NASHVILLE, Tenn. (WKRN) — A prominent real estate entrepreneur is building a future in Nashville, where there is a place for everyone to call home.
When you look at the Nashville skyline, you can't help but see Tony Giaratana's influence.
“We always want to do things that push the envelope,” Giaratana proudly said at the beginning of an exclusive one-on-one interview with News 2's Blake Eason.
The longtime real estate entrepreneur said he had no problem being labeled as an opportunist throughout his career.
Giaratana said it's been that way from the beginning, going back to 1996 when Cumberland on Church, the first apartment building in downtown Nashville, was completed.
It was a time when downtown living was unpopular, but Giaratana had a different vision for what Church Street could become.
“I call this a street for locals because it has always been a street for locals,” Giaratana said.
Giaratana developed Viridian right next door in 2008 and 505 Church just over a decade later, along with a number of other properties in between. All of this has only added housing opportunities to downtown Nashville and changed the landscape of the city's skyline.
“No one expected it to work,” Giaratana recalls.
But he and the buildings he built have certainly stood the test of time. Almost 30 years later, Giaratana has embarked on his most extensive effort to date, his 1010 Church.
“Long after I'm gone, 1010 will define downtown Nashville,” Giaratana said.
The development is being built on top of the YMCA downtown. The skyscraper will be Nashville's tallest skyscraper by 2027 and will include both condos and apartments.
“We wanted something visually stimulating for the high-tech workers coming to town,” Giaratana explained.
At 60 stories, the building stands 750 feet above the sidewalk, representing the “height” of a skyscraper.
“This architecture is the most refined and elegant we have ever done,” Giaratana said.
1010 is located right next to Alcove, a 34-story high-rise condominium that has already been completed. It is also located across the street from Prime, another luxury development under construction.
Alcove rents start at $1,785 and, at the time of this report, some apartment complexes offer up to two months free.
Giaratana said he's not worried about an influx of vacant apartments in downtown Nashville, saying time is on his side.
“We have time to absorb all these units,” Giaratana said. “Now that we're recovering after the recession, we're going to be in an undersupplied market. There's no supply and demand for products in our favor. We're happy about that.”
Giaratana said throughout the development, he never forgot his long-standing passion for affordable housing. He insists this is an issue the city needs to address head-on.
“We have to run 250 to 300 units at a time,” Giaratana says. “So we have that prototype in front of us.”
901 MLK is the property Giaratana is referring to. He believes downtown is the perfect place to pilot this project.
“They can walk to work, they can walk to play, they can walk to the grocery store,” Giaratana told News 2. they will be happier. ”
The project would be subject to federal affordable housing standards that state residents of Davidson County must have an income of 60 percent or less of the area median income to qualify.
Giaratana argued that most of the affordable housing is on the outskirts of town, creating a distance between people and opportunities.
“They're better employees because their employers aren't getting calls saying, 'Sorry, you're stuck in traffic,'” Giaratana says.
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Giaratana believes wholeheartedly in this project and said this could be his final chapter.
“I think this is important and it will be the last chapter of my life,” Giaratana said. “I'm going to work on it.”
Giaratana's team could not give an exact timeline for the project, but said 250 units will be installed.
Giaratana said this project is just the beginning and could fundamentally change the conversation about affordable housing in Nashville.
