New Orleans-based Key Real Estate has paid a collective about $12.45 million for 11 parcels in East Nashville on which it plans mixed-use development.
Located in the Highland Heights neighborhood, the prime property offers 6.43 acres and addresses of 1505-1603 Dickerson Pike. The other two plots are located at 1612 and 1616 Luton St.
According to a document filed with the Service de l’amenagement du métro, and as the To post reported in March 2021, Key calls the project 1505 Dickerson Pike. It will offer a collective of 700 residential units and 20,000 square feet of commercial space. The project will consist of two buildings, one no more than five stories and the other no more than six stories.
Key, officials who could not be reached for comment, enlisted Humphreys and Partners, based in Dallas, for the design work and the local office of Kimley-Horn, based in Raleigh, for the engineering and the territory Development.
The site is home to property management company WC Company and a mobile home community that this entity oversees.
Tony Ray Clouse was the seller of the main nine-plot property, having paid $120,000 for eight plots in 1999 and $50,000 for the ninth in 2008, according to Metro records. Clouse owns several properties in Davidson County, including three on Gatewood Avenue, the street on which the Metro Development and Housing Agency’s Uptown apartments are located. This building, originally called Gatewood, was one of the first buildings erected on Dickerson Pike since the road began to attract attention after the end of the Great Recession.
Charlie Gibson, a broker and senior manager in the Nashville office of Cushman & Wakefield, apparently represented Clouse in selling the property for the owner.
Note that Key Real Estate has developed the SoBro site of the 805 Lea skyscraper (find out more here).