Minneapolis area-based Dominium has paid $4.2 million for East Nashville property on which it plans a residential building that will carry an affordable housing component.
The purchase follows the Metropolitan Development and Housing Agency Design Review Committee having approved on Tuesday the concept plan and the future building’s exterior design.
Dominium is seeking to undertake the 255-unit building project on a seven-parcel site with a main address of 900 Dickerson Pike, at that street's intersection with Cleveland Street and near the planned River North development that will house an Oracle office campus. The company recently finalized with the MDHA Joint Finance and Development Committee an agreement related to a payment in lieu of taxes (PILOT). This will allow MDHA to provide the company tax abatements in an equity amount of about $17.97 million.
Dominium will still need full MDHA Board of Commissioners approval regarding the PILOT in June. The site is located within the MDHA Skyline Redevelopment District and, as such, DRC approval was needed for the site plan. Of note, the committee did request some additional information regarding the future building's entrances and awnings.
The seven-story building (pictured) will offer 159 studio/one-bedroom units, 65 two-bedroom units and 31 three-bedroom units, with all units to be subject to income and rent restrictions. To qualify, renters will earn no more than 60 percent of the area median income. A 308-space parking garage will be included. Dominium has enlisted Nashville-based Smith Gee Studio (architecture), Nashville-based Catalyst Design Group (land-planning and engineering) and Franklin-based Genesis Engineering to work on the project.
An LLC affiliated with local real estate investor Myron Dowell was the seller of the unimproved 1.6-acre property, which is located in Cleveland Park. At one time, Dowell envisioned a project called The 900, to have included 50 condominiums and some commercial space.
The Post was unable to determine if brokers were involved in the transaction.