Plans for the redevelopment of the Midtown site once home to Lee Beaman’s auto dealership seemingly have been altered — and dramatically so.
A document submitted to the Metro Water and Sewer Services Department notes the key portion of the site, about eighth acres, is now being eyed for office buildings with a collective 1.32 million square feet, a 350-room hotel, multiple restaurants with a combined 6,000 seats, 60,000 square feet of retail space and residential buildings with a collective 1,000 units (630 one-bedroom and 270 two-bedroom).
The figures suggest a minimum of six buildings for the site, with the document referencing a development name of 1501 Broadway.
The submission of the document comes after a similar document, filed with Metro in late August, referenced what would have been a far less robust development: a five-story building with 80,000 square feet of retail space and 420 residential units, and three nine-floor office buildings, each with 230,000 square feet, ground-level retail and a parking garage (read here).
Nashville-based land planning and engineering firm RaganSmith Associates is listed on the most recent document. The previous document referenced Nashville office of architecture and engineering firm Goodwyn Mills & Cawood.
Nashville Business Journal recently reported Brentwood-based GBT Realty has the main Beaman property under contract. The Post was unable to contact GBT officials and could not determine if a separate entity had been eyeing the previous plan.
The recent document notes the development is slated for a part of the overall Beaman property bordered by Broadway on the north, 14th Avenue on the east, McGavock Street on the south and 16th Avenue on the west.
Beaman’s massive Midtown real estate holdings have a main address of 1525 Broadway. Beaman, who sold his auto dealership inventory to Hudson Automotive (read here), promptly listed his properties following that late-2020 deal. The quartet of properties he is attempting to sell spans a collective 17.8 acres. Asking prices have not been disclosed.
The Midtown properties are recognized as the long-time home of the Beaman Toyota dealership (now owned and operated by Hudson), with the main site reportedly eyed by GBT having addresses of 1501-1531 Broadway. A separate Beaman property sits across McGavock from the main site and offers a key address of 1517 McGavock St. A related ancillary parcel at 1500 Demonbreun St. offers 2.95 acres at that street's bridge over downtown's interstate loop. (See more images of the properties here.)
Of note, Beaman’s 6.8-acre property with addresses of 920 and 1000 Hawkins St., located off 12th Avenue South in Edgehill and near The Gulch and SoBro, is under contract to be sold to Chicago-area-based apartment development company Marquette Companies. That entity plans to develop North Edgehill Commons on the site (read here), which houses a former Beaman service center building.
Beaman owns the properties via various entities and acquired them in multiple transactions, with some dating to 1977. Metro records are unclear as to what he paid for all the properties, though the collective acquisition price was well north of $5 million.
Beaman has enlisted Rob Lowe, the locally based executive managing director and partner of Stream Realty Partners of Dallas, and Robby Davis, senior managing director of the local office of Cushman & Wakefield, to handle the marketing and sale of the properties.
Across Broadway, the Reed family property home to Subaru and Hyundai dealerships is under contract to be sold to Houston-based development company Hines. A major redevelopment of that site, with multiple mid-rises and high-rises, is being planned (read here).