SomeraRoad announced recently that it has secured the funds to commence construction on Prima tower, a mixed-use development consisting of multifamily units, office space, and retail components. This will be the first tower to be built by the real estate investment firm, at the mixed-use district known as Paseo South Gulch, which is located in Nashville, the capital of the U.S. state of Tennessee.
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Development plans show that the Prima tower will be strategically positioned at the east side of 8th Avenue South north of Fogg St., which gives access to the interconnected walkways and terraces and enables residents to travel sustainably to downtown destinations with ease by either biking or walking.
According to Andrew Donchez, the Head of Development at SomeraRoad, this mixed-use tower has been designed to fit into the surrounding area, which holds great historic value. Donchez mentioned that the new tower and other future phases in Paseo South Gulch will be tied to the adaptive reuse of historic structures within the area.
Prima tower to bring 278 multifamily units, 18,000 sq ft office space, and 8,000 sq ft retail space
The 16-story mixed-use Prima tower will consist of 278 multifamily units, Class A office space spanning across 18,000 square feet, and an additional 8,000 square feet of retail space. The high-rise building will feature several amenities which include a game room, fitness center, pool, business center, and rooftop club and lounge.
Following its completion, the tower will connect with two adaptive reuse projects of Historic buildings that were recently completed by SomeraRoad and received the 2021 INVEST Award from Nashville Downtown Partnership.
Construction costs for the mixed-use Prima tower are estimated at US$ 128.4M and the funding is being covered by loans from Safehold Inc. and S3 Capital. Safehold is providing the ground lease that will be used to capitalize on the development. Construction is expected to be rounded up by Q3 of 2023, with Clark Construction as the general contractor for the project.
Second mixed-use tower at Paseo South Gulch in the pipeline
The mixed-use Prima tower will be later followed by a second mixed-use tower at Paseo South Gulch, which is scheduled to commence construction by the first quarter of 2023.
The tower will be a 20-story high-rise building consisting of 328 units and 2,000 square feet of retail space. According to SomeraRoad, both towers are part of its plan to meet the urban growth needs of Nashville, by providing over 600 apartments and approximately 110,000 square feet of retail and creative office space.
