authors William Williams
Last year, Levine Investments was the winning bidder, with a $5.45 million offer, for the then-Metro-owned property. Located at 350 21st Ave. N., the property spans 1.6 acres (see here courtesy of Google Maps) and was once home to a Nashville Fire Department station.
Andrew Cohn, a Levine Investments representative, said the company will co-develop the site with Fargo, North Dakota-based Tharaldson Companies. Billionaire Gary Tharaldson established the company in 1982 with the purchase of a Super 8 Motel in Valley City, North Dakota.
In March 2006, the Tharaldson Family sold 130 hotels to the Whitehall Real Estate Fund (a division of Goldman Sachs) for $1.2 billion in cash.
“We respect Gary and his execution of successful hotel projects — along with sharing his vision of long-term ownership,” Cohn said.
If operational today, the hotel would be the only Staybridge in Davidson County. Unrelatedly, InterContinental Hotels Group is targeting a 2017 groundbreaking on a Gulch-area site for a Staybridge Suites at 1212 McGavock St. (Read more here.)
The next step in the process involves the Metro Water Department’s request for approval of the abandonment of a sewer main related to easements, a move that will allow accommodation of the hotel building. A May 11 Metro Planning Commission date is slated.
“We remain excited to get through all the entitlements,” Cohn said. “We have a high regard for the Midtown market and for the services that the Staybridge brand offers.”
Cohn said the company is not ready to release a rendering of the hotel building. He added funding is in place.
Levine Investments deploys an understated approach. For example, the company does not offer a website showcasing its portfolio.
Cohn said the company has undertaken developments geographically ranging from Albany, New York, in the East to Carlsbad, California, in the West. The Midtown property would represent Levine Investment’s first foray into Nashville.
The company has developed multiple Staybridge Suites Hotel projects, he said.