Provident Realty Advisors Nixes 1 of 3 Multi-Story Self-Storage Projects Planned for Nashville, TN

Update 1/16/17 – PRA has nixed plans for the eight-story self-storage facility it intended to build on Eighth Ave. S. in SoBro. “We decided not to move forward with the transaction,” Van Lare told the source, declining to elaborate on the company’s reasoning.

Eighth Avenue South Ventures LLC, which acquired the property in 2015, has listed it for sale for an undisclosed price, according to the source.

The report didn’t mention the two other Nashville sites PRA has under contract on which it intends to build a pair of six-story self-storage facilities.

8/9/16 – Provident Realty Advisors (PRA) received site-plan approval last week for its eight-story self-storage project on Eighth Ave. S. Developers Byrd and Van Lare have two other Nashville sites under contract for a pair of six-story self-storage facilities approved in the SoBro and Vanderbilt-West End areas of the city, the source reported. Those two projects will bring another 300,000 rentable square feet of space to the market.

PRA expects to begin construction on all three projects within a year, according to the source.

7/29/16 – Provident Realty Advisors Inc. (PRA), a Dallas-based developer and real estate investment firm with interests in self-storage, has proposed an eight-story self-storage facility for the SoBro neighborhood of Nashville, Tenn. The asset would comprise 150,000 square feet on a 0.6-acre parcel at 514 Eighth Ave. S. The property is under contract between PRA developers Richard Byrd and Case Van Lare and a local investment partnership that includes restaurateur Miranda W. Pontes, according to the source.

The property includes the former home of the Nashville Center Stage bar and music venue, which Pontes acquired for $2.6 million last March with investment partners Doug Martin and Justin Prince. The acquisition included the adjacent parking lot at 522 Eighth Ave. S., the source reported.

Houston-based architecture firm Edgecomb & Associates Inc. is scheduled to discuss design modifications on Aug. 4 with the Downtown Code Design Review Committee. Revisions include moving vehicle access to Drexel Street instead of Eighth Avenue South. The review committee earlier rejected some requests from the developer, including modifications to the active-use requirement along Eighth Avenue S.

The project is the second eight-story self-storage facility proposed in SoBro in recent weeks. In May, The Natchez Group submitted plans for a 1,000-unit facility at 825 Third Ave. S.

Founded in 1991, PRA has developed or invested in more than $3 billion worth of real estate projects. In addition to self-storage, the company’s development and investment projects include master-planned residential communities, mixed-used development, multi-family housing and retail centers, according to its website.