The new concept will be considered by Nashville planning commissioners on September 27. The plans, submitted by EP Real Estate Fund L.P., were put on ice at a previous meeting of the commissioners this month.
EP Real Estate Fund L.P., has already made a number of investments in commercial real estate in Nashville, and is also planning to construct a 120,000 ft.² parking structure at the vacant lot on the corner of Burton Hills Boulevard and Hillsboro Pike. Previously, the investment fund had had a plan accepted or a four-storey, 54,000 ft.² office building to be built at the site.
At present, the site serves as a temporary parking lot for office buildings in Burton Hills. A subsidiary of EP Real Estate Fund L.P., Eakin partners, currently leases and manages this building, which was bought by the fund around 10 years ago.
Executives of the fund have declined to comment on the specifics of their plan, though local reports note that the request to amend the Burton Hills Commercial Planned Unit Development Overlay District comes at a time when the Green Hills area is experiencing a tight supply of office space.
At present, office vacancies in the area are at record lows, with only 1.2% of first-class office space in the area currently being vacant.
Mark Woolwine, an experienced Nashville realtor, said that the move was not a surprise considering huge lack of inventory in the area at present. “Green Hills is seeing a historically low vacancy rate, and demand for office space is simply cannot be accommodated,” he told local reporters.
“The problem is compounded by the fact that there are few vacant lots in the area that are suitable for new office construction.”
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!