A pair of Midwest developers are planning a $300 million mixed-used project for an entire city block in SoBro that could include Nashville's second five-star luxury hotel.
Grand Rapids, Mich.-based Northern Capital Investments and Dan McLean of Chicago-based MCL Properties have a contract on roughly 1.6 acres that includes the home of Market Street Apartments at 150 2nd Ave S.
Their partnership called Second Avenue Investments LLC hopes to break ground by next summer on an overall 1.4 million square feet development. In addition to the 180-key hotel, plans call for up to 170 condo units and under 300 apartments with resort-like amenities.
"With everything going on in SoBro, we feel it's the best site for a mixed-use residential development like we plan," said Tom Pohlman, a principal and managing partner with Northern Capital "The views that we'll have from our residential units will be unobstructed."
Pohlman said the more than century old Market Street Apartments building would be razed to make way for the project. That drew an immediate response from preservationists who fear losing what they consider one of downtown's first historic buildings to be rehabbed into apartments.
"It just seems illogical to demolish existing apartments that are historic, unique and have been very successful and replace them," said Robbie Jones, a board member of Historic Nashville Inc.
Nashville real estate investor Jack May owns the SoBro site, and two ...