First property in Nashville to cater to ‘rent-by-choice’ demographic
Fort Lauderdale, FL. and Nashville, TN – March 11, 2013 – (RealEstateRama) — Full-service Fort Lauderdale, FL-based commercial real estate firm Stiles and Nashville, TN-developer Ray Hensler announced today they have partnered on an $80 million, 23-story, high-rise luxury apartment building in Nashville’s burgeoning Gulch district. The Gulch is a 22-block redevelopment district located on the west edge of downtown that’s benefited from a spike in urban development and an influx of trendy restaurants, retail and boutique shopping. The Gulch was recognized as the first LEED Silver Status Neighborhood Development in the southeastern United States, and only the 4th in the world.
Construction of the 312-unit project located at 12th Avenue and Laurel Street is set to begin immediately and will mark Stiles’ re-entry into the Nashville market. This project is planned to achieve LEED Silver certification and will be the first project in Nashville to cater exclusively to the coveted rent-by-choice demographic. This demographic comprises mostly affluent residents seeking a condo quality urban lifestyle, but whom also desire the flexibility and high level of service that leasing provides.
According to Stiles Chief Investment Officer Rocco Ferrera, Nashville’s diverse and growing economy presents a major opportunity for commercial real estate, particularly multifamily investment. “Nashville is one of the most exciting markets in the Southeast with all of the right ingredients, including government, dominant business and healthcare sectors, strong tourism, a top-rated university and medical system as well as a vibrant music industry,” said Ferrera.
Stiles is co-developing the project with Hensler, with whom the company has a long-term relationship. Hensler was a major driver of Stiles’ initial entry into the Nashville market back in the early 2000’s. During that time, Stiles acquired and developed more than one million square feet of commercial space in Nashville. Earlier, Hensler also led the development of Sunrise Harbor, a 368-unit, National Association of Homebuilders Pillar award winning, mixed-use luxury apartment community located in Fort Lauderdale and developed by Stiles in 2000.
The 327,000-square-foot project is expected to be completed by summer 2014 and will feature stainless steel appliances, wide plank hardwood flooring, as well as both quartz and granite countertops. The fifth floor amenity deck will include a heated saline pool, fitness center, resident lounge, indoor and outdoor kitchens and living rooms, and an organic garden featuring plots that will allow residents to grow their own vegetables, herbs and spices. The ground floor of the property will also feature a 7,000-square-foot chef-driven restaurant and bar. The project has been designed by Hastings Architecture Associates and will be constructed by JE Dunn Construction. Financing was arranged by HFF and is being provided by US Bank and JP Morgan.
Stiles is a full-service commercial real estate firm with a clear mission: Invest?Build?Manage. With its diverse capabilities, Stiles has achieved a stellar reputation for excellence and market leadership within the real estate industry. In addition to Development, Construction, Architecture, Realty and Property Management, Stiles also specializes in Financing, Acquisitions and Repositioning. The Company is responsible for more than 38 million square feet of office, industrial, retail, mixed-use and residential projects throughout the southeastern United States. Since 1951, Stiles has played a vital role in South Florida’s rise to prominence. With a multitude of award winning projects, Stiles inspired the revitalization of downtown Fort Lauderdale, Florida, the home of its headquarters. The Company also maintains regional offices in Miami, Tampa, West Palm Beach, Naples, Fort Myers and Orlando, Florida. For more information, please visit www.stiles.com or call 954-627-9300.
About Hensler Development Group (HDG)
Prior to founding HDG to concentrate on delivering class A luxury, urban, mixed-use communities, Hensler had overall acquisition and development responsibility for more than 2,500,000 square feet of retail, residential (condos and apartments), office and industrial property representing a value of more than $275,000,000. In 2008, another Hensler joint venture (CRP) developed the NAHB Pillar award winning Adelicia, an 18-story mixed-use luxury condominium in Nashville, TN. The Adelicia featured 186 units, 9,000 square feet of commercial office and retail space, as well as a ½ acre private urban park dedicated to the project’s namesake, Adelicia Acklen. Since achieving its sellout early in 2009 the Adelicia has established itself as the most prestigious high-rise condo community in Nashville. HDG is uniquely positioned to leverage the unprecedented growth and appeal of Nashville and continue delivering the latest and greatest innovations in luxury high rise urban living.
Contact: Adrienne Zalkind