Major downtown project progresses

Written by: William Williams
Source: Nashville Post

Nashville-based developer Ray Hensler and partner company Stiles have landed the latest major permits related to their mixed-use project Peabody Union in Rolling Mill Hill.

The main Peabody Union tower will rise 27 stories and offer 354 residential units. In addition, a Class A office building with 251,000 square feet will stand six floors on the site. Also, the overall development will feature 50,000 square feet of retail. An overall price tag for the project has yet to be disclosed.

Valued at about $24.37 million, the nine permits will allow the “finish out” of the project’s residential tower floors. This follows the April issuing of two permits, with a collective value of almost $94 million, to allow for the construction of the shells of the project’s two structures.

The issuing of the permits comes about one year after the development team closed on the $16 million purchase of the 4.57-acre property, with a main address of 30 Peabody St. and overlooking the Cumberland River in Rolling Mill Hill. The seller was the Metro Development and Housing Agency.

A fall 2024 completion is eyed.

Nashville-based Hastings Architecture has designed the buildings, with the local office of New York-based Turner Construction serving as general contractor. Local companies Barge Cauthen & Associates (civil engineer) and Hawkins Partners (landscape architect) also are participating.

Stiles Corp. is based in Fort Lauderdale, Fla., with Hensler having partnered with the company to develop the Gulch site home to high-rise Twelve Twelve.