Developers offered $22.5M for Rolling Mill Hill parking lots
Posted on 7/28/2016The two developers negotiating to buy a pair of parking lots on Rolling Mill Hill for redevelopment offered to pay a combined $22.5 million, according to the proposals they submitted to the Metro Development and Housing Agency.
The amounts that condo developer Ray Hensler and Florida-based Stiles Corp. and office developer Eakin Partners offered to pay for the overall 7.33 acres near the Trolley Barns office-retail complex are among details in the winning proposals made public this week.
Separately, Hastings Architecture Associates released renderings that provided the first glimpse of $265 million worth of projects that the developers envisioned.
The Hensler/Stiles team offered to pay $13.5 million for the 4.57-acre parcel at 30 Peabody St., which MDHA's board earlier this month approved awarding them.
Eakin Partners offered $9 million for a 2.76-acre parking lot that's used by office and retail tenants of the Trolley Barns or for MDHA to contribute the land to a partnership of other investors.
Hensler/Stiles proposed a $178.8 million project for the parking lot that global technology support and protection company Asurion currently uses for restricted surface parking under an agreement that expires in June 2023.
That team's plans call for an up to 25-story residential tower with an urban market and space for a large outdoor recreation retailer such as REI or North Face. They also offered to contribute $1 million to affordable or workforce housing and requested $10 million to $12 million in tax-increment financing.
Eakin, meanwhile, proposed an at least 220,000-square-foot Class A office building with a retail base activating the ground floor along Hermitage Avenue. That building would sit at Peabody and Hermitage, with the planned project also to include a pocket park and public art plaza.
Hensler and Stiles co-developed the Twelve Twelve condo tower in the Gulch. Eakin's latest project is the 1201 Demonbreun office building that's nearing completion next to Twelve Twelve.
The two winners expressed interest in buying at a later time a separate acre-and-a-half parcel at 400 First Ave. S., which MDHA didn't award. That lot would continue to be used for surface parking or staging during construction on the other lots and could be sold later.
The losing bids included one involving developer Tony Giarratana. Along with CIM Group, he offered to pay $50 million for all three parcels that MDHA originally put up for bid.
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.