The 12South development planned by Baker, Storey & McDonald seems to be taking longer than planned.
Will Shuff, an owner in 12 South Taproom & Grill, is staying in business for now. His lease termination deal with Baker Storey expired two weeks ago.
The developer has several properties under contract along 12th Avenue South for a development called 12th South Station. Plans called for 10,000 square feet of ground-level retail and 20,000 square feet of office space.
According to Shuff, the bar and grill’s owners had a contract to sell their lease to the developer.
“We’re dealing with a soft market,” said Allen McDonald, a principal with the developer. “Leasing is a little soft.”
But he said the deal’s not dead.
“It’s not if, it’s when,” he said.
McDonald said area property owners are hanging with the developer, which will close on their land when the timing is right. Baker Storey will have to go back to the Taproom owners to negotiate another lease buyout.
“We may be [Shuff]’s landlord for a long time,” McDonald said.
Meanwhile, Shuff is adding wine and high-alcohol beers to his lineup while the music continues. His lease runs through 2017.
Eastgate property sells
Sanket Patel has bought eight acres in Eastgate Business Park in Lebanon near Dell.
Patel bought the property from Ernst Hospitality Corp. for $1.35 million. Ernst decided to build a hotel in Hendersonville instead.
Patel is researching whether to build a hotel and adjacent retail. Chris Gear, Lee Paradise and Nathan Douglas, brokers with NAI Nashville, represented the buyer. Tom Davis and Larry Beadle, also NAI brokers, represented the seller.
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