Plans for Hotel Broadway — eyed for The Gulch since early 2018 — have changed, with a mixed-use building anchored by residential units now seemingly on tap.
Nashville-based hotelier Rajesh Aggarwal owns the property — with addresses of 1212, 1214 and 1218 McGavock St. and overlooking the downtown interstate loop — and apparently has found a buyer, according to sources. A Metro permit references a building of 400 residential units, 6,000 square feet of restaurant space and 1,800 square feet of retail space now slated for the site. The Nashville office of Raleigh-based engineering and land-planning company Kimley-Horn is listed on the permit.
The property is zoned to accommodate a building of up to approximately 15 floors. Based on the site’s footprint, the development company seeking the tower would likely need a height variance considering the number of units listed on the permit.
The Post has been unable to identify the prospective buyer.
Aggarwal told the Post in January that COVID-19 had hurt his efforts to undertake the hotel project. Across McGavock, Austin-based Endeavor Real Estate Group recently opened the office tower component of Gulch Union, which is planned to also include an adjacent hotel. To the immediate north of the Aggarwal site, GBT Realty is building its One22One office tower.
A source confirmed that Endeavor is not seeking to acquire Aggarwal’s property and nor is Propst, which undertook Broadwest in Midtown. The Post has not determined if GBT might be seeking the buy and develop the property.
Aggarwal and wife Dr. Reita Aggarwal created McGavock Health Care Inc. to pay $4.93 million for the three-parcel site in May 2019. Of note, the Aggarwals previously owned the property, originally having acquired it in 2006 for about $1.76 million. The couple then sold to McMinnville-based real estate investors and developers — and would-have-been development partners — Jewell Hale and Bobby Kirby for $4.5 million in late 2018 before exercising the option to repurchase it soon after.
Recently, McGavock Health Care sold the site to Good Health Management Partnership for $5,032,000. That entity also includes the two Aggarwals only. Reita Aggarwal is a local hospitalist working in a COVID ward.
“Our son is a third-year medical intern and is spending significant time in the hospital,” Rajesh Aggarwal, who also owns Global Mall at the Crossings, said in January. “Once they have some respite from their medical work, we will think to move the project forward.”
The 0.8-acre site is located at the northeast corner of the T-intersection of McGavock and 13th Avenue South. Celebrity chef Jonathan Waxman's restaurant Adele's is located on an adjacent site to the east.
Locally based Manuel Zeitlin Architects had originally designed the 16-story hotel building (pictured) to offer 423 rooms. MZA is no longer involved in the project, according to a source.