Eastline
East Nashville site eyed for project sells for $3.9M
Local development company plans mixed-use building for Main Street property
FEB 17, 2022
An East Nashville property on which a mixed-use building is planned has sold for $3.9 million — 8.6 times the figure for which it last changed ownership hands.
The new owner of the 0.6-acre property, located at 949 Main St., is local development company ZMX Inc. The company plans to break ground no later than the end of the third quarter, according to ZMX President Bruce Most.
The seller was a family partnership (Oak Tree Partners) that paid $450,000 for the property in 2013, according to Metro records.
The deal is the equivalent of about $6.5 million per acre and roughly $149 per foot. Both figures, according to sources, are near the high end compared to the marks involving recent similar deals in the area.
ZMX plans a 70-foot-tall building with either for-rent or for-sale residential units, plus ground-floor retail space. In December 2021, the Metropolitan Development and Housing Agency Design Review Committee approved the design concept.
Nashville-based Catalyst Design Group is handling engineering and land-planning duties, with Centric Architecture, also locally based, the designer. A recently filed for permit notes the building could offer 75 units.
"We really like the design and are excited to get started," Most emailed the Post.
Based in East Nashville, ZMX is known locally for its Fourth and Monroe in Germantown and The Volta in Inglewood, among other projects.
Clay Haynes, founder of Nashville-based boutique brokerage company Public Square, facilitated the sale of the property, which sits cross Main Street from fitness business Gym 5.
In 2014, Haynes was part of the then-ownership group (and seller) and envisioned developing the site with a four-story mixed-use building that would have included the first condominiums to be offered on the bustling thoroughfare since Fifth & Main opened in 2008.
"As a resident of East Nashville, I believe that ZMX is an ideal buyer for this site,” Haynes said. “ZMX [is] among the few local, vertically integrated companies, and I'm excited to see what they bring to life here with Centric Architecture."