Republican-controlled Tennessee's Population Continues to Grow As Multimillion Dollar Condos Continue to Pop up

245
0
Posted by moku 2018 years ago in News
COPY
COPY
Story Continues Below

When John Megale walked into the dark, brick-lined lobby of the old Phoenix Lofts building in Printer's Alley, he looked past its boarded-up windows and battered, musty 19th-century flooring.

The Virginia native was traveling the country to find the perfect real-estate investment after his family sold its audiology business.

The panoramic rooftop view, historic architecture and central location at 207 3rd Avenue North was just what he'd been hunting: This was his chance to get in on the ground-level of the city's emerging multi-million-dollar luxury penthouse market.

"It just seemed like all the factors were in place in Nashville to do a project like this," Megale said. "In downtown L.A. or Beverly Hills, it just wasn't affordable. A lot of those homes are $5 million just for the property."

So he paid $1.2 million to buy the top three floors of the building he dubbed "207" in 2016, and spent the next two years investing $2 million into a complete overhaul of the space.

His creation hit the market earlier this month for $3.89 million — shy of the $5 million penthouse condos for sale two blocks away at Tony Giarratana's 505 residential skyscraper and at the Icon in the Gulch.

Click to View or Post Comments Hide Comments
 
HACKERS HAVE STOLEN OUR OFFICIAL FB PAGE, PLEASE FOLLOW THIS NEW PAGE FOR UPDATES