SomeraRoad is advancing the first ground-up tower within its stunningly crafted mixed-use district, Paseo South Gulch – named Prima, a tower to be 16 stories featuring 278 multifamily units, 18k SF of office, and 8k SF of retail
NASHVILLE, TENN – February 8th, 2022 – SomeraRoad, a vertically integrated, diversified real estate investment and development firm headquartered in Nashville and New York, today announced it has secured financing and is beginning construction on the first tower within its mixed-use district Paseo South Gulch.
The first tower will be known as Prima, and offer 278 multifamily units, 18k SF of Class A office space, and 8,000 SF of retail. The ESa-designed project is fully financed, backed by loans from Safehold Inc. and S3 Capital.
Its expected completion is by Q3 2023 with Clark Construction acting as general contractor and Martin Stroble, Vice President of Construction at SomeraRoad, leading the project’s construction.
Once completed, the tower will complement and connect with the recently completed adaptive reuse of two revitalized historic buildings, featuring office and retail, which were awarded the 2021 INVEST Award by the Nashville Downtown Partnership. Prima will be joined by future towers within Paseo South Gulch, with a second tower expected to begin by early 2023.
“Paseo South Gulch will be a premier, Live-Work-Play destination in Nashville, and the start of Prima is a significant step towards our transformational vision becoming reality,” said Andrew Donchez, Principal and Head of Development at SomeraRoad. “We’ve worked tirelessly to craft every detail of Paseo South Gulch, to tie new towers into the adaptive reuse of historic structures and future phases, to ultimately create a district that feels authentic and vibrant. SomeraRoad is significantly committed to Nashville, and this is an exciting moment that further signifies our dedication to positively impacting the city.”
Paseo, a name which speaks to the district’s interconnected walkways and terraces and its emphasis on bringing people together with outdoor programming, will offer an exceptionally crafted residential fabric full of retailers and restaurants and home for topflight companies, all within in the urban core of Nashville. Announced tenants within existing buildings includes Maiz DLV, Two Hands, and GoodVets, with more exciting announcements to come.
SomeraRoad began planning Paseo South Gulch as a future blueprint for meeting Nashville’s urban growth needs while maintaining character through historic preservation.
Located on the east side of 8th Avenue South north of Fogg St., Paseo is part of South Gulch, an emerging district east of Magazine St. and South of Gleaves St. known for exceptional adaptive reuse projects, new creative buildings, and high-rise towers.
Said Jonathon Reeser, Principal and Co-Head of Acquisitions at SomeraRoad, “When Prima is delivered, Paseo South Gulch is going to be an incredible place to live. We’re carefully curating retail, services, and dining that are unique and at the forefront of consumer tastes. There will be no other potential home like it for future residents and businesses – Paseo South Gulch will be a destination people seek out.”
To deliver on the potential of the district, SomeraRoad has enlisted an all-star team of project partners, including ESa, Hawkins Partners, Manuel Zeitlin Architects, and Kimley Horn on the design front.
“During construction, hundreds of craftworkers and more than 45 trade contractors will play a role in bringing this transformative development to fruition,” said Tim Lamson, a vice president in charge of Clark’s operations in Nashville. “We are proud to be partnering with SomeraRoad to deliver such a significant project that will have a positive economic impact on Nashville both during and after construction.”
For all components of Paseo South Gulch including Prima, Charlie Gibson of Cushman & Wakefield leads office leasing and Elam Freeman of Ojas Partners leads retail leasing.
Paseo South Gulch’s focus on connectivity extends beyond the project’s boundaries. The mixed-use campus is strategically located, promoting sustainable travel, such as biking or walking to other downtown commercial office destinations with ease, and presenting an unmatched opportunity for office and retail tenants, as well as future residents.
For more information on Paseo and current leasing opportunities, visit PaseoSouthGulch.com.
You can also follow along on social media for project updates:
For more information on SomeraRoad, visit: https://someraroadinc.com/
PASEO BY THE NUMBERS
Paseo Office Building (Voorhees) – 700 8th Ave. S
Paseo Retail Building Former Antiques Mall – 606 8th Ave. S
SomeraRoad is a commercial real estate investment and development company focused on value-add and opportunistic transactions across all asset classes and geographies. The firm’s diversified expertise enables it to invest throughout the capital structure in debt, equity, and securitized products. With an initial focus on distressed and value-add investing, the company has since evolved into a diversified, vertically-integrated commercial real estate platform with a reputation for solving complex problems, becoming local experts, and thoughtfully executing business plans. The firm’s core businesses include: Value-Add, Ground-Up Development, Opportunity Zone, Distressed Debt, and Net-Leased/Income Producing. SomeraRoad is headquartered in New York, NY and Nashville, TN, with additional offices in Pittsburgh, PA and Cleveland, OH. The company was named one of Inc. magazine’s Best Places to Work and firmly believes that human capital is its strongest asset. Since its founding, SomeraRoad has acquired over $2 billion of commercial real estate debt and equity and manages over 20 million square feet of property in over 50 markets throughout the United States.