The Gulch Gains 250,000-SF Mixed-Use Project

NASHVILLE, TN-A new mixed-use development has been proposed in The Gulch, a residential, retail and entertainment district on the edge of historic downtown Nashville. The $93-million construction project, tentatively scheduled to break ground this fall, would rise on a 13-acre site on 11th Avenue South as part of a projected $400 million Gulch redevelopment effort that was launched in 2000.This latest addition to the effort will include 250,000 sf of retail plus entertainment and dining supported by both national and local tenants, approximately 250 residential units, and a significant amount of surface and structured parking. Potential tenants include a movie theater and a sporting goods retailer. The project developers are Bethesda, MD-based BOS Group, Houston-based Transwestern Commercial Services and Nashville Urban Venture LLC, which was appointed redeveloper of The Gulch by the city’s Metropolitan Development and Housing Agency. BOS principals Philip Kroskin and Mark Lichtman tell GlobeSt.com the project will include mixed-use buildings with residential over retail as well as stand-alone condominiums developed in a traditional street format using the “new urbanist” design philosophy. As one component of “a significant amount of public financing,” Kroskin and Lichtman say NUV LLC is contributing the land to the project while BOS and Transwestern are contributing the equity component. Financing has not yet been secured, but leverage is expected to be in the 75% range. The project is expected to be built out over the next 18- to 24 months. The overall Gulch redevelopment effort is planned to take approximately 10 years to complete to full build-out. Current development activity in The Gulch includes 62,000 sf of retail, 80 new mixed-income housing units, and 125,000 sf of office. Once completed, the entire Gulch district will comprise approximately 2.75 million sf of building space including 350,000 sf of retail, 500,000 sf of office, and 1,800 residential units. As part of the redevelopment effort, the city is making significant infrastructure and streetscape improvements.The Gulch redevelopment area is approximately 30 acres located immediately west of the Nashville CBD and is connected to Music Row by Demonbreun Street. On the east it is bounded by the CSX Railroad, and on the west and south it is generally bounded by the City’s inner interstate loop. On the north it extends one block north of Demonbreun Street. Existing businesses include The Station Inn, the long time night spot known as the “mother church of bluegrass;” Wehby Plumbing, one of the City’s foremost plumbing companies; RuSan’s, a new sushi and Japanese restaurant; Bar Twenty3, just named one of the “hottest bars in the world” by Conde Nast Traveler; Adagio Spa,; the Provence commercial baking operations, along with the new Mercury View Lofts and Laurel House Apartments, both of which are fully leased residential projects.