Friday, September 25, 2009

Giarratana tries to sell Nashville properties

The developer who has shaped much of downtown Nashville during the last few years with condo projects such as the Viridian and Encore is trying to market and sell some properties to pay down debt and generate cash.
Tony Giarratana's Symphony Development Co. sold a half-acre parking lot earlier this week next to his Encore condo project to Ridgefield Properties, which is controlled by friend Kermit Stengel, for $1.4 million, or $59 per square foot. The site is on the corner of Fourth and Molloy.

Giarratana had bought the property in 2004 for $1.2 million and had planned to develop it.

Giarratana said in an e-mail that he is marketing for sale some jointly owned properties with co-developer Novare Group, an Atlanta-based developer of high-rise condo buildings. Among the properties for sale are the Cohen Building next to the Viridian condo project, and the space leased by HG Hill Urban Market, a grocery store in the Viridian.

The developers' other downtown development, Signature Tower, previously was scaled down and is on hold. The Encore condo project, however, has sold roughly 250 of its 333 units.

"We plan to continue selling homes at great prices and expect to sell remaining homes within eight to 12 months,'' Giarratana wrote in an e-mail. He had previously hoped to sell out this fall.

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