Sila Development Purchases More Pie Town Nashville Land

Sila Developments is expanding its holdings in Pie Town.

The Nashville-based hotel developer bought a half-acre property at 501 Lafayette Street, near the site of its planned Marriott hotel, for $5.2 million, the Nashville Business Journal reported. It’s unclear what the firm plans to do with the downtown property. The price comes to $238 per square foot.

Sila Developments bought the site with a $3.3 million loan from Southern Bank of Tennessee. The seller is Capital C. LLC, an entity tied to a home address in Franklin, the outlet said.

A vacant commercial building that was last home to a PPG Paint Store sits on the property.

The site is a short walk from the spot where Sila Developments plans to develop a Marriott Element Hotel. The firm paid $6 million ($362 per square foot) for the 0.38-acre property at 536 Lafayette Street. It’s planning to build a 14-story, 205-key hotel.

The firm is also building a 184-key Holiday Inn Express in Elliston Place. Its boutique hotel Motif, at 50 Music Square West, opened in July.

Pie Town has long been overlooked by the wave of development that’s swept nearby neighborhoods, like the Gulch and Wedgewood-Houston. But a recent spate of projects is accelerating the area’s growth.

Earlier this month, Texas-based hospitality company Noble 33 shared plans to open an outpost of upscale New York City-based restaurant Meduza Mediterrania at 717 Ewing Avenue in Pie Town.

Construction for Ray Nashville, a 32-story multifamily tower, began in July. The 367-unit property is being developed by New York-based Ray and Kansas City-based VeLa Development Partners. It’s expected to cost $211 million and will be located at 601 Lafayette Street.

–Jess Hardin