PMG art

Society Nashville

A Gulch property eyed for a 16-story mixed-use building has sold for $22 million — a figure that flirts with Nashville’s per-acre record related to land deals.

The new owner of the property, with an address of 915 Division St. and serving as surface parking, is an LLC affiliated with Miami-based Property Markets Group.

The seller was an LLC affiliated with MarketStreet Enterprises, the Metro Development and Housing Agency-appointed master developer of The Gulch. Via the LLC, MarketStreet paid about $4.3 million for the 1.44-acre property in 2005.

The sale is the equivalent of about $350 per foot and $15.27 million an acre. The latter figure ranks among the most robust for a recent Nashville deal. For comparison, Brentwood-based GBT Realty recently paid $16.21 million an acre for River North land, seemingly a local record (read here).

PMG, which has undertaken high-profile projects in Miami and New York City, seeks a building to offer 471 units. Of note, the company co-developed a New York site with an 84-story, 1,430-foot skyscraper called 111 West 57th Street, a structure that ranks as the world’s 27th tallest.

According to a release, the Gulch project will be called Society Nashville and will be completed in early 2024. Orlando-based Baker Barrios Architects will serve as architect, with the company operating an office in Terrazzo. A start date is not included in the release.

PMG is undertaking the effort with equity partners New Valley and New York-based RMWC, the release notes.

Tarek El Gammal, executive managing director of Newmark Nashville, brokered the deal for PMG.

This will be PMG’s first urban Nashville project; however, the company has done work in Franklin.

Society Nashville will stand almost 200 feet tall and offer a 463-space structured parking garage and a roughly 7,500-square-foot restaurant space. The building will offer an exterior of primarily metal, tile panels, stucco and glass. (See more images here.)

The property is zoned to accommodate a 10-story building, with up to six additional floors of bonus height.

“We are excited to begin development of Society Nashville and as our entry into the Tennessee market,” Evan Schapiro, PMG managing director, said in the release. “It has been a pleasure working with such a premier operator as MarketStreet. The Gulch is a dynamic, growing neighborhood that is bursting with new restaurants and hospitality concepts, and we are confident that Society Nashville’s mission to foster a sense of community among residents and local organizations will perfectly complement the neighborhood’s culture.”

Other cities with the Society brand include Denver, Atlanta, Brooklyn, Orlando, Fort Lauderdale and Miami.

On a site to the immediate east and home to A+ Storage, Chicago-based real estate investment, development and construction company LG is planning a 16-story mixed-use high-rise with office space, 342 residential units and a parking garage (read here).

Founded in 1991 and co-based in New York, PMG offers a portfolio with "several billion" in assets, the release notes, and buildings with a collective more than 16 million square feet.

My position with Nashville Post has evolved since 2000 when I began work with the now-defunct The City Paper. TCP became a Post sister pub in 2008 (when I began some Post work) and folded in 2013. I have worked mainly with the Post since late 2011.

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