Nashville's skyline is set to get a dramatic enhancement with the addition of what will be Tennessee’s tallest skyscraper, courtesy of downtown developer Tony Giarratana. According to a report from WSMV, Giarratana's development group has successfully secured a whopping $230 million in construction financing for their new project, dubbed "1010."
The 60-story structure, designed to effortlessly dominate Church Street at an impressive height of 750 feet, is finally moving forward after Giarratana's group obtained a substantial $172.3 million senior loan from Little Rock-based BankOZK and a $60 million loan from New York's Related Fund Management. These funded efforts are expected to not only reshape the city's architectural landscape but also to truly offer Nashville that missing crystalline spire against the horizon. The development is reported by WKRN to complete by 2027.
In a statement made by Tony Giarratana, as highlighted by WSMV, the success of their earlier 505 project paved the way for the ambitious 1010 building plans. "505 essentially served as our ‘proof of concept’ and informed the design of every aspect of 1010," he said. According to the release, 1010 will feature 140 condos atop 360 apartments and a generous 500 parking spaces. An exciting addition to the project is the development of adjacent new facilities for the YMCA, ensuring community amenities continue to form a cornerstone of Nashville's growth.
Gleaming 1010 is also poised to include a revamped YMCA next door as part of the deal. Giarratana paid $26 million for the property two years ago and now aims to renovate and expand the downtown Y. The plans introduce approximately 60,000 square feet for the Y with an updated indoor swimming pool. Despite the impending construction, the current Y facility, opened in 2008, will remain operational throughout this transformation. The financial backing, as described by ConnectCRE, represents the fourth largest residential construction financing deal in the US for the year, cementing Nashville's development surge in the national spotlight.
