September 24, 2013

Giarratana wooing global company to anchor 41-story downtown high-rise

Nashville Business, Wooing Hi-Rise

Nashville Business, Wooing Hi-RiseDeveloper Tony Giarratana says he is in talks with an international company for a headquarters that would anchor a 41-story high-rise in the SoBro area of downtown Nashville.

Giarratana gave the Nashville Business Journal a first glimpse at the mixed-use project, code-named “Sheet Music,” which is slated for the southeast corner of Fourth Avenue and Demonbreun Street, next to the Encore condominium tower. On the other side of the Encore, Giarratana plans to break ground on a luxury apartment high-rise by the end of the year.

Giarratana unveiled plans two years ago to develop a four-star hotel on the Sheet Music site. Now he’s aiming higher.

The curvilinear project’s current design consists of three main layers: parking, office space and 15 stories of residential or hotel rooms on top. Global architecture firm Perkins+Will designed the project.

“There isn’t anything like this in the city,” Giarratana said.

“The idea on the office is not to build a spec office but rather to build a corporate headquarters with just the amount of space the company wants, plus its growth and expansion,” Giarratana said.

Giarratana wouldn’t reveal any details about the company he is speaking with, except that it needs 200,000 square feet plus 50,000 square feet for growth.

The entire project hinges on landing an office tenant. It’s possible the design could change; for instance, it could end up being just a corporate headquarters building with parking, Giarratana said.

During the course of planning Sheet Music, Giarratana got the First Baptist church property at Seventh and Demonbreun under contract. He presented both potential hotel sites to the mayor’s office for consideration of tax breaks. Mayor Karl Dean’s office ultimately chose the First Baptist property because it was the more cost effective of the two projects.

Article Courtesy of Biz Journals