NASHVILLE-One of the country's most active urban funds has madeits entrance into the metro market with Canyon-Johnson Urban Fundinvesting in the $65-million Terrazzo. The move also marksCanyon-Johnson's first partnership with Charlotte, NC-basedCrosland, Terrazzo's developer.

|

The Los Angeles-based Canyon-Johnson Urban Fund is a JV betweenCanyon Capital Realty Advisors and Magic Johnson, CEO of MagicJohnson Enterprises. A CJUF spokesman could not be reached bydeadline to find out the dollar figure of the fund's investmentinto Terrazzo.

|

The 14-story Terrazzo is rising in the Gulch, an artsredevelopment district Downtown. Ground broke in March on what isbeing billed as the first LEED pre-certified green residential highrise in the Southeast. The project's first four floors will featureretail and office, with 10 floors of condominiums above. All total,Terrazzo will contain 109 units with prices ranging from the$290,000s to $1.6 million per unit. Move-ins are slated for fall2008.

|

Terrazzo offers 26 floor plans in one-, two- and three-bedroomunits. The condos will range in size from 900 sf to 3,300 sf.Amenities will include a pool terrace with outdoor pool andcabanas, fitness and cardio center, controlled access to thebuilding, indoor bike parking and monitored underground parking.The Terrazzo will also offer 24-hour concierge services andwireless Internet in all common areas.

|

“I am excited about investing in Nashville, especially in amixed-use project that will bring quality residential and retailuses to the Gulch, which is quickly becoming the place to be inthis city,” Johnson said in a statement announcing the deal.“Canyon-Johnson believes that investing in urban America is greatbusiness, and Terrazzo absolutely meets our objectives torevitalize urban areas, create jobs and stimulate development inkey communities.”

|

According to Bobby Turner, CJUF's managing partner, the fund'sstrategy is to partner with local developers, and take significantfinancial positions in projects which are poised for or alreadyexperiencing revitalization. “We have long felt too many realestate developers and investors were ignoring urban America despiteenormous opportunities. We continue to find those opportunities andjoin with forward-thinking developers, like Crosland, who areplaying a leadership role in revitalizing urban centers, includingthe Gulch,” he said.

|

In addition to its investment into the Terrazzo, CJUF alsodonated $10,000 to the Art Trunk program at the First Center forthe Visual Arts in the Gulch. “We are thrilled to have a partner ofthe quality and commitment of Canyon-Johnson,” said Ned Long, chieffinancial officer for Crosland. “They embrace the vision we'veoutlined for Terrazzo and the overall renaissance of theGulch.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.