Atlanta-based development company Portman Residential has broken ground on a mixed-use project on North Capitol property that hugs First Horizon Park.
According to a release, a 25-month construction timetable is expected for the seven-story building, which will offer 356 apartments and 17,000 square feet of retail space.
The building will wrap a structured parking garage that will be accessed via both Third and Fourth (see more images and the location here) and will interact with a spur of the Cumberland River Greenway.
The building (Ballpark Village is the working name) will be anchored by a large public plaza to be located at the corner of the building home to sports bar Third and Home and live music venue Brooklyn Bowl. The release notes the development will have a similar look and feel to those of Atlanta’s BeltLine, a former railway corridor that is now a multi-use trail with residential and restaurant spaces.
“Portman Residential specializes in developing meaningful mixed-use developments and is passionate about placemaking, so we’re excited about extending and activating the greenway in Nashville,” Harvey Wadsworth, company managing director, said in the release. “This community will offer exceptional living in one of Nashville’s key neighborhoods, and we are honored to play a role in the continuous development of Germantown.”
Portman has enlisted Atlanta-based Dynamik for architectural duties and R.G. Anderson of Nashville as the general contractor. Nashville-based Hawkins Partners (landscape architecture and land planning) and New York-based Inc. (the interior designer) also are participating.
Wells Fargo has provided a $74 million loan, a Metro document notes.
Portman paid $20 million for the 2.6-acre property in June 2021, according to a Davidson County Register of Deeds document.
Previously, Austin-based Trube Corp. was looking to undertake a similar project in conjunction with Nashville-based developers and brothers Chris Ward and Tim Ward (the sons of Frank Ward, a co-owner of the Nashville Sounds). That effort was to have included a hotel and multifamily building but failed to materialize and the Wards sold the raw land to Portman last year.