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Inner Loop - CBD, Downtown, East Bank, Germantown, Gulch, Rutledge


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2 hours ago, Bos2Nash said:

This job is at a complete stand still. Haven't seen progress in weeks and I was reading an article last week about labor disputes and paying sub-contractors and laborers....

NBJ has an article online today that the developers have secured $45.5M to finish construction.  https://www.bizjournals.com/nashville/news/2023/09/07/germantown-apartments-46-million-loan.html 

This is a bit confusing as the article states this building is "proposed" and will have 3 levels of u/g parking. Architect is the same (Comma) and developer Greenpointe; but no reference to a labor dispute. The address given is 1221 Second Avenue; so is this the same building as Artist Lofts? 

Rome Mixed-Use Greenpointe

From the article... 

A Pennsylvania developer has secured a $45.5 million construction loan for a proposed Germantown development near the Neuhoff District.

Gagandeep Lakhmna, who leads Philadelphia’s Greenpointe Construction Inc., is planning a seven-story apartment and retail building, located at the intersection of Second Avenue North and Monroe Street, according to Metro records.

The project, which was initially proposed in 2021, will include a 226,000-square-foot mixed-use development with 210 residential units. The development will also include three levels of below-grade parking, lobby and amenity space, as well as ground-level retail, according to Metro records.
Edited by MLBrumby
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Here is the article. 

https://www.nashvillescene.com/news/citylimits/unpaid-workers-germantown-construction-site/article_a5da8fa2-3aeb-11ee-bb32-3ba3543f5a92.html

2 hours ago, MLBrumby said:

 

NBJ has an article online today that the developers have secured $45.5M to finish construction.  https://www.bizjournals.com/nashville/news/2023/09/07/germantown-apartments-46-million-loan.html 

This is a bit confusing as the article states this building is "proposed" and will have 3 levels of u/g parking. Architect is the same (Comma) and developer Greenpointe; but no reference to a labor dispute. The address given is 1221 Second Avenue; so is this the same building as Artist Lofts? 

Rome Mixed-Use Greenpointe

From the article... 

A Pennsylvania developer has secured a $45.5 million construction loan for a proposed Germantown development near the Neuhoff District.

Gagandeep Lakhmna, who leads Philadelphia’s Greenpointe Construction Inc., is planning a seven-story apartment and retail building, located at the intersection of Second Avenue North and Monroe Street, according to Metro records.

The project, which was initially proposed in 2021, will include a 226,000-square-foot mixed-use development with 210 residential units. The development will also include three levels of below-grade parking, lobby and amenity space, as well as ground-level retail, according to Metro records.

This is the same development

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I sent this to Stephen at the Post as WW is on vacation this week as I was confused myself. I saw the load on ROD and my thinking is this one may have gone way over budget. But 45 million is a lot to go over budget on a smaller project like this.

You do not pull a construction loan when the project is nearing completion unless you have self-financed the majority of the project which I do not think these guys did as they are small time.

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