High End Retail Coming To Vacant Building In East Nashville

Posted at 7:44 PM, Jun 28, 2016
and last updated 2016-06-28 21:06:08-04

Property on Gallatin Avenue where a Walmart Neighborhood store used to sit has been sold, and high end retailers will move in.

Since Summer 2015 Karen Goodlow and her husband have been working to restore the historic Fire Hall Number 18. It's new name; "The Station". They had to buy the property from Walmart.

"It was a long, difficult process. A lot of perseverance, a lot of persistence. It took a very long time," said Goodlow. 

Within the year however, the mega store giant announced it would be closing several Nashville stores. The one on Gallatin Avenue was one of them and for months it has sat vacant. Meanwhile the Goodlows watched and waited.

"We were just hoping it wouldn't be leveled or flattened and then they're just going to build more high rises," said Goodlow. 

This month it was announced the property was sold. "It was around the $5 million mark, they had 15 offers on it," Nashville Broker, Elizabeth Gatlin said. 

However, another grocer won't be moving in thanks to Walmart's non compete.

"That's pretty typical of any big name stores. Big boxes usually put on restrictions that would not allow their competition to then go purchase a property," Gatlin explained. 

"Everybody wanted a Trader Joes here and they still do. Kind of a healthy, good priced, wholesome food," Goodlow said. 

Instead, East Nashville will be getting high end retailers. "It's a storage company in the back and then they're going to have 15,000 square feet of upscale retail in the front," said Gatlin. 

Gatlin explained East Nashville's changing demographic is attracting developers who cater to a higher income.

"We were really surprised because there's nothing like that in East Nashville right now," said Goodlow. 

The median home price surrounding that location on Gallatin Ave. is $330,000.