MDHA board to review revised development plan
Nashville-based developer Ray Hensler and his team working on a mixed-use project on Rolling Mill Hill will on Tuesday present to Metro concept and massing plans that show a taller main tower than previously considered.
Specifically, the group will go before the Metro Development and Housing Agency Design Review Committee to seek approval of the plans, which have been altered. Previously planned as a 20-floor, 300-unit structure and then, later, for 26 stories (read here), documents show the residential tower is now being designed to rise 32 stories. A residential unit count hasn’t been finalized, Hensler told the Post.
A Class A office building (215,000 square feet) also would rise six floors on the site, which has an address of 30 Peabody St., the documents show.
Of note, a future Crockett Street has been redesigned.
“Working with MDHA, Public Works and DES, we have a plan to reconnect Crockett Street in a location that works for DES but required some significant site plan change,” Hensler told the Post. “We’re very happy with the changes and want to be sure the [design committee] is also satisfied before further advancing our plans. The additional height is essentially just capturing the same volume of space that existed in wider towers within the original plan.”
The project, which also will include some retail, will be called Peabody Union at Rolling Mill Hill. Detailed renderings will be released in a few months, Hensler said.
Hensler and co-developer Stiles Corp. plan to pay MDHA $16 million for the 4.6-acre property at 30 Peabody. Originally, their offer was $13.5 million. The proposed deal maintained the $1 million payment Hensler pledged to provide Metro toward construction of affordable and/or workforce housing.
In addition, MDHA is committing $17.5 million of tax increment financing toward the project, more than the $10 million to $12 million Hensler estimated in his previous bid.
Peabody Union’s retail spaces will feature a mix of flagship anchors, health and fitness concepts, local artisans and restaurants, according to a release sent in early 2018.
Work can begin on Peabody Union once Eakin Partners finishes its mixed-use Peabody Place project rising on a nearby site and MDHA completes a parking garage. (The surface parking to be lost on the Peabody Union site will be compensated for at Peabody Place).
Hensler and Stiles are eyeing a late-2020 construction start and a mid-2023 finish.
In early 2018, Eakin paid MDHA $9.4 million for the property on which the company’s nine-story, office-and-retail Peabody Place is rising. That building is now above grade.