Mainland Cos. has paid not-for-profit organization Centerstone $5.8 million for 2.03 acres in Germantown where the Nashville-based developer has city approval for 75 apartment units.
At the end of this month, Centerstone plans to relocate administrative and leadership teams for its Tennessee operations out of the historic Ella Hayes Center building at 1101 Sixth Ave. N. to its Frank Luton Center off Murfreesboro Pike.
The not-for-profit organization is also finalizing plans to move clinical staff and care providers to a new location near the Germantown property, which it just sold to Mainland.
“We are very pleased to have reached this point," Mainland's CEO Ken Larish said about completing purchase of the six tracts of land. "We’re looking forward to being a part of this vibrant Germantown community."
Ken Larish, Mainland Cos. CEO (Photo: Submitted)
In August, Metro Council approved Mainland's request for specific plan zoning to allow for a mixed-use development up to three stories in height at the northeast corner of Seventh Avenue North and Madison Street in Germantown.
The approved site plan includes allocation of a small square footage for retail, but Mainland spokesman Jim Cheney said the developer has no plans for retail at this time.
The century-old, 30,521-square-foot historic Elliott School building, which Centerstone rebranded the Ella Hayes Center, will be preserved and incorporated into design of Mainland's apartment project. That building ...