32 Story Downtown High Rise Receives Financing

Written by Adam Sichko  

Article from Nashville Business Journal

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Nashville developer Tony Giarratana says he will close this month on financing for the SoBro, a 32-story tower that will add 313 luxury apartments downtown.  Giarranta told me the $90 million construction will begin "immediately after" loan documents are signed. He declined to discuss further details.  Three companies are jointly driving the SoBro project: Giarratana Development;Magellan Development Group, of Chicago; and Wanxiang America Real Estate Group, an arm of the Chinese auto parts company Wanxiang Group, whose U.S. base is in Chicago.  The tower will include almost 20,000 square feet of space for retail and restaurants, as well as about 500 underground parking spaces.

Giarratana has previously said the Chicago-based firm Jones Lang LaSalle, is putting together a financing package for the project.  SoBro will rise on Demonbreun Street, between Second Avenue South and Third Avenue South.  Giarratana is quite familiar with the property: It used to be parking lots forPremier Parking, a business he founded and co-owns today.  Giarratana won't be giving up the site's parking potential. Renderings of the project show underground parking for the tower's residents, and up to 10 levels of above-ground parking for the public — roughly 500 spaces in total.