With demand increasing and very little supply, it’s no surprise that there is another Nashville real estate project in the works.
According to the Nashville Post, the Stonehenge Real Estate Group paid $4.19 million for the 0.97-acre of land for the planned 153-unit Music Row apartment project, according to Davidson County property records. The new real estate project will be named Artisan on 18th. The location will be at the intersection of 18th Avenue South and Chet Atkins Place. The Nashville based company plans to have the building finished by late summer 2014.
It was also stated that five buildings which currently house music businesses will be torn down to make way for the apartment project. Stonehenge also developed Music Row’s Note 16 apartments and Eleven North in the Gulch. The company is also developing the 23Hundred apartment project in Berry Hill.
Opposing views on new Nashville Real estate developments
With limited housing inventory, this comes as a welcome addition to many. The Nashville real estate landscape has seen the prices of rental properties skyrocketing. Just locating a property to rent can be tricky. But there are those who oppose new mufti-family housing units.
Last year, the residents of 12 South were faced with a similar development. 12 South Flats, which is a 90 unit apartment building located near Linden Ave, was met with heavy opposition from the community. Their argument was that a project of that size would be too much traffic for
the already busy area. However, construction of 12 South Flats is still underway.
There is almost always a winner and a loser in situations like these. What are your thoughts on the latest Nashville real estate developments?