This article originally appeared in the Nashville Business Journal.
Days after scoring a $79 million construction loan, developers have broken ground on their Music Row office building.
Construction began yesterday for the Moore Building, a 15-story office conceptualized years back by Nashville’s Creed Investment Co. and Atlanta’s Portman Holdings. U.S. Bank loaned $79.13 million to the project, according to deeds filed today. Total costs are estimated at $121 million, said Mike Greene, vice president of development at Portman Holdings.
The 240,000-square-foot building should finish out in the first quarter of 2023, Greene said. He added that the project team, which had been scrambling to break ground after a year of Covid-19 construction delays, is now putting the bulk of its energy into filling the midrise. The Moore Building is technically being built “spec,” or without tenants in hand. But a couple of potential leases are on the table right now, Greene said.
The office’s June 7 construction start has been a long time coming. Developers were originally planning to break ground in December 2019, a date that was then pushed to spring 2020. But when Covid-19 started spreading in the U.S., the project team once again delayed plans.
Greene told Nashville Business Journal last April that he’d try again when infection rates fell, tourism numbers rose and stay-at-home orders ceased — all of which have become reality over the last few months.
Portman Holdings paid around $8 million for its 0.75-acre project site, which is located at the intersection of 19th Avenue South and Chet Atkins Place, last year.
Project team
Developers: Creed Investment Co. (Nashville), Portman Holdings (Atlanta)
General contractor: Hoar Construction (Birmingham, Alabama)
Architect: Gresham Smith (Nashville)
Civil engineer: Ragan-Smith Associates Inc. (Nashville)
Traffic engineering/analysis: KCI Technologies (Maryland)
