NASHVILLE, TENN. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost for Phase I is $263 million. JLL brokered a $160 million construction loan for Phase I.
Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023.
River North is being developed on 13 acres of land in a designated Opportunity Zone across the river from Germantown, a historic district with restaurants, retailers and the Tennessee State Museum. The site was previously the location of a rail yard and shipping terminal, so the developers plan to incorporate restored warehouses and modern industrial finishes into the design of the project. A timeline for completion of all phases was not disclosed.
“It’s a great opportunity for MRP to be underway on a project of such magnitude in one of Nashville’s most exciting submarkets,” says Bob Murphy, managing principal of MRP Realty. “We’ve also had the opportunity to preserve the industrial history of the area by repositioning one of the existing waterfront warehouse buildings. Pulling in those historical elements deepens the ties this neighborhood has with the community and Nashville as a whole.”
Plans for the project include a public riverfront park along the entirety of the site. Phase II will include additional residential and retail development along the waterfront.
Situated one mile from downtown Nashville, River North is also immediately adjacent to the recently announced Oracle campus, a $1.2 billion office project in Nashville that is expected to bring 8,500 jobs to the 65-acre site. River North is located in the East Bank neighborhood, which is undergoing multiple redevelopment projects to include a four-acre riverfront park, creative office space, retail space and two apartment buildings: Oxbow and The Wayward.
Archer Western is the general contractor for the project. Cadre and McNally Capital are investor partners for the development. Greystar will oversee residential leasing, Cushman & Wakefield will oversee commercial leasing and Ojas Partners & Equitable Property Co. will oversee retail leasing.
— Julia Sanders