From: The Nashville Post
Nashville-based Vintage South Development and Atlanta-based Shelton McNally Real Estates Partner have paid $6.4 million for East Nashville property on which they plan a mixed-use project.
The main address of the property is 905 Cherokee Ave., with the 5.94-acre site located in the East Hill neighborhood and home to multiple nondescript buildings. Britnie Turner, Aerial founder and CEO, was the seller. Turner previously planned to redevelop the site. Turner will participate with Vintage South and Shelton McNally in the future redevelopment of the site.
No details or renderings have been released regarding the effort. However, a release notes the future project will consist of newly constructed apartments and townhomes along with the adaptive reuse of some of the site’s existing industrial structures.
The new owners have landed a loan from Wilson Bank & Trust valued at $4,225,000, Metro records note.
"The development team is excited to deliver these new neighborhood-oriented amenity offerings to East Nashville and will provide further project details at a later date," Nathan Lyons, Vintage South founder, said in the release. He could not be reached for comment.
The deal follows Lyons’ $6.5 million October transaction for a warehouse in The Nations that sits on a 3.51-acre site at 5300 Centennial Blvd., two blocks west of the developer’s Stocking 51 property and adjacent to Silo Bend. Lyons specializes in reinventing industrial buildings with retail, restaurant, residential and creative office spaces. He is underway with an addition to Stocking 51 as well as the reinvention of the former Vaughn Manufacturing facility in East Nashville with what will be called Highland Yards and (teaming with The Legacy Companies) an update to the east side site once home to Hobson United Methodist Church that will be called Eastwood Village.
Mike Jacobs and Lisa Maki of the local office of Avison Young represented Turner in the transaction.
