Developers wanting to purchase a 1.6-acre site in SoBro have received an extension on their agreement to buy the property. Grand Rapids, MI-based Northern Capital Investments and Boston-based The Congress Group had anticipated concluding the deal last week, but did not.
If the site does sell, it would trade for an estimated $500/SF, which would be a record price for a prime Downtown development site, the Tennessean reports. Last month, the developers won approval to build up to 40 stories on the site. The development would include 420 apartments and condos, 225 hotel rooms and parking, designed by SCB, at Second Avenue South and Demonbreun Street. [Tenneseean]
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