On April 1st, 2011, April Fool’s Day, the Icon in the Gulch quietly recorded a $1,180,000 condo sale in the MLS. While any condo sale over a million dollars in Tennessee is notable, it is not the price that turned heads, it’s the price per square foot. You see, this 22nd floor penthouse condo is 1,928 square feet and that makes the sales price per foot $612.03. I placed a few calls to the Memphis, Knoxville and Chattanooga MLS operators and have confirmed this condo sale to be the highest price per foot in Tennessee’s history. Whoa.
As many may recall, this particular penthouse is where Gwyneth Paltrow chose to live while filming Country Strong. It is a 2 bedroom, 2 bath jaw dropper that features unreal skyline views, 25 foot vaulted ceilings and sleek finishes not typically found outside of the plush pads dotting the Hollywood Hills.
Significance of this Record Sale
Legit. The downtown residential market in Nashville is not some fantasy shared by a few greedy developers, it’s legit. Of course, many of those who live and work in downtown already knew it, but the media en masse has not jumped on board. Remember, downtown residential development was forbidden by Nashville building codes from 1963 until 1993. We’re only in the 18th year of development. It’s time to realize that our sleepy little town has awakened and has begun to live up to its billing as Music City USA.
As for the future of downtown development, you’ll think I’m off my rocker, but there will be 5 new buildings under construction within the next 12 months. 2 will be high-rise towers and 3 will be mid-rise buildings. I’d love to tell you which ones, but the only project I am allowed to divulge is the old Polar Ice site in the Gulch which will become Eleven North, a 302 unit apartment building.
Pictures of the Gwyneth Paltrow Penthouse