A high-profile retail strip near Music Row, where a major mixed-use project had been proposed, is set to get new owners.

The Tennessean reports that New Jersey-based Castle Rock Equity Group has a contract to buy the 3.38-acre Demonbreun Street property from Elmington Capital Group.

The property is currently home to a retail strip that includes Two Bits, Tin Roof and Off Broadway Shoes, among others. It is not immediately clear what Castle Rock will pay; Elmington Capital paid $17.67 million for the property more than two years ago.

Elmington had originally proposed building a 22-story mixed-use project with hotel rooms, apartments, commercial and office space. As we previously reported, Publix was seriously considering joining the project.

If the deal with Castle Rock goes through, the existing retail property will be managed by Montreal-based Hampton Properties Inc., according to The Tennessean.

Jacob Berger, chairman and president of Hampton Properties, told the newspaper Castle Rock plans to develop the property in three phases, beginning with a parking deck topped by apartments.

“We’re going to leave the shops for five to eight years,” he told The Tennessean.