(FRANKLIN, Tenn.) June 16, 2015 – Northwestern Mutual, together with multi-family residential partner Northwood Ravin and local commercial partner Boyle Investment Co., has released construction drawings for the next phase of Capitol View at the corner of 11th and Charlotte in Nashville, directly across the street from HCA’s headquarters for Parallon and Sarah Cannon. Both Parallon and Sarah Cannon will occupy their first building by the end of 2016.
Cooper Carry, the project’s architect, along with Nashville-based civil engineer Barge Waggoner and Franklin-based landscape architect Kiser Vogrin, are completing construction drawings for up to 375 apartment units, up to 60,000 square feet of ground floor retail space and up to 50,000 square feet of second floor office space, and an approximately 1,000-space parking garage. Construction is expected to begin the fourth quarter of 2015 and will be completed within 24 months. Total anticipated construction cost will be $90 million. Please see attached rendering.
“Northwestern Mutual has been a longstanding investor in Nashville real estate,” states Henry Lange, regional director at Northwestern Mutual Real Estate. “We are excited to expand our relationship with Boyle and Northwood Ravin – two outstanding development partners – and continue to transform this part of downtown Nashville.”
Northwood Ravin, who was selected to develop the multifamily portion of the project, will be building apartments atop the retail and restaurant amenities in order to offer a true mixed-use living experience.
“We are very excited to be partnering with Boyle and Northwestern Mutual on the Capitol View site. We look forward to bringing something different to the urban Nashville apartment market,” said David Ravin, president of Northwood Ravin. “When we embark on a new development, we always look for ways to differentiate our apartments and amenities in order to afford renters a unique lifestyle choice. We look forward to working with Boyle to offer a dynamic living choice to the future HCA employees and others that want to live in a special urban environment like Capitol View.”
In addition, Cooper Carry is finalizing construction drawings for Capitol View’s next office building. This project will be a 10-story, 300,000-square-foot Class A office building with 20,000 square feet of ground floor retail space, a 1,200-space garage, and a 150-room limited service hotel. Total anticipated construction cost for this block will be $125 million. See attached rendering.
“With HCA’s anticipated 2000 employees, the partnership is excited to deliver the next block in the Capitol View urban dense mixed-use project,” adds Jeff Haynes, partner at Boyle. “After careful study of many successful urban mixed-use projects across the country and 12 months of intense local study of the highest and best uses for the first 2 blocks, we are thrilled to get started.”
Boyle and Northwestern Mutual have worked tirelessly the last 24 months with CSX railroad to complete three critical land acquisitions. These last parcels allow Capitol View to dedicate land to complete the city’s bikeway/greenway trail through the project (see attached rendering). Furthermore, Boyle and Northwestern Mutual will complete a one acre urban pocket park for the use of its residents, tenants and guests.
Upon completion, Capitol View will offer up to 1,000,000 square feet of office space, up to 300,000 square feet of retail space, up to 1,000 multi-family units, two hotels, and over 4,000 parking spaces to meet visitor and employee parking needs. Capitol View will become a gathering place, a vibrant retail environment, and a dynamic place to work and live, all connected through a well-planned pedestrian network.
About Capitol View
Capitol View will be a walkable, dynamic, urban space offering convenient access to downtown Nashville, The Gulch, Vanderbilt University, the new Nashville Sounds Baseball Stadium, the Nashville Farmer’s Market, Germantown, New Salem and East Nashville. The 32-acre mixed-use development will be home to 1,000,000 square feet of office space, 300,000 square feet of retail and restaurants including downtown’s first real grocery store, 2 hotels, 1000 multifamily residential units, an urban park and community space, and more, conveniently located at Charlotte and Interstate 40, providing quick and easy access to all parts of Nashville and downtown. www.capitolviewnashville.com
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With $230 billion in assets, $27 billion in revenues, nearly $90 billion in assets under management in our investment products and services, and more than $1.5 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to 4.3 million people who rely on us for insurance and investment solutions, including life, disability income and long-term care insurance; annuities; trust services; mutual funds; and investment advisory products and services. Northwestern Mutual is recognized by FORTUNE magazine as one of the “World’s Most Admired” life insurance companies in 2015.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, life insurance with long-term care benefits, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company.
About Northwood Ravin
Northwood Ravin is a privately held multifamily development, construction and property management firm that serves the Southeast and currently has 9 other projects under construction or in lease up in Texas, Florida, Georgia, Virginia and North Carolina, including two major mixed-use projects in Dallas and Chapel Hill, N.C. The Northwood Ravin team has developed, managed and constructed over 46 luxury apartment communities, each individually designed and crafted for its specific site and submarket. Its current residential portfolio is comprised of 16 projects and 4,745 units across six states in the Southeast representing a gross capitalization of over $1 billion.
Known for its award-winning sustainable luxury apartments, Northwood Ravin prides itself on careful planning, precise execution and attention to detail. Northwood Ravin develops apartment communities and mixed-use venues with a singular focus: to create communities that foster healthy lifestyles, neighborhood involvement and appealing living environments. Based in North Carolina with offices in Charlotte, Raleigh, and Tampa, Northwood Ravin has projects from Richmond, Va., to Nashville and Tampa to Dallas. For further information on Northwood Ravin, please visit www.northwoodravin.com.
About Boyle Investment Company
Boyle Investment Company owns the property in conjunction with partner Northwestern Mutual. Boyle is committed to creating engaging, sustainable mixed-use communities with a conservative approach and commitment to quality. Founded in 1933 by three Boyle brothers in Memphis, the Nashville office opened in 2001. Boyle provides on-site leasing, management, and development services at Capitol View Nashville. Other notable Boyle mixed-use projects include Berry Farms, CityPark Brentwood and Meridian Cool Springs. www.boyle.com