After many years of waiting, Bank of America has finally foreclosed upon the failed Braxton condo project in Ashland City. The Braxton is a 2 tower, 136 unit luxury waterfront development located next to the Harpeth Shoals Marina on the Cumberland River. Original pricing ranged from $450,000 to over $1.2 million for penthouse units.
The Braxton condos were originally developed as a luxury second residence for boaters, hence the construction of the 143 slip Harpeth Shoals Marina. The lure of the project was centered around the premise that one could take their boat to Ashland City for the weekend and have a place to stop, relax and congregate prior to returning to Old Hickory Lake a few days later. All throughout the sales period in 2007- 2008, PSLs for boat slips were included in the sale. In 2009, the sales team began advertising actual boats to be included with the purchase of a condo.
Challenges for the Braxton
Aside from the obvious challenges, the ground floor of the Braxton development was completely flooded in May 2010 during the great flood. Reportedly, there was as much as 4 feet of water in the shared lobby between the two condo towers. Additionally, the Tennessee port authority terminated its lease with the marina due to several violations that were reported by the Army Corps of Engineers. Other challenges include larger than average floor plans, the utter lack of comparables within a 15 mile radius, and an inadequate pool on the parking lot side of the building.
What Will Happen with the Braxton
Bank of America has engaged the Atlanta office of Jones Lang LaSalle to market the property for sale. That effort will begin shortly and it is expected that JLL will call for final bids as early as the end of March/beginning of April. Potential buyers will be analyzing the project from a condo, multi-family, hotel and possibly, timeshare prospective to determine the highest and best use.
As a broker who has evaluated this project for several years, I am open to working with potential bidders to aid in determining the true value of this asset. Tap into the research my partner and I have already performed and enhance your immediate understanding of the Braxton. Learn more about Ashland City, its proximity issues and who your true target market demographic is for this project.
Grant Hammond, Broker, ABR, SFR
Call or Text: 615-945-7123
Braxton@GrantHammond.com
