With Thursday’s official groundbreaking of the Rolling Mill Hill condominium development looming close, sale of land for the development is expected to officially close today, a Metropolitan Development and Housing Agency (MDHA) spokesperson said Tuesday.
The project has been 10 years in the making, with plenty of delays along the way.
Last April, officials with Green Bay, Wis.-based Direct Development said the company intended to close on the roughly $1.35 million, 34-acre land sale from the Metropolitan Development and Housing Agency (MDHA) by May.
At that time, Direct planned to break ground on the project in June. Rolling Mill Hill is located at 50 Hermitage Ave., along the Cumberland River just south of downtown.
Timing of the ceremonial groundbreaking — which will include the presence of Mayor Bill Purcell and other city dignitaries — does not hinge on the official closing of the sale, according to Direct Executive Vice President Todd Davies. He said Tuesday that the closing is imminent, and all financing has been secured.
“All the documents have been signed,” Davies said. “The closing is more a procedural thing than it is a ceremonial thing.”
The first phase of Rolling Mill Hill construction consists of the renovation of the three historic Nashville General Hospital buildings on the site (dating from the late 1800s to early 1900s) and a new six-story condo building called “The Metro.”
The second phase consists of a new 10-story high-rise called “The District.”
In total, 173 units will be built, according Zach Goodyear, sales manager with Village Real Estate for the project. The most inexpensive available are going for $230,000, and the priciest for as much as $655,000, he said. Each unit includes stainless steel appliances, bamboo floors and granite countertops, among other amenities.
"It’s creating an entire neighborhood on empty soil,” Goodyear said.
Goodyear said 91 of the units have been sold to date.
Construction of Phase I is expected to be completed in the next 14 to 16 months, Goodyear said, and units should be open for occupancy in late 2008. R.C. Mathews is the general contractor for rehabilitation of existing construction, and Brassfield & Gorie is general contractor for new construction.
Direct has been conducting exploratory demolition since August, and Metro has worked to install public infrastructure including utilities, roadways, curbs and gutters. Streetlights and sidewalks have not yet been installed, Davies said.
In July 2005, MDHA awarded Nashville-based W.L. Hailey and Company a $9.26 million contract to handle Phase I infrastructure work for Rolling Mill Hill to install water and sewage piping, lighting and roadwork, at an estimated cost of $9 million.
The groundbreaking on Hermitage Avenue will begin at 4 p.m. Thursday, and is open to the public.