Giarratana, a notable local developer, has successfully secured $232.3 million in construction financing for the towering 1010 Church Street project, poised to become Tennessee's tallest skyscraper. This financing package combines a $172.3 million senior loan from Little Rock-based BankOZK and a $60 million mezzanine loan from New York's Related Fund Management, contributing to the development of the $390 million mixed-use structure. The site, currently hosting the Downtown YMCA, will also see enhancements as part of the project.
Dave Hendrickson of Walker & Dunlop praised Tony Giarratana's two-decade transformation of Nashville, noting the financing deal for 1010 as one of the largest in the U.S. outside Florida or New York within the last year and the fourth largest in the country in 2024. This marks Giarratana's first collaboration with Related Fund Management, inspired by Related's impactful developments in Chicago and New York's Hudson Yards. 1010 Church Street aims to fulfill a long-standing ambition to augment Nashville's skyline with a structure surpassing 200 meters.
Jacob Chapman, CIO, optimistically views the project's timing and demand, reflecting on the ambitious nature of 1010 in the current market. The design of 1010, standing at 750 feet with 60 stories, draws inspiration from the 505 tower, a "proof of concept" that laid the groundwork for this new venture, featuring 140 condos, 360 apartments, and ample parking, including spaces for a newly developed YMCA.
Since its inception with the Cumberland apartments in 1998 and subsequent developments like the Viridian condos, Giarratana has been a pioneering force in downtown Nashville's residential scene. 1010, set for completion in 2027, will integrate valuable insights from previous projects, marking Giarratana's return to condo development after a decade.
The development process for 1010, initiated over three years ago, showcases Giarratana's commitment to excellence, with a top-tier team comprising Goettsch Partners architects, DeSimone, Bala, and Barge Design engineers, and Brasfield & Gorrie general contractors. Tony Giarratana's deep connection to Church Street and his vision for the area, influenced by the nearby Nashville Yards, aims to create a more vibrant, walkable downtown experience for future residents.
Marc Stengel of Ridgefield Properties, a long-term investor in Giarratana's ventures, sees the investment in 1010 as a crowning achievement, enhancing Nashville's skyline and exemplifying the fruitful partnership between Giarratana and its investors, including over 30 years of collaboration on projects like 505, Alcove, Prime, and now, 1010.
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