Another real estate developer has entered the picture next to where software giant Oracle plans to build a massive campus in urban Nashville, Tennessee.
GBT Realty, based in the Nashville suburb of Brentwood, bought the last two remaining parcels available within the footprint known as River North, which encompasses a former industrial park on the east side of the Cumberland River near downtown. A price wasn’t disclosed and the deed hasn’t been recorded yet.
New York investment firm Atalaya Capital is an equity investor in the deal, according to GBT’s announcement. Young Kwon, Atalaya’s head of real estate, said in a statement the firm is “bullish on the long-term outlook of Nashville as a destination individuals and corporations will continue to flock to.”
The 3.71 acres is at the back edge of Top Golf and sandwiched between the future Oracle campus and the mixed-used development Chicago-based Creek Lane Capital and Washington, D.C.-based MRP Realty are building along the river.
Oracle’s campus site covers 65 acres and promises to bring at least 8,500 high-paid technology jobs to Nashville.
GBT said it is planning a mixed-used development for the site, noting that current zoning allows a 25-story structure there. It could go as high as 38 stories because of a bonus-height program.
The developer currently building One22One, an office building at the edge of downtown, and other urban projects.
For the Record
Avison Young brokers Lisa Maki, Wes Boatwright, Mike Jacobs and Warren Smith represented River North’s developer, Monroe Investment Partners, in the deal.