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42 Townhomes Planned in Bellevue
42 townhomes planned in Bellevue
A rendering of the townhomes planned for a site at 7301 Highway 70 S. in Bellevue.
A Nashville-based development entity has bought 3.06 acres on Highway 70 South in Bellevue for $1 million with plans to build 42 townhomes.
Construction should start within a month on the $8 million project, said Victor Bishara, spokesman for the buying entity, 7301 Highway 70 LLC.
The former church property is a mile from the Bellevue Center Mall site, which separate developers plan to redevelop into a mixed-use project.
Bishara said the starter townhomes will include 1,400 square foot, two-bedroom units for around $199,000 and 1,700 square foot, three-bedroom units for around $225,000. "There's a demand for townhomes in Bellevue in the $200,000 price range," he said. "There's hardly anything available."
The property is already zoned for 60 units, Bishara said. The seller was 7301 Highway 70 South LLC, whose president is William R. Hostettler.
In a separate transaction, an entity in which Hostettler is a member has sold 91 rental townhomes at Lincoya Bay Townhomes near J. Percy Priest Lake in Donelson for $13.16 million. The buyer is an affiliate of Maleno Development, an Erie, Penn.,-based family-owned real estate firm.
The deal is the first in Nashville for Maleno, which owns and manages apartment buildings but also builds homes and manages other properties. "We're continuing the operations as is," said James Washburn, the firm'scomptroller, about its plans for the 91 townhomes on Lincoya Creek Drive.
That deal didn't include the nine owned units at Lincoya Bay Townhomes.
Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.
Getahn Ward
