A downtown building previously housing the Old Spaghetti Factory and impacted by the 2020 Christmas Day bombing has sold for $17.5 million. The address of the four-story building is 160 Second Ave. N.
According to a release, the new owner of the tenant-free 50,000-square-foot building is Wheaton, Ill.-based T2 Capital Management.
The seller, via Lofts 160 Nashville LP, was Bala Cynwyd, Pa.-based Stoltz Real Estate Partners. Metro records are unclear as to what Stoltz, which previously planned a high-profile project in Buena Vista, paid for the building.
The sale comes after the Metro Council in July approved short-term rental permits for the structure. That vote was the second attempt at passing the resolution sponsored by District 19 Councilmember Jacob Kupin, who saw his initial proposal for 62 units rejected in early June. Instead, and according to the release, T2 plans 50 residential condominiums (to be used as short-term rentals) and 10,000 square feet of retail space for the building, with Nashville-based Hastings Architecture seemingly handling design.
The Metro Historical Commission supports the project.
More than three years since the Christmas Day bombing, the historic downtown district enters the home stretch of its rebuild
“This property is immensely important to not only the T2 team but the city of Nashville,” Tom Lowe, T2's director of acquisitions, says in the release. “Following the tragic events of 2020, we feel privileged to be restoring the 160 Lofts property and playing a central role in revitalizing such a storied and important part of downtown Nashville.”
Relatedly, T2 is seeking a mixed-use building for Pie Town, though the status of that effort is unclear.
As the Scene's sister publication the Nashville Post reported in June 2022, and according to Metro records, T2 paid about $11.25 million for the site — which offered a building that had housed for many years Plaza Artist Materials and Picture Framing. (Plaza moved to a site in Germantown.) The main address is 633 Middleton St., with T2 having also acquired 621-623 Middleton St.
According to a release issued in 2022, T2 enlisted Hastings Architecture to handle the design of what is called Trio. A document submitted to the Metro Planning Department at the time noted the building would rise about 27 floors and 280 feet. T2 is expected to need a rezoning to allow for bonus height. If the project materializes, the building will offer 405 units, 14,770 square feet of retail space and a parking garage with 439 spaces.
Led by founder and CEO Jeff Brown, T2 has $1.4 billion in assets under management. The company could not be reached for comment regarding a Trio status update.
For the Second Avenue transaction, Lance Bloom, principal and vice chairman with the Nashville office of Toronto-base Colliers, represented Stoltz. Seth Harlan, a broker with Nashville-based Robin Realty, represented T2.
T2 Capital Management operates an office at 135 Second Ave. N., near its just-acquired building. During the past 10 years, T2 has participated in multiple real estate deals, with a collective value of about $100 million, throughout Nashville.
This article was first published by our sister publication, the Nashville Post.
