Exclusive: Developer kickstarts nearly $500M project in Midtown, on a familiar site
The Propst family wants to open a 21-story office tower by December 2020 with 510,000 square feet of space. For perspective, that is ever-so-slightly larger than the downtown headquarters Bridgestone Americas opened last fall. Chris Brown, a principal at Propst Development, said his company is prepared to take the riskier step of building the office tower without any tenants in-hand.
Propst also plans a 34-story tower with luxury condos and a high-end hotel, which would open in the second quarter of 2021. Plans call for a one-acre plaza to separate the towers, which would be connected along Hayes Street (the rear of the 3.9-acre site) with a short 125,000-square-foot building that would contain street-level retail and additional, trendier office space aimed at attracting tech companies and other "creative" companies with a more open layout and other amenities.
In a Monday interview, Brown said the Propst family has the capacity to supply all the equity needed for the project. Brown disclosed new members of the project team (see below), including Franklin-based hotel developer Chartwell Hospitality. Chartwell will own and operate the 245-room hotel planned in the taller of Broadwest's two towers.
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