Monday, January 12, 2015
Councilwoman and Residents oppose 195-unit apartment community planned in Percy Priest area
An investment partnership that includes Nashville construction executive Ty Osman is close to buying nine acres in the Percy Priest Lake community with plans for a 195-unit apartment development to be called Lago Bella.
The partnership, which also includes Osman's two brothers and his nephew, are seeking to amend the commercial planned unit development on the property at 2804 Smith Springs Road next to the Compton's Foodland grocery store to permit the $20 million project. Plans call for one, two and three bedroom units, a 4,500 square foot clubhouse and 379 parking spaces.
Metro Councilwoman Karen Johnson is among those opposed to the project. "The area is saturated with apartments and a multifamily development off Smith Springs Road will deadlock traffic," she said. "It's already difficult to get in and out. We'll fight to make sure it doesn't happen."
Florida-based lawyer Michael Osman, who's part of the partnership, said with two entrances and exits onto Smith Springs Road and enough parking planned at Lago Bella, traffic won't be a problem. "All of our market studies so far shows that there's still significant demand for this type of rental project," he said, shrugging off any concerns about potential overbuilding of apartments in Nashville.
The Osman brothers are part of the group that developed the 280-unit The District At Seven Springs luxury apartments in Brentwood. Michael Osman said the price for the nine acres on Smith Springs Road is $475,000. Seller Heritage Bank & Trust got the site from the previous developer in a foreclosure.
If required approvals are obtained, construction of the market-rate Lago Bella apartments could start by year's end, Osman said. Evergreen Real Estate, which manages District At Seven Springs, will handle that role at Lago Bella, he added.
The partners behind Lago Bella are also pursuing apartment projects in Florida. Ty Osman is CEO of Solomon Builders Inc. His nephew, Nashville general contractor Daniel Osman, is also a part of the investment partnership.
In recent years, Metro explored buying the site where Lago Bella is planned for green space to use for a dog park or a recycling drop-off location, Johnson said.
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.