GBT Pays $3M for Tower Site

Brentwood-based GBT Realty has paid $3 million for a small Broadway parcel needed to undertake its ONE22ONE mixed-use tower.

Sitting at the southeast corner of the intersection of Broadway and 13th Avenue South, the newly acquired parcel is about 0.2 acres and gives the development company a 0.78-acre site on which to work. 

The seller was local investor Rusty Dunn, who paid $500,000 for the sliver lot in August 2011, according to Metro records.

Based on acreage, the deal is the equivalent of about $344 per foot.

In December, GBT paid an entity affiliated with Bridgestone Americas $7 million for adjacent 0.4-acre site last home to a Firestone auto service store.

“With the final parcel acquired, we are preparing to move into the construction phase,” George Tomlin, president and CEO of GBT, said in a release.  “ONE22ONE is designed to be an exceptional, original and iconic addition to the Class A office market. Strategically located at the main entry into the central business district on Broadway, it is easily accessed by vehicles and pedestrians. Leasing interest is significant and negotiations have advanced with several tenants on pre-leasing space.”

CBRE brokers marketing the site include Taylor Hillenmeyer, Janelle Gallagher, Frank Thomasson and Byran Fort.  Read more about the project and see additional images here.

GBT has been active locally of late. In Hillsboro Village, the firm developed the site of the $20 million residential project Belcourt Park and the mixed-use Village 21 at Regions Park building at 21st and Wedgewood avenues. GBT also is planning a 16-story office-and-hotel tower near West End Avenue and Murphy Road.