Banner Building Partnership, which was put together by a local real estate broker, bought the building from a limited partnership that’s managed by Nashville-based commercial real estate firm The Mathews Co. The building’s new ownership plans to pour around $3 million into renovations to transform the historic building into 35 apartments and 3,500 square feet of ground-level retail space.
The apartments will have an urban living feel with high ceilings, ample widows and a loft feel. Renovations are slated to be finished by mid-year with units renting out for between $1,200 and $1,300 monthly.
In related development news, another local investment group has plans to renovate the former Nashville branch of the Federal Reserve Bank of Atlanta, located at 301 Rosa L.Parks Ave., to a 62-unit luxury apartment complex. A New York-based investment group also plans a hotel or luxury condos at the building at 230 Fourth Ave. N. with tenants, including Wells Fargo Bank.