Michael Kenner (pictured), Miken Development founder and principal, declined to disclose the buyout figure.
“We wish Aerial the best of luck in all their endeavors,” he said.
Kenner — who has established his company, in large part, doing infill residential work in West Nashville — said the Salemtown Cottages project was delayed not by the Aerial buyout but, rather, due to stormwater management permitting. The 24-home development, which was announced in April 2013 and saw some basic site work and pre-sales later that year before being stalled, is now ready to move forward, Kenner said.
“We should have our permits in the next few weeks and will then start moving dirt,” Kenner said.
Village Real Estate Service’s CityLiving Team member Casey Zolezzi will handle sales and marketing of Salemtown Cottages. Kenner said the team has pre-sold four of the homes but will not release the other three homes comprising the first phase of the project until those three homes are completed.
In addition, Miken Development and HR Properties, both of which are Nashville based, will not pre-sell any of the other homes. Scott Haley and Jack Rainey are co-owners of HR Properties.
The Salemtown Cottages development (read more here), which will offer the type courtyard arrangement that is gaining favor in various areas of the city, will be bordered by Rosa Parks Boulevard on the west, Buchanan Street on the south, the inner-interstate loop on the north and Seventh Avenue on the east (see image below courtesy of Google Maps).
Salemtown Cottages is one of only two multi-unit residential developments currently underway in either Salemtown or Germantown and that offers for-sale product. The other is Trust Development’s Luxus Germantown. Broadly referred to as North Capitol, the city’s near north side is changing rapidly with the addition of for-rent apartment buildings, new retail space and the under-construction Nashville Sounds ballpark.