New 29-Story Luxury Apartment Tower Opens in Nashville’s Midtown
One of Nashville's biggest new luxury apartment towers is officially open, but the developer says opening early may have actually been bad timing.
Chicago-based Albion Residential has opened the 29-story Albion Music Row tower at 1501 McGavock Street, transforming part of the former Beaman Motor Company property into a luxury residential high-rise.
The building features 458 apartments along with high-end amenities including a rooftop pool, indoor and outdoor fitness areas, coworking spaces, and even a podcast studio.
The project finished seven months ahead of schedule, but that's created a new challenge.
According to Albion's president, the apartment market in Nashville remains soft, with a large amount of new housing competing for renters.
The company is already planning a second 20-story tower with 392 apartments, but construction hasn't started yet.
At the same time, several massive redevelopment projects on neighboring former car dealership properties remain stalled, leaving Albion as the only completed project in what's expected to become an entirely new Midtown neighborhood.
The developer says if demand picks up, they're ready to move forward with the second tower.
