Atlanta-based development company Rangewater has paid $12.5 million for East Bank property near Barrique Brewing — almost twice the figure for which it sold more than three years prior.
The Davidson County Register of Deeds has yet to record the transaction involving the four-parcel 3.77-acre industrial site, which offers an address of 51 Oldham St. However, a source who asked to go unnamed confirmed the deal.
Groundbreaking is slated by month's end, with the first apartment units delivering in spring 2023, according to a release. An alternative address is 201 Cowan St. The future building will comprise 353 units (studio, one- and two-bedroom).
The seller of the four-parcel 3.77-acre industrial site was an LCC affiliated with local hotelier Jay Patel, which paid $6.25 million for it in November 2017, according to Metro records. Goodwill Industries of Middle Tennessee was the seller at that time, with the nonprofit having once operated its transportation facility on the site.
John Toomey, affiliate broker with Brentwood-based Urban Grout Commercial Real Estate, facilitated the transaction, according to the source.
As the Post reported earlier this year, Rangewater has enlisted Nashville-based Catalyst Design Group for civil engineering and land-planning duties and Poole & Poole Architecture, which is based in Richmond, Virginia. The above rendering show a concept plan and seemingly has not been finalized.
Home to a 11,360-square-foot warehouse, the property sits within Metro Councilmember Sean Parker’s District 5.
“Our development team is excited to get back to Nashville with this incredible River North project,” Steven Shores, president and CEO of RangeWater, said in a release. “This is an opportunity to be part of the revitalization of a progressive neighborhood. Being our 100th development, our team has invested a great deal of time and research to ensure we deliver a flagship project to best serve Nashville residents."
Palmer McArthur serves as Rangewater (stylized as "RangeWater") managing director for the Carolinas and Tennessee.
The property sits across Oldham Street from the warehouse home to craft beer business Barrique (and Little Harpeth Brewing prior to that) and one block south of the Topgolf facility. Nearby is the Cumberland River.
Of note, Patel is reinventing the Music Row site once home to office building United Artist Tower with a boutique hotel (read more here). In addition, Patel wants to redevelop the Midtown site of the Louise Douglas Apartments at 2221 Elliston Place with a six-story Holiday Inn Express. That project has stalled due to COVID-19 factors but is slated to start in early 2022 (read here).
Of note, Rangewater was created from the December 2019 merger of Pollack Shores and Matrix Residential. In 2011, Pollack Shores acquired the then-unsold condominium units in Velocity in The Gulch. The company would later develop a North Gulch site with The Gossett.