April 04, 2019
$750 million North Gulch development lands health care tenant
Publix Super Markets Inc. and HCA Healthcare Inc. are getting a new neighbor.
Nashville-based health-tech company ProviderTrust Inc. will move into a new 20,000-square-foot office at the downtown Capitol View development later this month, the company announced Thursday. ProviderTrust will be on the second floor of the building at 406 11th Ave. N., above the planned Publix grocery store that is set to open this year, according to a news release.
ProviderTrust joins several high-profile tenants in the $750 million mixed-use development, which is helping drive a boom along Charlotte Avenue. LifeWay Christian Resources and HCA (NYSE: HCA) subsidiaries HealthTrust, Parallon and Sarah Cannon Research Institute already have offices at the development. Health care IT company HealthStream Inc. (Nasdaq: HSTM) will move its corporate headquarters to Capitol View this year, while co-working giant WeWork Cos. announced plans last month to open a 65,000-square-foot space in the same building.
ProviderTrust, which works with health care providers to ensure they are in compliance with federal and state exclusion lists, has 80 Nashville employees, but projects to employ as many as 100 by the end of the year. According to Nashville Business Journal research, the company generated $11.7 million of revenue in 2018 from its current 8,500 square-foot office, located at 2300 Charlotte Ave.
“With ProviderTrust’s continued rapid growth and the launch of our fourth product in nine years, it made perfect sense to move to Capitol View, which sits at the intersection of health care and technology in Nashville,” co-founder and Partner Michael Rosen said in the release.
With the addition of ProviderTrust, the office space in the mixed-use building at Capitol View is filled, according to the release, although there is space left in the 300,000-square-foot Block E building, which opens in mid-April. Capitol View also houses 378 residential units, several shops and restaurants, a pair of hotels and a public park.
“With ProviderTrust’s move to Capitol View, a major block of office space in the district is now completely leased and another block is leasing fast,” Thomas McDaniel, a partner at Capitol View developer Boyle Investment Co., said in the release. “Not only are office and retail spaces filling quickly, The Residences at Capitol View are now over halfway leased. We’re excited about the enthusiasm of the tenants making the move to Capitol View and the momentum of the district.”