NASHVILLE, Tenn. (WKRN) – More than 300 apartments will be coming to downtown Nashville, inside a new 30 story residential tower.
The YMCA sold its office building on Church Street to Giarratanna Development.
Giarratana is the man behind downtown Nashville’s first residential high rise, The Cumberland. His company now has 6 completed residential towers downtown and 3 on the drawing board including this latest one.
He says Nashville Yards will bring 10 to 12 thousand new employees to downtown Nashville and with his other half dozen downtown residential towers nearly full, there is a need.
“Our 505 development and all of our other projects are experiencing 95 and 96 percent occupancy, which means there are no apartments available for the 10,000 new employees that are coming in with Amazon, Asurion and a few other tech companies that are rumored to be circulating in the downtown area. Not all 10 to 12 thousand employees will live downtown, but a significant number will take advantage to live work and play in a really fantastic downtown Nashville,” Giarratana told News 2.
Nashville Yards is a $1-billion, 17-acre project that includes Amazon, Asurion and a long list of entertainment options that will change the gateway to downtown Nashville.
“It’s a fantastic development I think there is 30 plus restaurants, a movie cinema, bowling alley, 45-hundred seat entertainment venue, 2 fantastic hotels, the Grand Hyatt and the MGM this is like dream amenities for any residential project,” he explained.
Giarratana says when he stumbled across the opportunity to buy the YMCA’s office building on the more than 13-thousand square foot property, plans moved quickly sealing the deal for more than 6- million dollars.
“We went from 0 to 60 in 60 days, so very excited about it.”
In just those 60 days his vision has become a reality.
“312 apartments very visually stimulating piece of architecture right here across the street from Nashville Yards, one of the most exciting things to happen in downtown Nashville since I’ve been here in 35 years,” he explained.
While Nashville native Mark Naftel doesn’t love the rapid development happening around his work, “I think it’s out of control,” he told News.
He does, however, agree that there should be more residential options.
“Yes I like to see that and I’m glad to see Whole Foods coming, the Publix over on Charlotte, the first crack at that, of course, is a small HG Hill store on church street,” said Naftel.
Giarratanna says he would like to do a few more residential towers in the area to serve Nashville Yards.
“We’ve spent 30 years working to create a Nashville neighborhood here on Church Street and amenities like this just catapult us years ahead of anything I ever dreamed, so I’m very excited about it.”
They hope to have the tower on Church Street complete in the Summer of 2022.
Jeanette Barker, Vice President of Strategic Development from Nashville Downtown Partnership released the following statement to News 2 about the project:
“Tony Giarratana is a visionary developer of residential communities in downtown. This site is within close proximity to the Amazon and Asurion projects and adds more living options to the downtown neighborhood. There are 13,000 residents downtown today. With projects under construction that number should grow to 17,000 by the end of 2021. More and more people see downtown as a residential neighborhood of choice. Demand for downtown living is growing alongside our employment growth and overall growth, and we’re seeing more current and future residents excited about these benefits: for example, about 45% of residents enjoy the benefits of being able to walk to work, and 55% are able to reverse commute, which is a great direction to be growing in.”
Jessica Fain Chief Strategy Officer with the YMCA of Middle Tennessee released the following statement to News 2:
“We look forward to having the residents of 900 Church as neighbors, and hopefully as members of our Downtown YMCA once the residential tower is completed.”
While no decisions have been made about how to utilize the proceeds from the sale, there’s no doubt they will be beneficial to the long term fiscal health of our nonprofit organization and our efforts to strengthen the community.