UMPH building deal falls through

UMPH BuildingNASHVILLE, Tenn. — Terra Verde Group, LLC, has decided not to proceed with development of the United Methodist Publishing property located at and around Eighth Avenue South and Demonbreun Street in Nashville, TN, citing concerns about developing in an interest rate sensitive environment.

“We were and are very excited about the prospects for that property – it is the largest and best located piece of property in proximity to the Music City Center and to many of the other offerings for downtown Nashville,” said Terra Verde Partner Mark Enderle of Williamson County.

“Our vision was for a multi-use development under a public-private partnership that included a hotel, multi-family residential, retail and a public park,” Enderle said. “It would have been under one master developer and therefore would have had a cohesive look and feel. We had a top-flight group of investors interested in the venture, and we were optimistic about this happening.

“We also had several good discussions with city leaders about the project, and we appreciate their time and attention,” he said.

Enderle said that in the end, the economic environment for interest rate sensitive development led to the decision not to go forward.

“Terra Verde has developed some great projects across the United States and would have loved to do this one,” Enderle said. “Three of our partners are from Tennessee and we would have been proud to be part of the excitement of downtown Nashville.”

United Methodist Publishing House President Neil Alexander said, “We were sorry to learn that Terra Verde Group is not proceeding with its proposed acquisition of our current headquarters property.

“There has continued to be a great amount of interest in this property from the development community, both from major local developers as well as national groups who see the tremendous potential in the Nashville market, and that interest has continued to grow while the property was under contract,” Alexander said. “We will review different alternatives for the property and decide on our next steps.”

UMReporter Staff

This story was posted by a staff member of The United Methodist Reporter. For over 160 years The United Methodist Reporter has been helping the people called Methodist to tell their stories. If you have stories that you think need to be told, please let us know at editor@circuitwritermedia.com

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There is an unsettling pattern at Cokesbury. First, everything is fine. Then, there are problems. Finally, a drastic response is necessary. How many congregations purchase from Cokesbury?

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