Construction should start later this year on a $90 million piece of Boyle Investment Co.'s major mixed-use development in Nashville's North Gulch.
On Friday, Boyle announced the progress and released new renderings of a six-story building that will contain 375 apartments and up to 60,000 square feet of ground-floor retail — where Boyle is aiming to recruit a grocery store.
The same building also would contain up to 50,000 square feet of office space, as well as a parking garage with 1,000 spaces.
The construction will be the first Boyle-spearheaded activity in Capitol View, a development that spans 32 acres at the intersection of Charlotte Avenue and 11th Avenue North. Last year, Nashville's HCA Holdings Inc. (NYSE: HCA) — the nation's largest for-profit hospital chain — bought about 10 acres of that land. A 506,000-square-foot office building, with other retail space, is under construction and set to open in fall 2016 ( see photos of the progress here).
HCA's building, located closer to Interstate 40, will house some 2,000 employees of two subsidiaries, Sarah Cannon Research Institute and Parallon Business Solutions.
Boyle's piece of Capitol View will take shape on the opposite side of 11th Avenue North. If construction starts by the end of this year, the building would be open toward the end of 2017.
Boyle also is finalizing details and design of a 10-story office building, containing 300,000 square feet of office space and also 20,000 square feet of ground-floor retail — plus a limited-service hotel with 150 rooms. The building would have a 1,200-space parking garage.
Boyle expects that building to cost $125 million to develop.
Boyle is co-developing Capitol View with Northwestern Mutual, a longtime institutional investor-partner of Boyle, which is headquartered in Memphis. Boyle's Nashville office is run by partners Jeff Haynes and Phil Fawcett.
"We are thrilled to get started," Haynes said in a news release.
Boyle has hired Hoar Construction as the project's general contractor.
Several other companies are involved with Capitol View. Boyle selected the developer Northwood Ravin, of Charlotte, to create as many as 1,000 apartments (the first batch is the 375 units going into the six-story building at the northeast corner of Charlotte and 11th).
The project's architect is Atlanta-based Cooper Carry, working along with Nashville civil engineering firm Barge Waggoner Sumner & Cannon Inc. and Franklin-based landscape architect Kiser Vogrin Design.
Boyle and Northwestern Mutual also said they've bought three pieces of land from the railroad company CSX, allowing the developers to complete Nashville's bikeway/greenway trail that runs through the Capitol View project. Boyle and Northwestern Mutual also said they will include a one-acre park within the project.
Article from Nashville Business Journal
Written by Adam Sichko