Peabody Union Mixed-Use Moves Forward in Nashville
The 625,000-square-foot project will include a mix of residential, office and retail space on five acres along the Cumberland River.
By Jeff Hamann
Hensler Development Group and Stiles Corp. have put forward plans to develop a new mixed-use project in central Nashville, Tenn. Known as Peabody Union at Rolling Mill Hill, the property will include 105,000 square feet of retail and 170,000 square feet of Class A office space in a five-story building, in addition to a 25-story, 350,000-square-foot luxury condominium high-rise.
The joint venture agreed to acquire the 4.5-acre development site located at 30 Peabody St., for $16 million, from the Metro Development and Housing Agency. The site currently serves as a parking lot, situated at the foot of the Gateway Bridge along the Cumberland River. Adjacent to Nashville’s central business district, the property will enable convenient access to the wider area via interstates 24 and 40.
MDHA approved up to $17.5 million in tax increment financing for the construction of roughly 400 MDHA-controlled garage spaces, as well as traffic signalization, streetscapes and greenway improvements along the Cumberland River. The JV also plans to pay an additional $1 million contribution towards affordable housing in the area.
Burgeoning area
Two other mixed-use developments are going through planning stages in the immediate area, together with Peabody Union, adding up to almost 1 million square feet of new construction.
“This project will become a riverfront greenway destination and the ultimate gathering place with a wide variety of experiences and activities for locals before and after downtown events. It will also become a must-see destination for many of the more than 15 million annual visitors expected in Nashville by 2023,” said Ray Hensler, president of Hensler, in a prepared statement.
Images courtesy of Stiles Corp.
