Regent Cos. is starting construction on the first phase of its lifestyle center in Lenox Village.
Lenox Village, of course, is the “new urban” development on 208 acres off Nolensville Road in the southern part of Davidson County.
The center will have 273 residential units and 40,000 square feet of retail and office space. Golden Eagle, a Mongolian-style restaurant, has signed a lease for its second location in the Nashville area. The first is Murfreesboro.
There’s space for two more restaurants and the hope is to draw in a medical office, a coffee shop and perhaps boutique shopping. Brookside Properties has been hired to handle the leasing.
Regent borrowed $33.7 million for the construction through Bancorpsouth Bank for the $43-million project. A second phase is planned next to a 509-car parking garage that already has been built.
Initially, the plan for the residential part was to sell them as condominiums. But the developer now plans to keep the units as apartments until the market turns for the better.
The economic stimulus package Congress approved recently, however, includes a tax advantage for maintaining the units as apartments.
Lenox Village development has proceeded for a few years in the fast-growing part of the county near the Williamson County line. There have been attached and detached housing and a variety of other amenities to give the urban feel in a planned community in the suburbs.
A little more than 1,000 homes have been sold in the development. The plan is for renters to move into the apartments by the end of the year.
Sonic closes purchase
Charlotte-based Sonic Automotive completed its deal to buy Thoroughbred Motorcars.
Property records show owner Martin Bennett selling the property for $8.5 million. A new Web site has the name of the dealership as Jaguar Porsche Audi Nashville.
Sonic owns the BMW and Mercedes dealerships as well as Crest Honda, Crest Cadillac and the Hummer dealership.
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