
Another out-of-town investor has snatched up a massive Dickerson Pike development site.An LLC affiliated with Arizona-based Garrett Development Corp. has acquired just over 14 acres of undeveloped property at the south end of the rapidly transforming corridor.The development group paid $17.39 million for the property which is situated near The Dive Motel and within half a mile of Oracle Corp.’s future $1.2 billion campus, according to Metro records.Rethink Community was the seller. The New York-based investment company bought the land for $8.75 million in June 2021.In August 2021, Rethink Community had announced plans for a mixed-use development on the site with multifamily rental units, for-sale town homes and retail, as well as a one-acre public park, according to its website.The transaction represents Garrett Development’s entrance into the Nashville market. The firm’s portfolio includes residential and commercial developments, as well as storage and industrial projects.Garrett Development Corp. did not immediately respond to request for comment on Thursday.Dickerson Pike is quickly transforming into the “new front door” to East Nashville. Over the past few years, the corridor has become a magnet for new investors, developers, restaurants and residents.Last week, another out-of-town investor made its Nashville debut with the announcement of a massive 12-acre development on Dickerson Pike.New York-based Aria Development Group and local firm Wedgewood Avenue are leading the development of The Pike, a master-planned community with over 600 residential units, restaurant, retail and public outdoor space.Nashville …
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