Pinnacle Financial Partners and CommerceOne Bank have closed a $37 million construction loan for Nova River District, a mixed-use destination located along the Oostanaula River in Rome, Georgia. The first phase of the redevelopment, just across the river from Rome’s Historic Broad Street, will create a walkable and inviting community featuring 250 residences, street-level food and beverage concepts, wellness-driven amenities and over one acre of programmed greenspace. Nova River District is owned and developed by CRE IMPACT River Arts District, LLC, an affiliate of CCI Real Estate.
“With financing now in place, the first phase of Nova River District will create new opportunities to live, shop, dine and gather just steps away from the waterfront and Chief John Ross Memorial Bridge,” said Paige Collier, senior lending officer at Pinnacle Financial Partners. “Extending the energy of Downtown Rome across the Oostanaula River will make the entire district more welcoming and pedestrian-friendly – with year-round programming drawing more people to the greenspaces and nearby trails, retail and restaurants enlivening the street level and new residences providing much-needed housing options to Rome’s growing population.”
Intentionally designed to complement the established businesses along Historic Broad Street and the experiences already available in Downtown Rome, Nova River District will create a community centered around wellness, recreation and social spaces. With a prime location on 6.41 acres between the Courtyard Rome Riverwalk and Fifth Avenue, the redevelopment will provide 250 newly constructed residences – including 178 one-bedroom and 64 two-bedroom apartments – and nearly 14,000 square feet of ground-floor retail. Two of the original buildings on the property will also be redeveloped into an additional 4,000 square feet of adaptive reuse retail space to complement the redevelopment.
“Rome is the economic basin of Northwest Georgia, fueled by promising growth in the education, manufacturing and healthcare sectors, and at the heart of every vibrant city is a great downtown,” said Jeff Warwick, founder and CEO of CCI Real Estate. “Nova River District not only delivers much-needed amenities and residences required to attract and retain a talented workforce but also executes the original vision set forth by the establishment of the River Arts District. This is a true public-private partnership, and this project would not be successful without the support of community members and the city and county governments.”
Northwest Georgia has attracted over $9.82 billion in new investment in recent years, generating nearly 8,000 new jobs in the region, according to the Northwest Georgia Regional Commission. Between August 2023 and January 2024, Rome’s labor force grew by nearly 3%, states the Bureau of Labor Statistics. Rome continues to benefit from growth within the manufacturing and healthcare sectors, with the latter employing 20% of the city’s workforce.
