Stiles|Hensler Mixed-Use Development Peabody Union Moves Forward
Posted on 1/30/2018Nashville, TN-based Hensler Development Group and South Florida-based Stiles announced today that they will co-develop Peabody Union, a mixed-use, luxury commercial and residential project in Nashville, TN. Peabody Union will establish a new Design District on approximately five acres along the Cumberland River on the northern bluff of Rolling Mill Hill.
Peabody Union's new retail space will feature a mix of flagship anchors, health and fitness concepts, local artisans and an eclectic array of signature restaurants. These tenants will offer an experiential mix of fashion, food, fitness and fun. Peabody Union will complement the other more tourist-oriented developments on Broadway with a mix of uses supported by convenient parking and easy access aimed primarily at local residents, greenway users, employees, entrepreneurs, athletes, cyclists, boaters and dog lovers. This next generation retail development will engage the local arts community and collaborate with the neighboring Entrepreneur Center to showcase local artistry, technology and innovation. In addition to retail, Peabody Union will feature new Class A office space and an exclusive 25-story residential tower with unparalleled and unobstructed views of downtown and the Cumberland River.
According to Hensler, the project's mix of use and luxury concept will deliver a living experience unlike any other in the city. "Complemented by its neighbors, which include Ascend Amphitheater and the Trolley Barns, Peabody Union will establish a brand-new destination characterized by culture, art and entertainment, luxury living and the newest state-of-the-art and sustainable Class A office space," said Hensler. "This project will become a riverfront greenway destination and the ultimate gathering place with a wide variety of experiences and activities for locals before and after downtown events. It will also become a must-see destination for many of the more than 15 million annual visitors expected in Nashville by 2023."
The Stiles|Hensler joint venture has agreed to terms in a Development Agreement that provide for it to pay MDHA $16 million for Lot K and make an additional $1 million contribution towards affordable housing in Nashville. MDHA has also approved up to $17.5 million in tax increment financing to fund construction of approximately 400 MDHA-controlled garage spaces as well as traffic signalization, streetscapes, and extensive greenway improvements along the Cumberland River.
Upon completion of all phases in 2023, this new Design District combined with the adjacent Mathews' Trolley Barns and Eakin Development will feature approximately one million square feet on 15 acres. The Eakin Development will offer 260,000 square feet of Class A office and 15,000 square feet of retail. Stiles|Hensler will add 105,000 square feet of retail, 170,000 square feet of Class-A office and 350,000 square feet of luxury high-rise residential. The adjacent Trolley Barns, which include the Nashville Entrepreneur Center, feature approximately 90,000 square feet of retail and creative office space.
Stiles is a full-service commercial real estate firm with a clear mission: Invest. Build. Manage. Stiles services include development, construction, tenant improvement, realty, property management, architecture, acquisitions and financing. Headquartered in Fort Lauderdale, Stiles maintains regional offices in Miami, Fort Myers, Tampa and Orlando, Florida, and has a development office in Charlotte, North Carolina. Stiles is responsible for more than 43 million square feet of office, industrial, retail and mixed-use residential projects throughout the southeastern United States. For more information, please visit https://www.stiles.com or call 954-627-9300.
About Hensler Development Group (HDG)
HDG is a Nashville, TN-based development firm led by Ray Hensler. During his career Hensler has had overall acquisition and development responsibility for more than 2,500,000 square feet of retail, residential (condos and apartments), and commercial office properties representing a value of more than $400,000,000. Notable projects led by Hensler include the Adelicia, an NAHB Pillar award winning 18-story mixed-use luxury condominium in Nashville, TN. More recently a Stiles|Hensler joint venture completed Twelve|Twelve, another NAHB Pillar award winning mixed-use high-rise condo rising 23-stories above Nashville's Gulch neighborhood. HDG is uniquely positioned to leverage the unprecedented growth and appeal of Nashville and continue delivering the latest and greatest innovations in residential and commercial mixed-sure communities.