Tower Investments LLC plans to pursue development of a mixed-use project on the Thermal site on the riverfront along with new partner Barry Real Estate Cos. of Atlanta.
Details about what Tower and Barry have planned for the site weren’t released, but mixed-use developments usually involve an residential, office space and retail components.
Tower, a Woodland, Calif.-based real estate investment firm, has taken a keen interest in downtown Nashville development – buying parcels on Lower Broadway and in the SoBro area. Of 17 Tennessee properties the company owns, five are in downtown Nashville. The company recently bought an option on part of the PSC Metals site across the Cumberland River from the old Thermal Plant site. The company also has taken a majority stake in the $250 million Cumberland Yacht Harbor on Mill Creek near the intersection of Briley Parkway and Lebanon Road.
Barry Real Estate Cos. made its name in the suburban office development business, but company officials have said its focus has turned toward mixed-use developments. The company is developing Pinnacle at Symphony Place, adjacent to the Schermerhorn Symphony Hall – a project that will include about 500,000 square feet of office space, plus retail.
Tower and Barry will be working with Nashville firms Everton Oglesby Architects and Hawkins Partners to develop plans for the city-owned Thermal site.
“Our hope is to work with local firms Everton Oglesby Architects and Hawkins Partners to achieve our goals and realize Nashville’s vision for this property,” says John Pierce, Tower vice president.
