NASHVILLE, Tenn.--(BUSINESS WIRE)--Albion Residential, a developer dedicated to redefining the luxury rental apartment space in each market it enters, today announced it will now begin construction on its first Nashville project, Albion in the Gulch, a stunningly crafted $140 million tower with 415 premium rentable units at 645 Division Street.
“With the start of Albion in the Gulch we are pressing forward towards establishing a new echelon of luxury community in Nashville,” said Andrew Yule, Vice President of Development at Albion Residential. “Every design detail, finish, and amenity has been meticulously planned to stand out and showcase what we believe is possible and will be sought after in this evolving market. The way we are able to differentiate our communities coupled with Nashville’s position to continue to grow and succeed gives us supreme confidence that this project will be incredibly well received when it opens later in 2022.”
The project’s start is sparked by an $87,150,000 construction loan provided to Albion Residential by Hartford Investment Management Company (HIMCO).
Said Jason Koehn, President at Albion Residential, “We’re pleased to be working with HIMCO again with Albion in the Gulch. Their belief in our work and support of this community will allow us to achieve the highest standards of living in Nashville’s rental market.”
With construction commencing led by Clark Construction, Albion in the Gulch will soon take a prominent position on the Nashville skyline and architect Hartshorne Plunkard Architecture (HPA) has designed a tower that acts as a beacon of elegance when entering the city, standing at an elevated point where I-65 meets I-40 in the urban core. The design breaks the current mold and stands out amongst other new construction in the area, with curved edges and green features. A look closer will show columns with intricate mosaic tiles and a future featured sculpture and other art.
The project’s 415 units will include studios to three bedrooms, and true to Albion Residential’s development standards, will be seeking to deliver the highest-end interiors of any rental in the Nashville area. From this elevated vantage point, these luxury apartments residents will enjoy unprecedented and unobstructed views across the Nashville skyline, and looking south all the way to Brentwood.
Of particular differentiation, two-story townhomes within the building will be an original option in the luxury tower rental market encompassing the 4th and 20th floor – these units will give residents the experience of having their own home in the Nashville urban core along with a vast array of exceptional boutique hotel amenities.
A programmatic experience is part of the Albion Residential value proposition. The project will feature interactive events within its exterior plaza and rooftop pool area, as well as its own Comedy Club, which will double as a karaoke venue. That’s just the start of amenities, which also include an integrated coffee shop, indoor dog run and spa, its own poolside tiki bar, expansive indoor/outdoor fitness facility, golf putting greens and simulation room, and 10,000 SF dedicated to innovated, sharable workspace.
To deliver this expansive vision and a community that will stand out for decades to come, Albion Residential has brought together an all-star team of project partners. The majority of partners are Nashville-based, providing in-depth understanding of what makes the city special and how that can lead to the project further standing out. This includes Carter-Haston (providing management and leasing services), Barge Cauthen & Associates, Hodgson Douglas (HDLA), Stanley D. Lindsey & Associates (SDL), I.C. Thomasson Associates, Inc., and Waller Lansden. Cyclone Energy of Chicago is handling LEED engineering as the project is seeking LEED Silver certification.
Added Yule, “We’ve found an exceptional bench of professional talent in this city. It has made us even more pleased to be active in Nashville and we look forward to engraining ourselves in this community to discover further local partnerships and opportunities.”
With work commencing now, Clark Construction will begin excavation imminently through April, with the project coming out of the ground through the summer – delivery date by the end of 2022.
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About Albion Residential
Albion Residential is focused on the acquisition, development and operation of luxury rental apartment communities across the Midwest. Owned by Compatriot Capital, Albion Residential prioritizes the resident's experience by building comfortable, social and interactive environments. Its projects represent the best-in-class across all design, style and functional components. For more information on Albion Residential and its communities, visit www.albion-residential.com.
HIMCO has been providing investment advice for over 35 years. With more than 130 investment professionals and approximately $106 billion in assets under management (as of December 31, 2020) across the fixed income, alternative and equity markets, we are able to deliver tailored strategies to insurance, sub-advisory and other institutional clients. HIMCO's broad capability set allows it to develop strategies based on each client’s individual needs while navigating various market environments. HIMCO offers both broad-based and sector specific investment capabilities.