Mark Bloom said today that his company, Corner Partnership, which includes local investors Ronnie Scott and Larry Papel, purchased the 54,000-square-foot property on Friday for $1.75 million all cash, or $32.40 per square foot, roughly half of what the previous owner had paid.
The previous owner, an entity controlled by Charlotte-based developer Crosland Inc, which also built the Terrazzo condo buildings in The Gulch, was in default on its loan, according to its lender, Carolina First Bank.
The land on 12th Avenue at the corner with Laurel Street was due for a foreclosure sale last November that was delayed pending the negotiations. The property has two empty houses on it and a warehouse and was set for 140 apartments before the real estate market slowed drastically more than a year ago, condos had trouble selling, and the project was put on hold.
Terrazzo held an auction last year at which is sold one-fourth of its nearby condo building for roughly one third off the asking prices.
Bloom said it could take four or five years before he and the other investors put something on the site, perhaps a hotel or another condo building. Corner Partnership also owns the Hilton Downtown Nashville hotel and the Union Station hotel and developed The Adelicia condos.
“We think it will be a good 48 months before the condos (in The Gulch) are filled up and at that point we will have one of the most attractive sites,’’ he said.
There was no deed filed as of this morning at the Davidson County Register of Deeds and Crosland’s local president, Bill Barkley, could not be immediately reached.
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