NASHVILLE, Tenn. (WKRN) — The fast-growing SoBro district in downtown Nashville could soon be home to more living space and a new luxury hotel.
Plans are in the works for a luxury branded hospitality and mixed-use project at Korean Veterans Boulevard and Lafayette Street at the roundabout, near what many call “the sticks.”
M2 Development partners confirmed to News 2 on Tuesday their proposal for a $540 million, 1.2 million square foot development of a full-service Ritz-Carlton hotel, condominiums, rental apartments, and rooftop restaurant.
SKIDMORE, OWENS AND MERRILL LLP
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“This was going to obviously make a huge impact on local economy and put a pin in the map on Nashville,” said Timothy Morris, the Managing Principal at M2 Development Partners, LLC.
Morris says the plans call for a 46-story tower comprised of a 240 room Ritz-Carlton Hotel,
150 for-sale condominiums, a parking deck, roof-top restaurant, and an adjacent 32-story
tower comprised of 185+ Ritz-Carlton-branded full-service rental apartments.
“While we have reached a point where more hotel rooms for the sake of more isn’t always good, the proposed Ritz-Carlton is an important and strategic addition. The flag and their international following will add value to this market,” Butch Spyridon said, president and CEO, of the Nashville Convention & Visitors Corporation.
If approved, the site could also see a 6,000-square-foot spa, 30,000 square feet of meeting and banquet area, 10,000 square feet of retail, and a 560-space parking garage.
“We’re at a point where were losing conventions because we don’t have enough hotel beds adjacent to the convention center to support them,” Metro councilman Freddie O’Connell said. “It’s fun to see all the exciting ideas coming to Nashville, I’d love to see this one get built.”
Morris hopes to break ground early next year. The targeted completion date of the project is set for first quarter of 2025.