Exclusive new details on Rise Investor's $210 million east Nashville mixed-used development
Sehgal is courting a Miami-based Michelin star chef
Uday Sehgal and John Thomas made history in 2008, playing leading roles in the nine-figure sale of Viceroy Hotels to a sovereign vehicle of Abu Dhabi. Sehgal represented the seller, and Thomas the sovereign, in the storied transaction.
15-years-later, the pair hopes to make history again, only this time for their own outfit: Rise Investors.
Yesterday, Sehgal and Thomas released the renderings of their newly founded firm’s first project, 800 Main, a $210 million, 420,000 square foot “transformative” mixed-use development located on a 3.6 acre site in the heart of east Nashville.
The upscale urban development, which Sehgal says is slated to break ground in early 2024, will feature 379 apartments, 45,000 square feet of creative office space, 40,000 square feet of retail and an abundance (one acre) of green space. Construction on the Leed Gold project is expected to be completed in early 2026.
379 units | studio & 1BD/1BA | $2,000+/month
Pre leasing of the amenity-rich residence, which features a rooftop pool and bar, state of the art gym, yoga studio and an organic market, will begin sometime in 2025, according to Sehgal.
The design driven-dwellings will include an even mix of studio and one-bedroom apartments that will lease for $2,000+ a month.
45,000 sqft | 5 - 6 creative tenants | $40 a sqft NNN lease
Five to six office bays will be available for lease, according to Sehgal. The AJ Capital Partner alum says that while Rise is “industry agnostic” when it comes to prospective occupants, the ideal tenant profile is similar to Soho House’s membership: “young and creative.”
“Think tech companies, design firms and boutique businesses,” says Sehgal.
The highly sought after space will start at $40 a square foot.
40,000 sqft | 12 - 15 retailers | $45 a sqft NNN lease
“This isn’t just a development — it's a destination,” says Thomas, who tells tennbeat that he and Sehgal will be hand-selecting twelve to fifteen, innovative retailers — ranging from restaurants to tattoo parlors — for their posh project. These leases will start at $45 a square foot.
Negotiations with well-known new-to-market retailers are already underway, according to Sehgal, who also made mention that Rise is courting a Miami-based Michelin star chef.
Thanks for reading tennbeat! Subscribe for free to read more TN business news.
The newly-announced development is primed to accelerate and build upon the growth of the hip neighborhood that is often referred to as “Brooklyn of Nashville.”
“Nashville is one of the fastest-growing cities in the country; and a pop culture icon. The economy is diverse, vibrant and accelerating,” says Sehgal. “Our intention is to create a landmark for the neighborhood that is both thoughtful and design driven.”
He and Thomas assembled what they call an “all-star team” to execute their vision. Sehgal selected Paris architectural firm AW2 as the concept designer for the project.
The world-renowned firm has wielded designs across more than 45 countries and is behind the blueprints of some most iconic developments including Four Seasons Hoi An in Vietnam, Six Senses Con Dao, Lycée francais d’Amman, a distinguished French International School located in Jordan, Banyan Tree Alula, a luxury resort in situated in the Saudi Arabian desert.
800 Main will mark the firm’s first project on U.S. soil, according to Sehgal, who worked with the outfit previously on a project in Vietnam, during his tenure at Viceroy Hotel Group.
“This has been years in the making,” says Sehgal who self-admittedly has been pining for another opportunity to partner with the esteemed coterie.
“The apartments, retail and offices open onto streets and courtyards, linking the activity to the city and bringing life within the development itself,” says AW2 founder Reda Amalou. “It is imagined as an open block, where pedestrians can connect from one street to another, while enjoying the green spaces offered to them.”
San-Francisco-based, Studios Architecture — whose book of clients include Stanford University, Nike and Google — is the architect of record on the project.
The project is set to come before the Metropolitan Development and Housing Agency later this month.
Rise’s recent announcement reaffirms that despite the economic uncertainty in the air cranes will continue to decorate Music City skies.
Sehgal tells tennbeat, he and Thomas already have their sights set on an acquisition for Rise’s next project.