An Atlanta-based, publicly traded real estate investment trust has become an equity partner with the team reinventing the Neuhoff complex in Germantown.
According to a release, Cousins Properties is investing $275 million in the development, giving it a 50 percent stake in both phases one and two.
Cousins joins Atlanta-based New City Properties, which owns the site and will serve as developer, and J.P. Morgan Asset Management as equity partners. Jim Irwin, president of New City LLC, said the team should close on the construction loan in the next few weeks.
“This is the next step in setting the table for what will be an incredibly successful project,” Irwin told the Post regarding having Cousins as a partner and the looming securing of the loan.
“Vertical construction could start in eight weeks with cranes rising,” he said, noting on-site work (clearing, stabilizing, prepping, etc.) continues.
The initial phase of the project will include 548 residential units and 448,000 square feet of office and retail space. Previous reports had 825,000 square feet of non-residential space and 50 hotel rooms for the overall project.
“Nashville has been a target for expansion and fits perfectly into our Sun Belt strategy,” Colin Connolly, Cousins' president and CEO, said in the release. “We are thrilled to enter the market with this highly differentiated development that is located directly across the Cumberland River from Oracle's recently announced campus."
New York City-based S9 Architecture (the design architect) and Nashville-based Smith Gee Studio are designing the future buildings for the 9.2-acre site. In addition, the local office of Raleigh-based Kimley-Horn and Associates and Mid-TN Erosion and Sediment Control are participating in the effort.
Irwin was a key figure in the reinvention of what became Ponce City Market when he worked at Atlanta-based Jamestown. He told the Post in June he envisions three to four new buildings and the adaptive reuse of the prominent curved building on the site, while updating “as much of the historic fabric on the site as possible.”
Relatedly, and as part of the deal, Cousins has sold One South at the Plaza in Charlotte and acquired 725 Ponce in Atlanta, the release notes.
Founded in 1958, Cousins recorded revenues of $740 million in 2020.