Chicago-based Albion Residential has purchased a 2-acre property near Music Row, just as the developer's amenity-packed Gulch apartment complex begins leasing.

Albion paid $31 million for the corner lot at McGavock Street and 14th Avenue Tuesday. Construction on two new towers with ground-floor retail stores and a park is set to begin later this year.

The property was part of the Beaman Midtown car dealership, most of which is being developed by GBT Realty and Monarch Alternative Capital, who bought it for $110 million in 2021. Albion's neighborhood is designed to complement the neighboring project that has offices, homes, shops and restaurants.

"We are thrilled to close on this property, advancing our vision for Albion Music Row and bringing to life its more than 850 units and potential as an activated residential hub for Nashville’s next great urban neighborhood,” said Albion Residential Vice President of Development Andrew Yule. "With Albion in the Gulch having its first residents, we believe the market now understands what separates our properties when it comes to luxury, design and amenities."

Like its residential Gulch development, Albion Music Row will include two upscale towers. Planned amenities are a half-acre park, a recording studio and a performance stage.

First Look: Take a peek at Nashville's new Albion in the Gulch luxury apartments

The tallest, 29-story tower will be built first with 458 apartments, including low-cost micro units. Studios and duplex units will also be available as well as one-, two-, and three-bedroom units.

A second tower will follow with 382 units, retail and restaurant space and an array of floor plans.

The new Albion in the Gulch towers sit at the neighborhood's high point and are designed in a contemporary style with geometric forms that give a variety of perspectives.

Albion Music Row is being designed by Hartshome Plunkard Architecture of Chicago, and Nashville-based Barge Cauthen & Associates civil engineering; landscape architect Hodgson Douglas; structural engineer SDL; and MEP engineer J.C. Thomasson.

This article originally appeared on Nashville Tennessean: Albion to expand to Music Row, delivering luxury apartments, amenities