Chicago-based Albion Residential purchased a two-acre property near Music Row just as the developer’s amenity-filled Gulch apartment complex is starting to rent.

Albion paid $31 million on Tuesday for the corner of McGavock Street and 14th Avenue. Construction of his two new towers, with retail and parks on the ground floor, is set to begin later this year.

The property is part of the Biman Midtown Auto Dealership, mostly developed by GBT Realty and Monarch Alternative Capital, and was purchased in 2021 for $110 million. Albion’s districts are designed to complement adjacent projects with offices, residences and shops. and a restaurant.

“We are advancing our vision for Albion Music Row, with more than 850 units and its potential as a revitalized residential hub in Nashville’s next great urban district,” said Andrew Yule, vice president of Albion Residential Development. We are thrilled to have this property completed.” “With the arrival of our first tenants at Albion in the Gulch, we believe the market has come to understand our properties differently in terms of luxury, design and amenities.”