Newest downtown high-rise could be condos or rentals

Newest downtown high-rise could be condos or rentals (Image 1)

The developer has settled on the name Twelve Twelve by hanging a huge banner on the side of the high-rise under construction, but now he must decide if his 23-story residential building towering out of Nashville's Gulch will continue as rental units or maybe switch to condos.

“I fully expect that by April 1 we'll make a decision one way or another, hopefully sooner,” developer Ray Hensler told News 2. “And the interest level that we have had from buyers suggests that there might be a better option for us.”

A real estate advisor working with Twelve Twelve says it was an easy decision for the developer to test the marketplace for condos instead of rental units.

“We are really depleted when it comes to condos, so a lot of my clients have called and said, ‘How do we get in there?  Is it going to be condos?'” said Shane Tallant.

That level of interest is at least $15 million over one weekend and growing according to the managing broker of Parks, the company working with the developer to gauge the condo interest.

“From the standpoint of what we have reserved so far, it's somewhere in that 15-million mark, but we have folks here right now, so that may increase in the next hour,” smiled Zach Goodyear while pointing to a sales area for Parks.  

He said most of the reservation interest has been in the corner units and five of the seven penthouses in the development.
Developer Hensler added weather willing; he hopes to finish the project by July 1 of this year.

Hensler developed the Adelicia condos near Vanderbilt which he says have doubled in value from their 2006 prices.

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