250-unit apartment project planned in south Nashville

Monthly rents at Monterra Apartment Homes to range from $1,195 to $1,700

An aerial view of the 250-unit apartment complex that's planned for 15201 Old Hickory Blvd.(Photo: Submitted)

Story Highlights

• Monterra Apartment Homes will cost roughly $55 million to build at 15201 Old Hickory Blvd.
• "We have plans to do over 1,000 units in Nashville before we're done," Buffalo, N.Y.-based developer Anthony Cutaia said.
• Amenities will include a dog park and a resort-style community center with a fitness center.
• The Maddox Foundation, which offers grants in Northwest Mississippi, was the seller of the property.

A New York-based entity has paid $2.5 million for 15.27 acres in the Valley Brook neighborhood in south Nashville with plans for a roughly 250-unit apartment project.

Buffalo area-based suburban developer Anthony Cutaia is behind plans for the roughly $55 million Monterra Apartment Homes, which will rise at least three stories on the vacant, multifamily zoned land at 15201 Old Hickory Blvd. The Maddox Foundation was the seller of the property that's in a hot area for residential development.

"Our research shows that Nashville is a growing area and we felt that our type of project would fit very nicely in that market," said Cutaia, who will be making his debut here through Monterra Apartment Homes. "We have plans to do over 1,000 units in Nashville before we're done."

apartment project planned for the" width="540" height="405" />

Another view of the apartment project planned for the site on Old Hickory Boulevard. (Photo: Submitted)

Construction of Monterra Apartment Homes could start as early as June with completion expected 18 months later. Rane Property Management LLC, of which Cutaia is president, will manage the complex.

Generally, Cutaia focuses on developing high-end apartment homes in a hassle-free environment with high level of services and amenities targeting young professionals, families and seniors. He and other partners have developed or are developing apartments in Buffalo, Columbus, Ohio and Tampa, Fla.

Monthly rents at Monterra Apartment Homes will start around $1,195 for a one-bedroom unit and go up to $1,700 for a three-bedroom unit. Amenities will include a dog park, a resort-style community center with a fitness center, a swimming pool and a walking or jogging trail. Each building will have elevators.

Anthony Cutaia" width="180" height="240" />

Anthony Cutaia (Photo: Submitted)

The Maddox Foundation, a Hernando, Miss.-based nonprofit organization, offers grants in its home region that support education, conservation, youth sports and the Community Foundation of Northwest Mississippi.

The 1998 boating accident death of Margaret and Dan Maddox was followed by a dispute between Tennessee and Mississippi over their private foundation.

That resulted in an Internal Revenue Service ruling nearly a decade later that the more than $100 million, which the couple left behind, be split between the current Mississippi-based Maddox Foundation and the Nashville-based Dan & Margaret Maddox Charitable Fund.

Read or Share this story: http://tnne.ws/2oBfu2e