DAC Developments Closes on Nashville Site for 53-Story Tower

A Chicago developer is locking in the downtown Nashville site it needs for a skyline-shaping tower.

DAC Developments paid $22 million for the SoBro property where it plans to build a 53-story hotel and condominium tower that would rank among the tallest buildings in the city. The firm closed on the site Friday, partner Adam Rezko told the Nashville Business Journal, though the deal has yet to be recorded with the Davidson County Register of Deeds.

The purchase marks a key milestone for the project, a $460 million development planned for two parcels at 319 Peabody Street and 504 Fourth Avenue South. Together, the sites total just under 1 acre and sit in the fast-growing South of Broadway district near the city’s entertainment core.

DAC secured Metro approval for the tower in September. DAC President Daniel Rezko said in a statement to the outlet that the firm is looking forward to sharing the branding for the hotel and condos in the coming months. Though earlier renderings on the developer’s website showed InterContinental signage at the top of the tower, updated visuals no longer display a brand.

Plans call for a mixed-use tower with 405 hotel rooms and 104 condos, according to Metro records. The project would also include nearly 11,000 square feet of retail space, about 400 parking spaces and a five-level podium housing meeting rooms, event space and building amenities.

If completed as proposed, the tower would rise roughly 636 feet, making it the tallest structure in Nashville today. That would edge out the AT&T Building — known locally as the “Batman Building” — which stands 617 feet tall, according to the outlet. Only developer Tony Giarratana’s planned 60-story Paramount tower would surpass it.

The property’s sellers were Nashville resident Yu-Jen Wang and BYT Partners. Wang purchased one of the parcels in 1992 for $182,000, according to Metro records, while BYT Partners acquired the other through a quitclaim deed in 2021. Lance Bloom of Colliers represented the sellers in the deal.

The project would join a growing wave of luxury hotel and condo towers reshaping Nashville’s skyline. As traditional office and multifamily deals have become tougher to finance, according to the publication, hospitality and branded residential projects have continued to gain traction.

Developments underway or planned include Pendry Residences Nashville by SomeraRoad, the Nashville Edition condo-hote project in the Gulch and the Voce tower in Midtown, which recently secured $130 million in construction financing.

— Eric Weilbacher