VU Snaps Up Site On Broadway
Vanderbilt has acquired 1912-1922 Broadway for more than $13.2M from Land Development.com Inc, which is owned by Ardavan Afrakhteh. That means that Afrakhteh has decided not to go forward with his plans for a 25-story hotel/condo development in that part of Midtown, but rather benefit from the university's interest in owning the land, which Afrakhteh bought for $6.8M in a series of deals between 2013 and 2015.
Afrakhteh's previous experience had been in building single-family-home subdivisions, preserving timberland, and some smaller-scale projects in the Gatlinburg area. For Vanderbilt, it's the latest deal for the school, which has spent more than $31M buying land and buildings in Midtown and nearby Music Row, reports the Nashville Business Journal. Now Vanderbilt owns a block of Broadway between 20th and Lyle avenues, the former location of the Noshville Deli. [NBJ]