GBT Realty closed on 3.71 acres, parcels F and G, in the heart of Nashville, Tennessee’s, upcoming River North district, a 120-acre district that is set to transform and revitalize the city’s underutilized East Bank.
River North, a redevelopment initiative, is situated along the Cumberland River, immediately adjacent across the river to Nashville’s central business district, and north of Nissan Stadium, home of the NFL’s Tennessee Titans. Initial parcel development is underway within River North that will be also home to the 8,500-employee Oracle campus.
“At GBT Realty, we are deeply committed to our home market of Nashville where we are undertaking large-scale projects focused on exceptional design and delivering the right developments to benefit businesses, residents and neighbors,” said Jeff Pape, managing director at GBT Realty. “We’re thrilled to have closed on these parcels within River North. It’s an exciting opportunity to continue the city’s vision of further activating and embracing Nashville’s riverfront, and a priority for us to work with neighboring developers, including Oracle, to deliver a synergistic area for a walkable and sustainable urban environment.”
To execute the closing and project, Atalaya Capital Management, a New York-based investment advisory firm with nationwide reach, joined the project as GBT’s equity partner.
GBT is early in its planning stages for its segment of River North. The master plan is a mixed-use development with current zoning allowing for up to 25 stories by right and an additional 13 stories (38 stories maximum) through the bonus height program making this potentially one of the most densely zoned areas in Nashville.
Founded by George Tomlin, Nashville-based GBT Realty has long been a national real estate entity with a legacy of more than 37 million square feet of development. The firm currently has several high-profile urban projects underway including ONE22ONE, a Class-A office building, and Parke West, a mixed-use residential and hotel project.