Months after adding another acre to its roundabout development site, a Dallas real estate firm is planning a second tower.
Lincoln Property Co. is requesting Metro approval for a 19-story, 261-unit residential high-rise at the Korean Veterans Boulevard roundabout, according to documents in public record. The SoBro site covers 1.92 acres and comprises nine parcels, the last three of which developers bought for $13 million in November.
Project plans would require a building height extension. The Metro Planning Commission is scheduled to review filings at its July 22 meeting. Tyler Jones, executive vice president for Lincoln Property Co., did not immediately respond to a request for comment.
Dwell Design Studio (Atlanta), Hawkins Partners (Nashville) and Ragan-Smith Associates (Nashville) are involved in the development, according to documents.
Metro has already approved plans for another tower, the 30-story Circle South, on the northern part of Lincoln Property Co.’s site.
Circle South is billed as a 535,000-square-foot mixed-use development. If it were already standing, it would be the third-largest office building in the city, trailing only downtown’s UBS and AT&T towers.
The roundabout area, which falls in Nashville’s SoBro neighborhood, has seen a flood of development interest in the past year. This includes pitches for a Ritz-Carlton hotel and a Tony Giarratana condo tower.
Dallas-based Lincoln Property Co. and its financial partner, Mirasol Capital, have spent more than $40 million on land near the roundabout so far. Notably, Mirasol holds the private equity arm of the Winn family, which includes Stephen Winn, the Texas billionaire who created rental management software firm RealPage.
The first Circle South tower will likely cost roughly $250 million or more to build, NBJ previously reported.