Ewing Properties is offloading an undeveloped riverfront site in northwest Nashville for $200 million.
The company, led by Edward Ewing, has enlisted Stream Realty’s Rob Lowe to find a buyer for the 65-acre site between the Cumberland River and Trinity Lane, the Nashville Business Journal reported. The asking price is over $3 million per acre.
Ewing acquired the land in multiple transactions beginning in 2015 for a total of $7.62 million, or $117,000 per acre. The land was previously set to become “Riverside,” a $2.5 billion master-planned community featuring 5 million square feet of residential, office and retail space.
The plan would’ve also connected the area to downtown Nashville via West Trinity Lane.
The listing comes as Nashville’s riverfront area has become one of the most sought-after locations for real estate investment.
Ewing’s $200 million asking price is a reflection of the area’s increasing value, especially given the site’s location near significant developments like Oracle’s tech campus on the East Bank. The price mirrors that of other large parcels in Nashville.
Oracle purchased 65 acres of East Bank land for $253.7 million in 2021. That deal worked out to $3.09 million per acre. Other deals in the area have also shown significant appreciation in land values.
Investor J. David Byerley and former Nashville Entrepreneur Center president Samuel Lingo are leading a group of local investors working to raise $350 million to purchase Carl Icahn’s 45-acre East Bank scrapyard. If a deal goes through, the scrapyard site would trade hands for $7.77 million per acre.
— Andrew Terrell