Giarratana buys SoBro property

Friday, February 22, 2008 at 12:29am

Developer Tony Giarratana has bought another SoBro property.

On Wednesday, his firm closed on 205 Second Ave. S., three parcels with Demonbreun Street and Second and Third avenues as boundaries. Three buildings sit on the site, one housing a metal working shop.

The buildings on the property, which is across Third from Giarratana and Novare Group’s Encore condominium tower, will be demolished. Giarratana said it will be a surface lot until plans are drawn up and that development options include office, hotel, apartments and parking with street-level retail.

Giarratana paid $4.8 million for the property, buying it from the Nolan family, which owned it since the 1950s. To get the deal, more than a dozen family members had to agree.

“We worked most of 2007 to get this under contract,” he said.

Giarratana didn’t borrow the money from a traditional lending source to buy the property. He borrowed $4.5 million to buy the properties from Ridgefield Properties.

He has had a long relationship with Ridgefield. Viridian, the condo tower Giarratana and Novare built along Church Street near Fourth Avenue North, sits on property the developers bought from Ridgefield. Also, Giarratana’s Belle Meade Town Center redevelopment sits on property leased from Ridgefield.

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By: WrdBrn on 12/31/69 at 7:00

Rebuilding on land already covered in concrete and asphalt ~ even I can get behind the refurbishment and improvement of those areas. I still dont trust 'Tony G and His Big New Steam Shovel' with Davidson County's beautiful rural area out in Bells Bend.

By: speakup on 12/31/69 at 7:00

My personal opinion is that someone with some influence and brains should slow "Mr. borrow and build all over Nashville downtown" to at least a crawl. The folks who claim they want to preserve the feel and atmosphere of Nasville's "Music City" apparently have not noticed that he's quickly turning it into another Atlanta. That's a mistake, for certain. All must believe his "developer's spiel" about how the 'condo boom' is Good for Nashville. I Do Not Agree, obviously. It's time to slow the boom and allow for breathing, rather than continue to cover this City with empty condominiums.

By: airvols on 12/31/69 at 7:00

Who say's their empty? We are lucky to have a developer that is forward thinking and not set in the same ole "good ole boy" mentality that has ruled for way to long. Nashville may well become the next large Metro area in the South, but that's not all bad if your quality of life is as good as your skyline.

By: NewYorker1 on 12/31/69 at 7:00

Mr. Giarratana needs to stop with all these ugly condos. All of his designs look the same. If you are going to continue to build them, at least make them look different. These building have absolutely no architectural appeal. Travel to Europe and see what real architecture is. These buildings they put up in two months are just wrong and shows no class whatsoever.

By: mccullochd on 12/31/69 at 7:00

More over-priced parking lots. Fantastic. Why can't Nashville have a public garage that is CHEAP to park at? Every other big city seems to have one. I'm sure the downtown business owners and patrons would appreciate it.

By: producer2 on 12/31/69 at 7:00

If the market won't bear buyers he won't build. Obviously it does and will and as one who owns residential property downtown, there are far too many people who express opinions and no nothing of what they speak of....

By: nashbeck on 12/31/69 at 7:00

Good post airvols. "Speakup

By: b_ellen on 12/31/69 at 7:00

You don't even have to look to Europe for inspiration. Montreal will knock your socks off with the way amazing modern buildings are juxtaposed against highly detailed traditional structures.

By: capt4chris on 12/31/69 at 7:00

Anything is better than that building in the picture. I'm concerned about the aesthetics of these new buildings as well though. If they are like the rendering pictures, then I'll be very happy. I'm fine with a modern/urban look that's also mixed with the looks of Schermerhorn, library, etc.