NASHVILLE, Tenn. – A development that once promised to change downtown Nashville living now finds itself in the hands of a bank.
Rolling Mill Hill is located just south of Broadway, at Hermitage Avenue and Middleton Street, on the site of the former Metro General Hospital.
The Rolling Mill Hill Web site portrays an upscale urban residence, but Thursday, all 72 units of the $40 million dollar real estate project went on the auction block.
The auction took place on the steps of the Metro courthouse.
Without the presence of another bid, Bank of America won the auction with its own bid of $7,286,500.
Lein and title issues may have scared off some potential buyers, but in the end, Bank of America bought back the 34-acre property with 72 finished condos.
Real estate broker Scott Tyrone said, “From a condo perspective, that was problem it was probably a good deal. Whether you can sell condos today or not is questionable. If you look at it from a rental standpoint, that's a pretty high price.”
There is a lot of interest in the property, and one reason for that is the location, with views of the Nashville skyline from the windows of the condos.
Many thought the project would be a quick success, but after it was finished, not one unit could be sold.
“We were surprised the project was in trouble,” said Walker Mathews, the general contractor for the project.
Mathews says although the project comes with many lawsuits from companies still unpaid for their finished work, he believes once the economy turns around, so will Rolling Mill Hill.
“If you fast forward a year, there will be cars, people here,” Mathews said. “Fast forward 3 years, there'll be a vibrant community here.”
The Metro Development and Housing Agency has invested $10 million in the project. It will break ground on a 109 unit apartment complex in October.