axios reports Metro is seeking to acquire the industrial buildings that house, among other business, craft brewery Barrique Brewing and Blending.
East Bank Boulevard is intended to be a multimodal street that will partially run under the CSX railroad, stretching from the existing Cowan Street towards the future Cleveland Street extension, Jefferson Street and Korean Veterans Boulevard.
Some of the debate over the planned boulevard centers on the number of lanes the future street will include. There are currently four proposed models, two of which feature four motor vehicle lanes with two center bus lanes and varying bike lanes.
Early figures provided by the East Bank Development Authority forecast 170,000 trips per day within the East Bank neighborhood. That breaks down to 80,000 car trips and 60,000 by transit, bicycle and pedestrians. The remaining 30,000 make up future multimodal trips (read more here).
The 2022 Imagine East Bank plan initially envisioned the boulevard.
Metro records $50.97M sales price for Woodmont Centre
The Davidson County Register of Deeds has recorded a sales price of approximately $50.97 million related to the sale of Woodmont Centre, a three-structure commercial property located near the intersection of White Bridge Road and Harding Pike.
As the Post reported Dec. 17 (read here), the Franklin office of Memphis-based Boyle Investment Company announced in a release the purchase of the property. The address is 102 Woodmont Blvd. (showing as 104 Woodmont Blvd. on Google Maps).
Boyle — perhaps best known for its having developed a North Gulch site with the multi-building and mixed-use Capitol View — did not include the purchase price in the release.
The seller was West End Properties LLC, which took ownership of the property in 1993 via a quitclaim deed for which no dollar amount is listed on a Davidson County Register of Deeds document.
Jana Wood serves as chief manager of the LLC. Wood seemingly is the chief executive officer of HD Realty Inc., online information about which is unclear.
Woodmont Centre opened in 1985, the complex offers a nine-story office building, a five-floor office building (the two structures are connected via a shared lobby) and a multi-level parking garage that can accommodate about 500 vehicles.
The structures, oriented adjacent to high-end condominium building The Manning, sit on 2.4 acres that include 60 surface parking spaces. The eastern border of satellite city Belle Meade is located nearby.
“This is irreplaceable real estate in a premier, highly desirable location,” said Thomas McDaniel, a Boyle Investment partner, said in the Dec. 17 release.
“We’re especially excited by the strong tenant base, as well as the momentum in this neighborhood and the continued investment by nearby stakeholders, including H.G. Hill and AJ Capital. The growth surrounding Woodmont Centre reinforces its long-term value for office users.”
Woodmont Centre tenants include, among others, business consulting firm InfoWorks and commercial real estate company Fidelity Real Estate Group.
The office investment advisory group at the Nashville office of Chicago-based Cushman & Wakefield represented the seller.
The acquisition adds to Boyle’s Middle Tennessee portfolio, which includes, in addition to the aforementioned Capitol View, Berry Farms, CityPark Brentwood, McEwen Northside and Meridian Cool Springs.
Midtown property sees changes
Local real estate investor and entrepreneur Mike Shmerling has made a change to a three-parcel Midtown site he owns.
Specifically, Shmerling had a one-story modernist building located at 1816 Hayes St. razed, with that parcel to be used for surface parking. Nashville-based Tiny’s Construction handled the job.
Relatedly, Shmerling owns an adjacent office building located at 1814 Hayes St. and the structure housing Chinese street food restaurant Shaokao, located at 1812 Hayes St.
Shmerling said the surface parking lot will accommodate existing tenants.
The office building previously housed the offices of the Davidson County Democratic Party.
Shmerling, chairman of Clearbrook Realty, told the Post he has not decided about a long-term plan for the property and will “explore opportunities.”
Clearbrook Realty, led by Principal Broker Katie Wayne, manages the three properties.
