MRP and Creek Lane Announce 13-Acre Multi-Use Development
The joint venture acquisition aims to establish a 1.3-million-square-foot waterfront community in River North Nashville.
NASHVILLE, TN–MRP Realty and Creek Lane Capital have acquired 13 acres of Opportunity Zone land for a mixed-use development in River North Nashville. The 1.3-million-square-foot project, The Landings, will sit along the east bank of the Cumberland River, directly across from the Germantown submarket.
MRP and Creek Lane aims to activate Nashville’s riverfront by establishing a walkable neighborhood. The community will include a public riverfront park along the entire site, connecting the Cumberland River Greenway system. The development plans to reposition a waterfront warehouse building as a focal point of The Landing.
The first phase of the development will commence within the next 12 months, creating more than 600 multifamily units, 85,000 square feet of retail offerings and 50,000 square feet of office space. The second phase will include an additional 500 multifamily units and 50,000 square feet of retail space.
A large portion of The Landing will allow Opportunity Zone benefits. The development is also part of an environmental LEED ND master plan to reposition industrial land into a livable community. Don Allen and Howard Schiller of Monroe Investment Partners acted as property sellers, as McNally Capital joined Creek Lane and MRP as an investor for the project.
MRP Realty is a real estate operating company, founded in 2005, that focuses on value-add investments across the Mid-Atlantic and Northeast regions of the US.
Creek Lane Capital, founded in 2016, is a national real estate investment management company that seeks growth opportunities through build/reposition investment strategies in income producing assets in select markets across the US.