Construction looms on a condominium building in Silo Bend following the $7.08 million sale of The Nations property for which the project is slated.
Nashville-based development company Evergreen Real Estate, the buyer, will undertake the project, to be located near the intersection of 54th Avenue North and Centennial Boulevard in the West Nashville district. The four-story Silo West will comprise 165 residential units and sit on about 3.2 acres near The Flats at Silo Bend.
The seller of the property was a general partnership affiliated with Nashville-based commercial real estate company Southeast Venture. Aaron White, Evergreen principal, told the Post in January Silo West will nicely complement Silo Bend’s multiple components. Of note, Evergreen will soon complete Silo House (103 condominiums, all sold) and Silo Park (49 cottage homes, also all sold).
Pricing had not been finalized for the future Silo West residences, he said at the time. White could not be reached for an update.
“Condos previously developed at Silo Bend have sold quickly and we foresee the same level of demand for Silo West,” White said in a release announcing the sale.
The transaction price of $7,088,803 is the equivalent of roughly $50.40 per foot based on acreage. Metro records are unclear regarding what the seller paid for the property, as its 2015 acquisition included multiple parcels.
Barge Cauthen and Associates is handling civil engineering and land-planning duties, with Southeast Venture the architect. Both companies are locally based. First Farmers & Merchants Bank, which is based in Columbia, is providing financing.
Silo Bend also offers the aforementioned 193-unit apartment complex Flats at Silo Bend (90 percent leased), which includes 3,500 square feet of ground-floor retail that is 30 percent leased. Silo Studios, a 70,000-plus-square-foot former lumber mill being converted to office, retail and restaurant space, will soon be completed.
“It’s very rewarding to witness the progress of such a large undertaking as this project,” Southeast Venture broker Lee White, who oversaw the land sale for the two parties, said in the release. “The development has transformed The Nations neighborhood, and we can’t wait to see how the community continues to develop.”
Silo Bend derives its name from its location along a bend of the Cumberland River and the large concrete silo found on the east segment of the property.