Developers are planning a 30-story, luxury condominium tower as part of a mixed-used project in the fast-growing SoBro neighborhood of Nashville, Tennessee.
Aside from the 239 condos, Park Place Nashville will include a 36-story, 480-unit apartment building; an 18-story luxury hotel; nearly 15,000 square feet of ground-floor shops and restaurants and five levels of underground parking.
Second Avenue Nashville Property, a joint venture between Congress Group and Taurus Investment Holdings, secured a $25 million loan from BridgeInvest. The lender said the developers will use the money to retire existing debt and begin predevelopment work.
SoBro is short for south of Broadway, a popular street with tourists that's filled with live music venues, hotels, bars and restaurants. Park Place will be within walking distance of those establishments as well as Bridgestone Arena, Music City Center and Riverfront Park.
"As Nashville continues its rapid growth, this development represents a unique opportunity in one of the country’s most dynamic markets," BridgeInvest said in an emailed statement.
The 2.21-acre site spans 507, 509 and 521 President Ronald Reagan Way; 203 Peabody St.; and 518 3rd Ave S.
The median sale price in Nashville at the end of May was $499,000, up 2% from the same period a year earlier, according to Homes.com data.
The developers first announced plans for a project in 2022 and revised it based on community feedback, according to BridgeInvest.
