In an update to my September 25th, 2009 article about the Encore Condos, I am pleased to tell you that the developers of The Encore have paid off their $63 million construction loan obligation. Led by local developer Tony Giarratana, the Encore has sold remarkably well during what many consider to be recessionary times in the national condo market.
The Encore is the first high-rise to accomplish this benchmark since Ray Hensler did it with his luxury condominium project called The Adelicia 3 years ago in Midtown. Interestingly, and perhaps admirably, Giarratana was also the first developer in Nashville to not only build a high-rise condo project in downtown, but also the first to sell a building out with his Viridian effort in 2005. The Viridian remains the tallest condo project in Nashville standing 31 stories tall and features Tennessee’s highest pool, located on the 31st floor itself.
What are the Encore Condos
Located at 301 Demonbreun Street, The Encore is a 20-story, 333-unit condo tower wrapped with 20,000 square feet of street level retail space. Only 50 developer owned condos remain unsold and incentives are being offered to new buyers. However, don’t expect to ‘steal’ a condo from the developer. Prices have remained very stable over the last 12 months and have sold steadily.
Why the Encore Sells Well
The three magic words in real estate: location, location, location. The Encore is located in the SoBro or south of Broadway area of downtown and sits directly behind the renowned Schermerhorn Symphony hall. It is within walking distance of every single major attraction in downtown including all concert venues, professional sporting events and Nashville’s riverfront. In addition, Tennessee’s largest construction project, the new Music City Convention Center, is underway just 2 blocks West, giving the Encore a bright future.
I highly recommend the Encore to condo buyers who are looking for a solid, bond-like investment who wish to enjoy all of what Nashville has to offer.