Marketplace: PGM steps up to Murray site

Monday, May 5, 2008 at 1:12am

PGM Properties is making a go of building a massive mixed-use project at the corner Maryland Way and Franklin Pike in Brentwood.

Charlotte-based Crosland, which has a Tennessee division, stepped away from the deal and the Brentwood developer still has an option on the Tennessee Baptist Convention office building.

The former Murray Inc. headquarters building owned by Hines would be part of the project if a deal can be worked out.

If the project can move forward, it would be a large project, possibly more than 600,000 square feet and be a “town center.”

Roundabout happenings with Kelo attorneys

Attorneys who fought the use of eminent domain in New London, Conn., were in town last week to stir the pot.

Their target was the Country International Records building next to Lionstone’s planned office building on Music Row.

Joy Ford, the building owner, had held off selling but since it’s in a redevelopment district, the Metropolitan Development and Housing Agency could condemn the property and sell it to Lionstone.

Apparently, MDHA had a deal with Ford, then the attorneys came into town.

“It is incredible that Nashville wants to destroy a part of its history so that a private developer can put up a generic office tower to increase its profits,” Scott Bullock, an attorney with the Institute for Justice.

Lionstone was going to just build around the cinder-block building, then there was headway on the sale.

Bullock and crew stirred up the national debate over the use of eminent domain in redevelopment for the benefit of a private developer.

The problem for them, however, is they lost when the U.S. Supreme Court basically reaffirmed that city’s could use eminent domain in such a way.

Now, it’s up to MDHA to pull the trigger.

Portland couple buys Nashville apartments

William and Elvia Duta of Portland bought the Haywood Lane Apartments for nearly $1.3 million.

They bought the apartment complex at 383 Haywood Lane from Goodlettsville apartment investor Chad Ray.

The couple borrowed $1.4 million with the transaction through First Tennessee.

Music Row Property sold

Tom Collins sold his 21 Music Square West building for $2 million to Doc McGhee, who manager who has worked with such acts as Kiss and Bon Jovi.

Christie Bradley, a broker with Fridrich & Clark Realty, represented McGhee. Robbie Davis, a broker with Colliers Turley Martin Tucker, had the listing.

McGhee borrowed nearly $1.8 million with Renasant Bank to do the deal.

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