Hotelier pays $1.95M for Lafayette Street site in bet on Napier-Sudekum redevelopment
Sanjay D. Patel bought 76 Lafayette St. for future development after paying Buy Wholesale Inc. $1.23 million for 1.26 acres a block away at 25 Lincoln St.
- Equipment rental company United Rentals is the former tenant for the 9,000 square foot building at 76 Lafayette.
- Buy Wholesale Inc. remains the tenant for 25 Lincoln St., which Sanjay D. Patel bought last month.
A Nashville hotelier has paid $1.95 million for 1.6 acres at 76 Lafayette St., across from the Cameron College Prep charter school, with future development plans.
The purchase expands Sanjay D. Patel's holdings in the area near the Napier and Sudekum public housing apartments, which are expected to be redeveloped into a mixed-income community.
"Obviously, redevelopment was part of my motivation," said Patel, whose company owns seven hotel properties around Nashville. "The market is still there. I want to hold on to it and see where the value goes and make some development."
With land in downtown Nashville going for prices in the $200-a-square-foot range, Patel is taking a bet on growth spreading further south along the Murfreesboro Pike corridor.
Last month, Patel paid $1.23 million for 1.26 acres a block away at 25 Lincoln St. where Buy Wholesale Inc. remains the tenant for a nearly 27,000 square foot warehouse.
Equipment rental company United Rentals is the former tenant for the 9,000 square foot building on the property Patel just bought at 76 Lafayette. It's also next door to a Dollar General store and a church.
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.