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Nashville developer Steve Armistead, along 405 Charlotte Development Partners, acquired a 1.8-acre property across from the new Hill Center Sylvan Heights on Charlotte Avenue for more than $4.7M. The investors are considering a mixed-use project for the site at 405 40th Ave N that could include office space, a hotel and retail, but not residential units, the Tennessean reports.
Petroleum Equipment Co, which services and repairs gas pumps, occupies the site. The company will eventually move to another location, but under the terms of the sale will remain in place through 2017, so any new development there is a longer-term play. For Steve, who, along with Bill Barkley was an early developer of the Gulch, this is his first acquisition along the fast-growing Charlotte Avenue corridor. [Tennessean]
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