Kentucky Developer Essex Development Acquires Downtown Nashville Property for $20M, Plans Residential Project

Kentucky-based developer Essex Development makes a bold move in downtown Nashville, acquiring the Rutledge Hill property for $20 million. With plans to reinvent the site of the former Scott Sales Co., Essex is considering a residential project with up to 11 floors and approximately 300 units. The transaction, equivalent to $9.75 million per acre and nearly $224 per foot, marks a significant investment in the area. Wilson Bank & Trust has provided a loan of about $22.72 million for the project. The 2.05-acre property is located near SoBro and Rolling Mill Hill, and Essex would need to ensure the future structure adheres to urban design standards. Led by Managing Partner Matthew Williams, Essex specializes in logistics, distribution, and industrial assets.