Peabody Union is set to become a distinctly unique destination along the Cumberland River Waterfront, in Downtown Nashville. The development will feature a mix of chef-driven dining, curated retail concepts, innovative office space, and luxury residences. Peabody Union will be surrounded by acres of open space and is adjacent to the Rolling Hill Mill and Cumberland River Greenways. The project will create a new walkable district with its own sense of place in the emerging “Lower Downtown District” of Rolling Mill Hill coined “LoDo” by the developer.
“We are excited to have broken ground on this brand-new riverfront destination that combines a curated mix of best-in-class retail, restaurant and entertainment options with luxury living and sustainable Class-A office space. This project is years in the making and brings together the most experienced team with the combined talent of Stiles|Hensler, PGIM Real Estate, Hastings and Turner to execute on our vision to bring new energy to the Cumberland River Greenway.”Ray Hensler, founder of Hensler Development Group.
The project is being developed immediately adjacent to Peabody Plaza and the Trolley Barns. Peabody Plaza, developed by Eakin Partners, offers 290,000 square feet of Class A office and 10,000 square feet of retail, and the adjacent Trolley Barns, which include the Nashville Entrepreneur Center, features approximately 90,000 square feet of retail and creative office space. All three developments combined will feature approximately one million square feet on 14 acres. Once complete, Peabody Union will become the “public square” of Rolling Mill Hill, bringing together Nashville’s civic investments along the riverfront with its amenity-rich living and working. Here’s the quick rundown:
- What’s Now: Parking Lot
- What’s next: Mixed-Use Development
- Developers: Stiles / Hensler / PGIM Real Estate
- Construction Financing: Wells Fargo
- Architect: Hastings
- Capacity: 354 Units / 50,000 Sf Retail / 250,000 SF Office
- Contractor: Turner Construction
Designed by Hasting, the development will featuring a mix of elevated retail brands and chef-driven restaurants. The project will include approximately 50,000 SF of new-to-market food and beverage and retail concepts, 250,000 SF of Class-A creative office space, and a 27-story multifamily tower featuring 354 “ultraluxury” apartment homes with unobstructed views of the downtown skyline and the Cumberland River.
“Since we began planning this project back in late 2015, Nashville has continued to evolve into one of the top destinations in the country for commerce, living and entertainment. We are excited to once again partner with PGIM Real Estate on another market-leading development. Together, we can think of no better city — and no better location within that city — to make this investment and provide for the mix of uses that Peabody Union will offer. We know it will be an iconic development for the community to enjoy upon its completion and be a great complement to the growth the city is experiencing in all sectors.”Jeff McDonough, President of Stiles Residential Group.
Peabody Union will also prioritize sustainability, wellness, and connectivity within the design and future building operations. The project team will pursue familiar industry-leading certifications such as LEED, that will focus on sustainability. The project will also pursue Fitwel certification, the world’s leading certification system for health and wellness in buildings and communities. Additionally, they will pursue certification by WiredScore which assesses, certifies, and improves digital connectivity and smart technology in homes and offices.
The development broke ground on Thursday and anticipates completion in late 2024.
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