News Room
Big River building slated for retrofit
By Christine Buttorff - The City Paper
July 18, 2006
The look of Lower Broadway will soon be changing, and not just with the possible beginning of construction of a Westin hotel that would loom above the street's honkytonks.
Starting this fall, the building housing the Big River Grille and Brewing Works restaurant will be retrofitted with two extra floors and several terraces, providing 28,000 extra square feet of commercial and office space.
Nashville-based Everton Oglesby Architects is handling design work.
Several months ago, California-based real estate investment company Tower Investments LLC purchased the Big River building, located at 111 Broadway, and two other Lower Broad downtown properties.
"We like [Nashville] a lot," project manager John Pierce said regarding Tower Investments' decision to expand to the city. Pierce said Tower officials like downtown Nashville in that it has existing, underutilized buildings that can be reinvented.
In addition to the $4.25-million purchase of the 111 Broadway building, the small, family-owned firm also has acquired the Merchant's building at 401 Broadway for $2.13 million and 411 Broadway for $3 million.
Pierce said the company began investing in Tennessee three years ago, with the purchase of land in Leiper's Fork. Tower has since created five separate housing developments in that area, along with other properties in Jamestown, Columbia and Paris. Founded in 1991 by Stephen Marks and his wife, Tower employs five of the six Marks children.
"From everything I've seen and heard about Tower, they buy and invest in properties," said Tom Turner, executive director of the Nashville Downtown Partnership. "They rarely look to sell."
111 Broadway has 30,000 square feet of office and commercial space, with the Metropolitan Development and Housing Agency (MDHA) having approved the design in March.
Tower Investments plans to keep both Merchant's and Big River as tenets. The company has no plans to change the Merchant's building.
The blue metal siding on the building of 411 Broadway will remain unchanged, as MDHA told the company that the building is historic, and contributes to the flavor, or at least the color, of downtown.
Starting this fall, the building housing the Big River Grille and Brewing Works restaurant will be retrofitted with two extra floors and several terraces, providing 28,000 extra square feet of commercial and office space.
Nashville-based Everton Oglesby Architects is handling design work.
Several months ago, California-based real estate investment company Tower Investments LLC purchased the Big River building, located at 111 Broadway, and two other Lower Broad downtown properties.
"We like [Nashville] a lot," project manager John Pierce said regarding Tower Investments' decision to expand to the city. Pierce said Tower officials like downtown Nashville in that it has existing, underutilized buildings that can be reinvented.
In addition to the $4.25-million purchase of the 111 Broadway building, the small, family-owned firm also has acquired the Merchant's building at 401 Broadway for $2.13 million and 411 Broadway for $3 million.
Pierce said the company began investing in Tennessee three years ago, with the purchase of land in Leiper's Fork. Tower has since created five separate housing developments in that area, along with other properties in Jamestown, Columbia and Paris. Founded in 1991 by Stephen Marks and his wife, Tower employs five of the six Marks children.
"From everything I've seen and heard about Tower, they buy and invest in properties," said Tom Turner, executive director of the Nashville Downtown Partnership. "They rarely look to sell."
111 Broadway has 30,000 square feet of office and commercial space, with the Metropolitan Development and Housing Agency (MDHA) having approved the design in March.
Tower Investments plans to keep both Merchant's and Big River as tenets. The company has no plans to change the Merchant's building.
The blue metal siding on the building of 411 Broadway will remain unchanged, as MDHA told the company that the building is historic, and contributes to the flavor, or at least the color, of downtown.