Due West Ave
Recent coverage featured in the Nashville Post.
Madison site eyed for project sells for $3.9M
Local company plans residential development on Due West land
WILLIAM WILLIAMS
OCT 14, 2020
A Madison site has sold for about $3.9 million, with the new owner an LLC affiliated with local development company ZMX Inc.
The 9.04-acre property has an address of 620 W. Due West Avenue. near Interstate 65 and across from Goodpasture Christian School. The site is located roughly one mile from both Gallatin Pike and Ellington Parkway.
The seller was a limited partnership affiliated with Nashville-based Forbes Plunkett Real Estate and Development, which paid $1.8 million for the property in June, according to Metro records.
ZMX did not use a broker in the transaction, with Forbes | Plunkett’s Brandon Plunkett representing himself. Plunkett will participate in the future development of the site with ZMX.
The Post was unable to determine the reason for the price discrepancy.
Matt Hoiles, ZMX senior vice president of development, told the Post the company is planning a multi-family development for the site. No rezoning is needed, he said. Hoiles said the company expects to break ground by mid-2021, with further details forthcoming.
“We’re excited to bring new residential product to the growing Madison area,” Hoiles said. “The site is within a 10-minute commute of downtown and East Nashville, providing exceptional access to local amenities at an affordable price.”
The property, on which are located no buildings, sits within Metro Councilmember Nancy VanReece’s District 8.
"Although the property requires no rezoning," the community will be eager to see design plans as they are developed," VanReece told the Post.
Of note, and unrelatedly, Nashville-based Capital Development is eyeing an early- to mid-2021 completion for 48-unit modernist building Haven Towne Centre at 624 W. Due West Ave. (Read more on that here.)
The effort to develop its newly acquired site comes as ZMX, for which Ben Azzi serves as director of operations, is nearing completion of selling the remainder of its 71-unit condominium building 1041 Flats (read here) at 1041 E. Trinity Lane. ZMX is not ready to announce any updates on its project planned for Riverside Village.
