Chicago Developer Snaps Up 32 Acres On The Cumberland
Monroe Investment Partners acquired another 32 acres on the Cumberland's East Bank for $30M, as part of its ongoing assemblage of 105 acres for The Landings at River North mixed-use development.
Chicago-based Monroe Investment, which has nearly completed the land assemblage with this deal, ultimately envisions 13 office, retail, multifamily and hospitality development parcels in The Landings at River North, the Tennessean reports. Current zoning allows up to 15 stories for new buildings, but that might be revised upward.
The 40-acre first phase called The Landings at River North will be north of the Kelly Miller Smith Memorial Bridge (formerly the Jefferson Street Bridge). Though Monroe Investment has assembled the land, it does not plan to develop everything itself. Most of the properties in the district will eventually be sold to other developers, developed by Monroe Investment through JVs, or leased.