A New York City-based development company has paid $16 million for North Gulch property adjacent to a site where it is underway with a residential high-rise.

Flank Inc. now owns the three-parcel property, which has a main address of 125 11th Ave. N. and covers 0.8 acres. On an adjacent site is the building home to bowling and bar business Pins Mechanical Co., with the soon-to-open Asurion headquarters complex located across 11th.

The seller was an LLC affiliated with members of the Harwell family. Of note, the late Robert Harwell Sr. acquired two of the parcels in 1946 and one in 1958. As such, the parcels rank among the longest-held by family members in recent Nashville history.

No buildings sit on the just-acquired property, which hugs the Church Street Viaduct.

Relatedly, and as noted, Flank is underway at 1111 Church St. on a 21-story residential and retail building to rise on the site last home to the former Gibson Valley Arts Guitar building. (Read more on that project here.)

In addition, Flank, Marriott and Ian Schrager Co. are eyeing luxury hotel Edition (read here) for nearby 1101 Grundy St. property.

“We do not yet have a formal plan for the site, but it will be a mixed-use project that will be complimentary to our residential tower at 1111 Church and the Nashville Edition," Flank emailed the Post. "We are excited to expand our footprint in the Central Gulch.”

Flank was represented by Tarek El Gammal, a broker and executive managing director with the local office of Newmark. The Post was unable to determine if the Harwell family had broker representation.