Spokane: Stay Alfred signs onto Nashville tower

Friday, September 15, 2017

(as reported in the Tennessean)

Downtown’s tight condo market is about to get some relief from developer Tony Giarratana's plans to convert the high-rise portion of his 45-story 505 skyscraper into for-sale units.

On Thursday, Giarratana said he has secured financing to pay off the construction loan, which will allow for selling the 193 residences on the upper 16 levels at 505 as condos.

Separately, the developer announced a partnership under which Spokane, Wash.-based vacation rental startup Stay Alfred will make 126 of the 350 apartments at downtown's tallest residential tower available for lease with full furnishings. With that partnership, the conversion to condos and early pre-leasing, 505 has only 180 apartments remaining to lease.

Nashville area condo brokers welcomed Giarratana's conversion plans for the high-rise portion of 505, which under terms of the construction financing is being developed as an apartment project. 

It's huge," said Chad Wohlers, a broker with the Parks real estate agency who counts only 57 condos actively for sale at the downtown area Twelve Twelve,The Adelicia, Icon in The Gulch, Encore, Viridian, Terrazzo and Rhythm At Music Row condo buildings. "The market is ready and eagerly awaiting another new high-rise condo tower, especially one like 505 which offers unparalleled views of the city from 45 stories high."

Next month the first residents are expected to start moving into apartments at the 505 skyscraper, which will add 543 new residential units downtown. The tower is nearing completion at the corner of Fifth and Church.