An Austin developer paid $1.2 million on Monday to expand its downtown development site on Broadway.
The deal means that Endeavor Real Estate Group now owns the entire city block of Broadway between 12th Avenue North and George L. Davis Boulevard. Primarily, the land is the site of a former Mazda dealership located just inside Interstate 40.
Endeavor acquired an additional 0.2 acres at 1200 Broadway, which means the company now controls a 1.6-acre development site. This latest move is a logical follow-on (and a 14 percent boost) to the purchase of the block's other 1.4 acres, which Endeavor made last month.
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All told, Endeavor has now spent $14.6 million buying this block of Nashville. That price tag works out to $209 per square foot of land, indicative of the blitzing surge in property values citywide.
This would be the home of Endeavor's first development in Nashville. Executives don't have specifics pinned down yet. Broadly, they've said they plan a mixed-use development prominently featuring retail.
'This site is a gateway into and out of downtown. We liked the visibility and access ... and we think this site will have some spectacular views in all directions," wrote Jamil Alam, a managing principal of Endeavor, in an email last month.
Endeavor, operating as Broadway Whiskey Partners Ltd., bought the land from Eagle Eye LLC, an entity headed by Praveen Patel, of the city of Lebanon.
County property records show Patel bought the land in January 2014 for $1 million.