More Development Coming to Main Street Corridor

The momentum in the commercial district connecting downtown to East Nashville’s “Five Points” continues as two new developments are in the works.

East River Place Apartments
Just a block off Main Street at the corner of 8th and Ramsey will soon be the new East River Place Apartments. Demolition is slated to begin this month, which is currently home to the “blighted” Silverdene Apartments. The new $14 million, 90 unit complex will contain 2 and 3 bedroom apartments and meet some of the demand for affordable housing in the area. The developer, East River Holdings, is aiming for a completion date of December 2009. (more about this)

800 Main Street
This three-acre parcel was previously home to a Bank of America processing facility and at one time rumored to become a private school. Double A Development, with projects in Germantown to its credit, bought the property on May 5th for $3 million according to tax records. Plans are still being finalized, but the Tennessean reports that the $45 million mixed use project will include retail space and apartments.

As I tell my clients purchasing a home in East Nashville, it’s a good thing to see people investing this kind of money in your neighborhood. It’s a good forecast of the long-term future of an area, especially when you see several different players involved.

If you’ve ever driven down Main street toward Five Points you know that there are plenty of vacant and burned out businesses yet to be rejuvenated. It will happen, but it takes time.

-Peter
www.NashvilleCityHomes.com