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$5M deal expands cluster of Charlotte Avenue projects
Sharon Emerson, CEO, CCIM
As seen in the Nashville Business Journal
April 1, 2019
A real estate developer from Mt. Juliet is pursuing a project on Nashville's fast-changing Charlotte Avenue, adding to a group of new developments that has revamped a stretch of that corridor.
Office and retail space is the thrust of the development that Agilitas Property Development is eyeing for land the company just bought at auction from the state of Tennessee. An entity belonging to Seth McDowell, owner of Agilitas, paid $5 million for the 1.4-acre property at 4110 Charlotte Ave. Wilson Bank & Trust loaned $4.7 million toward the purchase, according to public records.
The site, which is visible from Interstate 40, is in the vicinity of a number of developments that have reshaped this part of Charlotte Avenue, which the city has long identified as a West Nashville outlet with the ability to expand mass transit. Next door is a building with Novatech Inc.'s headquarters, Five Points Pizza and 8th & Roast Coffee Co. Two blocks from there is a brick building being reimagined as L&L Marketplace, with a variety of shops and businesses. Across the street is construction on the $30 million overhaul of the former Madison Mill manufacturing complex into the Sylvan Supply office-and-retail development. And that is next to the Hill Center Sylvan Heights development, featuring restaurants and apartments.
"The fabric is starting to unroll and all these wonderful things are starting to go up. You'll see a whole different corridor. It'll have a whole new level of energy," said Sharon Emerson. She is representing Agilitas at the brokerage firm she founded a few months ago, named Momentum Commercial Real Estate Services.
Emerson said the forthcoming project will likely include office space, retail space, and a medical office building. The development team (below) meets this week to begin forming more specific plans, she said.
Metro rezoned the property last year to allow for mixed-use development. Emerson said the two-story building on-site, formerly home to Ed Lindsey Industries for the Blind, will be demolished.
Project team
Agilitas Property Development (Mt. Juliet): developer
Hayden Architects (Nashville): design
Fortis Constructors (Mt. Juliet): likely to be hired as the contractor, per Sharon Emerson
Momentum Commercial Real Estate Services (Nashville): broker representative
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