E
fforts to develop a mixed-use tower at the Rutledge Hill site are moving forward. A 24-story building is planned for the 0.90-acre site at 616 Fourth Ave. S, featuring hotel, apartment, and restaurant space.
The Metro Development and Housing Agency approved the concept plan in September. The development team will now present their proposal to the Metro Planning Commission in February. Pinnacle Hospitality Partners, a local hotel development company, is behind the project. They acquired the property for $2.94 million in 2016.
Pinnacle officials are seeking overall height modification approval from the planning commission. The building is expected to stand about 290 feet tall and will offer 261 residential units, 218 hotel rooms, and 3,580 square feet of restaurant space. Nashville-based ESa will serve as architect for the project.
In other news, Chattanooga's CBL Properties has taken full ownership of the CoolSprings Galleria in Franklin after acquiring its partner's 50 percent stake in the mall. The joint venture partner was Nuveen, which had a 50 percent interest in the mall since 2011. CBL paid $22.5 million for the acquisition and assumed $266.7 million in non-recourse loans secured by each property.
The CoolSprings Galleria has about 150 tenants and over 1 million square feet of space. The company plans to develop the site further, with a proposal that includes 600 apartments, a hotel, and over 76,000 square feet of commercial space for retail and restaurants.
