Developer Tony Giarratana has bought another SoBro property.
On Wednesday, his firm closed on 205 Second Ave. S., three parcels with Demonbreun Street and Second and Third avenues as boundaries. Three buildings sit on the site, one housing a metal working shop.
The buildings on the property, which is across Third from Giarratana and Novare Group’s Encore condominium tower, will be demolished. Giarratana said it will be a surface lot until plans are drawn up and that development options include office, hotel, apartments and parking with street-level retail.
Giarratana paid $4.8 million for the property, buying it from the Nolan family, which owned it since the 1950s. To get the deal, more than a dozen family members had to agree.
“We worked most of 2007 to get this under contract,” he said.
Giarratana didn’t borrow the money from a traditional lending source to buy the property. He borrowed $4.5 million to buy the properties from Ridgefield Properties.
He has had a long relationship with Ridgefield. Viridian, the condo tower Giarratana and Novare built along Church Street near Fourth Avenue North, sits on property the developers bought from Ridgefield. Also, Giarratana’s Belle Meade Town Center redevelopment sits on property leased from Ridgefield.