Work is slated to begin on a significant update to downtown office building 211 Commerce.
A permit valued at $9.5 million has been issued to allow for the start of the effort, which will include the 11-story Class A tower’s red brick exterior being painted white.
Opened in 2000 and until recently called the Baker Donelson Center, the building sits at the address from which its name derives.
In addition to the color change, upgrades will include new windows and new entry doors on the building’s Third Avenue North side. A release from February notes the renovation to the building — expected to carry a price tag of about $13 million — also will include updates to the main lobby, outdoor plaza, fitness center, conferencing space, ground-floor retail and tenant lounge. Based on images submitted to Metro, the retail space seemingly will be located on the northeast corner of the building at the southeast corner of the intersection of Commerce and Third.
Gresham Smith is the architect, with DPR Construction the general contractor. Both are locally based. See more images here.
Via an LLC, private equity real estate manager Velocis and Lincoln Property Company, both based in Dallas, own the building, having paid $50.25 million for it in late February, according to Metro records.
The tower, which comprises about 232,200 square feet and a 436-space parking garage, represents Velocis’ first purchase in the Nashville market.
Lincoln will provide property management, leasing and construction management services.
Founded in 2010, Velocis owns 35 properties in Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee and the Washington, D.C., metro area.
Madison senior house facility set for renovations
Madison Chippington Towers 1 and 2 are slated for major upgrades.
Two permits, with a collective value of $22.5 million, have been issued to allow for the work. American Constructors will handle the job.
The main address of Chippington Towers — which stands 11 stories and is billed as offering affordable senior housing — is 1310 Coreland Drive. The one building seemingly acts as two spaces.
N.C. company pays $3.9M for Old Hickory retail property
Chapel Hill, North Carolina-based private equity real estate firm Prudent Growth Partners has paid $3.9 million for the Granwood Village retail strip center in Old Hickory, according to a release.
Located at 4331 Old Hickory Blvd. and constructed in 1999, the building is anchored by the Urban Air Trampoline and Adventure Park entertainment business. Other tenants include Bradshaw Chiropractic, Cordell Insurance, United Martial Concepts and Care Dry Cleaners. Sharing its parking lot is a Speedway gas station with a Speedy Café.
The seller was a couple, with the Post unable to determine what the pair paid for the property.
"We are pumped to be entering the Nashville market," Tom Hahn, president of Prudent Growth Partners, said in the release. "The Urban Air brand is a great anchor for us and drives a ton of foot traffic to the center."
This is the fifth acquisition for Prudent Growth in as many weeks, the release notes.