The development, called 500 West Trade, will involve a total redevelopment of the 2.7-acre block currently occupied by the vacant and crumbling James K. Polk Building and an adjacent surface parking lot. The site will contain an eight-story 400-unit building that will comprise the entire block. The announced plan calls for demolition in late summer and construction to commence this fall. Residences are projected to be available for move-in by late 2009. 

The amenities for the apartments include a private half-acre courtyard with several gardens and water features. One end of the courtyard will have a two-story resident gym complete with a rock-climbing wall, while a covered, tiered seating area within the courtyard will enable sporting events and movies to be shown on a large video screen.  

Sound like a condo? Keep reading. 

There are two pools planned for this complex as well. One pool, a saltwater pool, will be located in the courtyard. The other pool, located on the roof, will include covered seating areas and grilling stations and will also provide panoramic views of the skyline. The rooftop will also contain a vaulted two-story resident lounge with a gourmet kitchen for resident events and private functions. A third rooftop amenity will be a resident business center, conference room and media center with an outdoor viewing terrace overlooking Trade Street.  

Residences will be available in one-, two- and three-bedroom configurations, ranging in size from 600 to 1,300 square feet with rents from $900 to $2,000 a month. The condo-like finishes will include granite and quartz countertops, vessel sinks, exotic hardwood and tile flooring, sculpted carpeting, crown molding, upgraded cabinets and lighting, and stainless-steel appliances. Floor-to-ceiling windows will provide dramatic views with the 10-14foot ceiling heights. This complex will also include sound-reducing construction techniques, environmentally friendly plumbing, energy efficient lighting fixtures, high-efficiency air conditioners and heaters, and climate-controlled storage units.  

A seven-story parking deck will provide 560 secure parking spaces for residents. The complex will also be served by ground level retail fronting Trade Street suitable for an assortment of urban services. The site, located across from the future multi-modal station, will assist in bridging the gap between Gateway Village and the Uptown.  

Crosland’s portfolio includes properties in the Carolinas, Florida, Kentucky, New Hampshire, Tennessee and Virginia.  While Crosland owns and operates apartments across the Southeast, you can bet they will have their eye on the condo market and will be waiting to do a Fifth and Poplar- esque conversion when the market calls for it. The highly successful Spectrum development then re-development of the apartments that later became condos at Fifth and Poplar occurred at a similar time in the national economy when the financial world was in turmoil and buyer confidence was low. The apartments converted to condos after the housing market began to expand and demand was growing. We find ourselves, nationally, in a similar situation. Only time will tell how history repeats itself.