MarketStreet Enterprises — the partnership led by Dollar General-clan members Steve Turner and son Jay Turner, along with lawyer Joe Barker — on Thursday announced it had bought the property where Air-Gas MidAmerica now sits.
The sale for the property at the corner of 12th South and Pine Street, formerly owned by the heirs of Robert Ash, went through July 31 for $1.75 million, according to property records. The property was also known as the “Ash-McNeil” property, according to a MarketStreet statement. MarketStreet is the Metro-appointed redeveloper of The Gulch Project in downtown Nashville.
MarketStreet said that Air-Gas MidAmerica will continue to occupy the property for the immediate future. But the company said that “in the weeks to come, specific plans will be made for the integration of the Ash-McNeil property into the fabric of The Gulch.”
“This acquisition solidifies MarketStreet Enterprises’ standing as the largest private landowner in The Gulch,” said Barker. With the purchase, MarketStreet now holds ownership of property on the block adjoining the Ash-McNeil tract.
“We consider it to be one of the most significant blocks in The Gulch,” Barker said.
In partnership with The Bristol Development Group of Franklin, MarketStreet is also developing two mixed-use projects in The Gulch, ICON Project at the corner of 12th Avenue South and Division Street and the Velocity Project on 11th Avenue South.
Beyond the Ash-McNeil property and projects with The Bristol Development Group, MarketStreet owns 25 acres of land and several commercial buildings in The Gulch.
“Our company believes in Nashville and in the redevelopment of its urban core,” MarketStreet managing director Jay Turner said. “What we are doing in The Gulch is to develop a whole community that is inter-related between retail, commercial and residential and not one individual project.”
Jay Turner is now the managing director of MarketStreet, having assumed the position from Barker in April. Barker now serves as chairman of the executive committee of MarketStreet, overseeing long-range planning, government relations and project oversight.
Jay Turner is also on the board of directors of now-organizing CapStar Bank, which intends to raise $85 million in stock in preparation for an early 2008 opening.