Atlanta company pays $19M for Gulch site

Modera Gulch

Atlanta-based development company Mill Creek Residential has paid $19 million for a Gulch site adjacent to Party Fowl and on which it plans a 15-story building.

The seller of the property was an entity affiliated with Chip Crunk, president and CEO of Nashville-based copy equipment and technology company R.J. Young, according to a Davidson County Register of Deeds document. Crunk in 1995 paid $350,000 for the roughly 1.4-acre property at 810 Division St.

Based on acreage, the transaction is the equivalent of about $311 per foot, one of the single-most significant prices paid for land in the fast-changing downtown district. The Post was unable to determine if brokers were involved in the deal.

The transaction comes as Mill Creek also has landed from Bank of America a construction loan of more than $83 million related to the project. The company recently secured a permit to raze a small, nondescript building to accommodate its Modera Gulch tower.

Modera Gulch will offer 376 residential units, ground-floor commercial/retail space and 592 parking spaces. The local office of Raleigh-based engineering firm Kimley-Horn and Atlanta-based land-planning and architecture company Cooper Carry are participating, according to documents submitted to Metro. A detailed color rendering has yet to be released.

Of note, Mill Creek also is eyeing a large-scale mixed-use project for the Germantown site long home to Centurion Stone and to be called Modera Germantown. Read more about that project here.

Lisa Maki and Mike Jacobs of the local office of Avison Young represented Crunk in the transaction.

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