January 31, 2020
Developer Crescent Communities, along with global private investment firm Starwood Capital Group, has announced plans for a new mixed-use community in Nashville’s Edgehill neighborhood.
The community is located at 801 12th Ave. South, within an opportunity zone and will include 270 apartment homes along with 6,000 square feet of retail space and a dedicated co-working space. The property will be called NOVEL Edgehill and will include a rooftop sky lounge and pool deck with views of the downtown Nashville skyline.
Crescent and development partner Pearl Street Partners acquired the three-acre property earlier this year. Construction is scheduled to begin this quarter, with residences available for move ins in late 2021.
“NOVEL Edgehill’s location is experiential, offering unobstructed views of downtown Nashville’s skyline, and high-rise amenities that include our Sky Lounge on the pool deck that faces east, north and south, with a heated spa and pool, outdoor dining area and firepit,” said Khris Pascarella, principal at Pearl Street Partners. “These amenities will provide a high-rise experience without high-rise prices.”
The Edgehill neighborhood has existed for more than 200 years and is currently made up of a number of commercial businesses, single-family and multifamily homes as well as several community churches. Its location is south of downtown Nashville, bordering Music Row and The Gulch.
An affiliate of Starwood Capital provided financing for the project.
“With this project, Starwood continues to identify attractive and growth-oriented Opportunity Zone investment opportunities that create value for our investors,” said Ethan Bing, managing director at Starwood Capital Group.
Crescent Communities is currently the largest multifamily developer in Nashville, with over 2,236 units developed and a total investment of $422.5 million. This will be the sixth community that Crescent and Pearl Street have collaborated on together.
Hawkins and Partners has been tapped as the land planner and landscape architect on the project with KTGY serving as architect and Manual Zeitlin Architects serving as local design architect.
For comments, questions or concerns, please contact David Cohen