Thursday, October 21, 2010

Vista Germantown update: the old switcheroo

Ever on top of developments in his neighborhood, Madison Square leader Joel Bezaire makes a nice catch, missed by the Nashville Business Journal's recent coverage: the Bristol Development Group, which recently suffered a "friendly foreclosure," is not the majority interest in Vista Germanown, as previously reported:
Commencement of construction of Vista Germantown, which will occupy a nearly three-acre corner site on Madison Street, comes shortly after Associated Estates purchased the property and development rights from Bristol Development Group. However, Bristol, which first conceived the apartment community in 2008, has not walked away from the project; the company maintains a minority interest in Vista Germantown. “We have had a relationship with Bristol for several years and with their local market expertise—they are based in Nashville—it was beneficial to keep them on as a partner,” Jeremy Goldberg, senior director of investor relations and corporate finance with Associated Estates, tells MHN. Bristol has developed several multifamily communities in Nashville and in four other Tennessee cities including Memphis.
So, Bristol will not be handling Vista Germantown, but they also have not walked away from the project like they did from Velocity in the Gulch.

Perhaps this is better news for the North End, but how did NBJ get the news on this development so wrong?

1 comment:

  1. The NBJ didn't miss the story .. they had it a couple of week before.