Saturday, March 30, 2013

North Gulch property attracts 'activity' |

To date, the North Gulch has seen very limited activity, with Eleven North being the only significant development within the modestly emerging urban pocket.

Given Northwestern Mutual Real Estate Services officials have not announced a start date for their 30-plus-acre site located north of Charlotte Avenue and, notwithstanding the rehabbing of the building now home to Anthem and the aforementioned Eleven North, the North Gulch continues to be a mixed-use district essentially in name only.

However, the recent demolition of two small buildings that fronted George L. Davis Boulevard and overlooked Interstate 40/65 may have helped place renewed focus on the area.

Nashville-based Professional Real Estate Developers owns six parcels comprising about 1.85 acres, with the Church Street building most recently home to Performance Studios as the last remaining structure on the site. The owners are asking $4 million for the land and the building.

Larry Beadle, a broker with the Nashville office of Colliers International and the man marketing the site, said the land has been for sale since last summer. The site (seen below in an image courtesy of Google Maps) is noteworthy, he said, because it is not common for almost two acres of downtown property with easy interstate access and located essentially between Midtown and the central business district to be assembled and placed on the market.

?It?s a prime location that would be very difficult to assemble today [in the general Gulch area],? Beadle said.

When asked if the demolition has resulted in increased interest from prospective buyers, Beadle simply said, ?There is activity on the site.?

Beadle said Professional Real Estate Developers wants to sell the property and invest in another site. He declined to disclose the other property.


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