Atlanta-based development company Portman Holdings has paid $20 million for a 2.6-acre North Capitol property that hugs First Horizon Park and on which it plans a mixed-use building, according to a Davidson County Register of Deeds document.
Sulphur Dell Land LLC was the seller of the property, which offers a placeholder address of 0 Third Ave. N., according to Metro records. Documents previously submitted to Metro show the development, a name for which has not be finalized, will include a building with residential and retail spaces positioned along Third Avenue, Fourth Avenue and a greenway.
Portman has enlisted Atlanta-based Dynamik for architectural duties. Nashville-based Hawkins Partners (landscape architecture and land planning) and New York-based Inc. (the interior designer) also are participating.
The documents show the building wrapping a structured parking garage accessed via both Third and Fourth. (See more images and the location here.) Brittani Sanders, Portman vice president of development, said the company is seeking to break ground no later than first quarter 2022.
The transaction is the equivalent of almost $7.7 million per acre and about $176 per foot. Russ Oldham of the local office of CBRE brokered the deal for Portman.
Previously, Austin-based Trube Corp. was looking to undertake a similar project in conjunction with the aforementioned Sulphur Dell Land LLC, which includes Nashville-based developers and brothers Chris Ward and Tim Ward. (The Wards are the sons of Frank Ward, a co-owner of the Nashville Sounds.) That effort was to have included a hotel and multifamily building but failed to materialize. And in 2017, the MDHA DRC gave concept plan approval related to what was to have been 285-unit apartment building The Derby.
Sulphur Dell Land LLC in June 2015 paid $6 million for both the site Portman will develop and a Third Avenue parcel the Wards and Nashville-based Michael Hayes and Brandon Kuvara (both of C.B. Ragland) have developed with a retail building anchored by Brooklyn Bowl.