SomeraRoad is gearing up to break ground on Emblem Park, an apartment and renovation project in Wedgewood-Houston.
Ian Ross, who leads the New York City firm, told Nashville Business Journal on Thursday that his team has secured financing for the development, which has a main address of 1414 Fourth Ave. S. He says project costs are expected to reach $108 million.
Chicago’s Wintrust Bank (Nasdaq: WTFC) provided a $65 million loan, and Salt Lake City’s Bridge Investment Group is on board as equity partner, Ross said. Construction is expected to start early next month and wrap up in 2024.
“We’re really excited to bring this special project to life,” he said in an interview, adding that its adaptive reuse element, handled by Manuel Zeitlin Architects, will create something “unique” and “authentic.”
Emblem Park is slated for 346 apartment units, as well as amenities like a pool, fitness center, pedestrian courtyard and resident lounge, Ross said. Part of an existing industrial building, the Grooms Engine warehouse, will be renovated to hold amenity space and 13,000 square feet of retail.