Nashville, Tennesse-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.
Peabody Union will establish a new Design District on about 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 a variety of restaurants.
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.
The Stiles|Hensler joint venture has agreed to terms in a development agreement that provides for it to pay MDHA $16 million for Lot K and make an additional $1 million contribution toward 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 about 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, features about 90,000 square feet of retail and creative office space.