A Nashville developer is moving ahead with the initial phase of the long-anticipated Bank Street Station residential development.
Subdivision and site plan approvals by the Decatur Planning Commission last week were the last barriers to the “urban cottage” development moving forward, a local Realtor said.
The Planning Commission approved consolidating the six lots on Bank Street between Cherry and Cain streets in Northwest Decatur. The consolidation allows for the developer to operate the development as a condominium, City Planner Karen Smith said.
Kim Hallmark, of ReMaxx Platinum, said Nashville developer Steve Armistead, who has been planning to do the project for several years, gave the go-ahead to market and presell the homes that initially will be listed at $252,000 on property owned by Faye Adams Temple.
“We would like to presell and start construction on all six at the same time,” Hallmark said. “Planning Commission approval allows us to put the homes under contract.”
Rick Paler, executive director of Decatur Downtown Redevelopment Authority, said this is a first phase for Armistead that could lead to more downtown residential development by the Decatur native.
He said Armistead, whose brother owns Tennessee Valley Pecan on Bank Street, has discussed a mixed-use development that features both residential and retail in downtown Decatur.
“Bank Street Station isn’t starting with a massive amount of homes, but it’s unique for this market. It’s making a statement like the Barron brothers did with 307 Second Avenue,” said Paler, referring to loft apartments that sold out not long after they were completed last year.
Paler said developments like this bring residents to the city’s center and create traffic for local businesses.
Built by Jason Chandler of Chandler Construction, the Victorian-style homes will feature four different floor plans with two- and three-bedroom options that range from 1,050 to 1,442 square feet.
Hallmark said they plan to initially build six homes on the site, with four fronting Bank Street Northwest, one fronting Cherry Street and one built on the interior of the development.
Each home will have two dedicated parking spots. On-street parking will be available, but the city places a two-hour limit on this parking, Smith said.