Terwilliger Pappas Backs Out of $300M Mixed-Use Project in Nashville
Charlotte-based apartment developer Terwilliger Pappas Multifamily Partners has followed in the footsteps of Concord Hospitality and pulled out of Alex Palmer's struggling West End Summit development in Nashville. Terwilliger Pappas had planned to build several hundred luxury apartments for the $300M mixed-use development, but construction has been at a standstill for the past two years, despite a real estate boom in the area, Charlotte Business Journal reports. Palmer's envisioned project (pictured) was supposed to feature twin office towers of 900k SF combined, an InterContinental Hotel and possibly condos. Office tenant HCA Holdings and lender Wells Fargo have also backed out of the project; however, Goldman Sachs has stepped in to take Wells Fargo's place, and InterContinental Hotel is still in talks with Palmer. Headed up by Ron Terwilliger and developer Peter Pappas, Terwilliger Pappas has offices in Atlanta, Charlotte and Raleigh, and is responsible for the Solis brand of apartments. The developer still plans to buy a site a half-mile away on 18th Avenue South, where it will build Solis 18th Avenue, a $54M project featuring a 12-story building with 200 units. [CBJ]
