Nashville
, TN, January 27, 2021 (Nashville Post)-Atlanta company pays $11.4M+ for site on which to undertake development on Cumberland River greenway.
Atlanta-based Wood Partners has secured financing and is set to begin construction in Metro Center on Alta Riverwalk, a 304-unit four-building apartment development.
The buildings, for which no renderings have been released, will be located at 200 Cumberland Bend near Honky Tonk Brewing Co. The site straddles the Cumberland River Greenway, with apartment building The Duke (a second Duke building is planned) sitting to the immediate west. A spring-2022 completion is eyed.
Wood Partners paid $11.43 million for the site, according to a Metro document. The seller, an LLC, paid $8.5 million for the site in September 2019. Wood Partners will act as the project’s general contractor, with Atlanta-based Brock Hudgins as the architect. Abuilding formerly home to Metro Medical Supply will be demolished next week. Alta Riverwalk will be the fourth Wood Partners project in the Nashville region joining Alta Foundry near Midtown, Alta Union in The Nations and Alta Depot in Smyrna. The four will comprise a collective 1,129 units. The company expects to start work on buildings offering an additional 635 units by the end of 2021 and continues to seek additional development sites in the area.
The release notes Alta Riverwalk unit rents will be “attractively priced at a discount to typical rents found in downtown and Germantown.”
“Much like the Beltline did in Atlanta, I predict the Greenway is going to play a huge role in the future of our city, and we are excited to be the first community that is going to truly embrace Greenway living,” Andrew Steffens (pictured),managing director of Wood Partners’ Nashville office, said in the release. “Not only will we deliver luxury-level finishes and amenities that a renter would expect in a downtown high-rise, but also Alta Riverwalk will offer direct bike and pedestrian connection to the greenway and a suite of amenity-filled outdoor spaces.”
Alta Riverwalk will feature four different buildings, each with its own courtyard and grilling areas. Amenities will including a saltwater pool, a club room, rooftop entertainment space overlooking the Cumberland River, indoor and outdoor fitness spaces, a bike sharing program and a golf training facility and putting green as well as dog parks and dog washing area.
The development also will offer for those who work at home an “Alta Work” rental program, a new feature from Wood Partners Nashville.
Wood Partners has been involved in the acquisition and development of sites home to buildings with a collective more than 79,000 multifamily residences and a combined capitalization of more than $14.1 billion. The company owns 68 properties across the United States with a combined more than 18,000 apartment homes.
In addition to Atlanta and Nashville, Wood Partners has offices in Austin, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Orange County (California), Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Washington, D.C., and West Palm Beach.
-William Williams
