With key lenders strengthening the hands, developer Ray Hensler is going ahead with plans of what is slated to be Nashville’s first high-rise building rental project in over two decades.
Best known for conceptualizing and developing the Adelicia luxury condos in the Vanderbilt neighborhood, Hensler plans a $80 million, 23-storey, 321-unit elitist condo-style apartments at where 12th Avenue South meets Laurel Street in the Gulch. Work is scheduled to start by the year-end at the same spot that once housed Universal tire. Hensler forecasts that the apartments will be open for occupancy in the spring of 2014. This project christened 12th and Laurel for the time being, and is co-developed by Stiles Corp., a Fort Lauderdale, Fla.-based development enterprise.
There is appreciating demand for rental condos in the downtown area as the supply of condos and apartments have in a large majority been bought up or rented. Hensler is moving in to make the best out of this opportunity. Rent will lie in the range of $1,400 – USD $3,400 per month while the unit size will range from 640 square feet to 1,864 square feet.
According to local realtors, the development will be a totally unique and novel one for the area. Despite being one of the trendiest parts of Nashville, there are few luxury rental properties in the area, and so this new development will surely attract a lot of interest from those who can afford to live there. Given the location, the developers are expecting a lot of demand.
The high-rise is complete with authentic wooden flooring, granite counters, shiny stainless steel appliances, and ceiling-to-floor glass. They also come with a sky lounge on the 5th level equipped with a salt water pool, outdoor kitchens and living rooms an elegant gathering place.
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