Argo
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Posts posted by Argo
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On 11/16/2023 at 7:21 AM, Luvemtall said:
We all need to recognize and openly acknowledge the bull in the china store. The 2024 elections are on everyone’s radar, regardless of your opinion. This isn’t a political message, I’m just stating a simple truth. The uncertainty of what comes next , is in the back of all our minds and that goes true for the financial markets as well. From the Feds all the way down to local banks and investors, the ledge so to speak is a delicate balancing act right now. Unfortunately IMO I don’t think we will see a difference, until the election is over and the path forward is a little bit clearer.
What does the above mean?
sky high inflation, sky high interest rates, astronomical budget deficit, national debt has now grown to be unpayable, dollar losing its world's currency status, real estate market collapsing, bond market collapsing, corporate layoffs
and you're actually trying to tell us its because of an election that is happening a year away?
Man this is straight jacket logic.
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56 minutes ago, smeagolsfree said:
Two words sum up the commercial real estate market in Nashville right now.... Nothing's happening! That comes from multiple sources in the Nashville real estate industry.
Even the housing market is showing signs of cracking. My neighborhood had two homes taken off the market and another has had 7 reductions in the past 6 months and is still sitting there. I am not saying that is indicative of all places but is pointing to trouble.
Next year is going to be a tough year and the 8 ball is blank, black, and fuzzy. There may be a few bright spots like the East Bank, but those projects still need to be financed,
Exxxxagedtedly.
For some reason it's hard for some persons to understand the current collapsing of the economy.
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The commercial housing market is collapsing. They see it. Which is why they are short term tourist housing.
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2 hours ago, markhollin said:
"It is an unfortunate and sad abuse of the system by three individuals who, despite being newcomers to the area, have tried to manipulate and control the future of Nashville’s urban core," he added.
"newcomers"?
Interesting.
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On 9/12/2023 at 2:17 PM, markhollin said:
A document Fallon submitted to Metro notes the phase one component could offer up to 60 percent of the future residences as affordable. The first building could be fully affordable housing (380 units) with 30,000 square feet of retail. A mid-2027 delivery is envisioned.
Subsequent additions during the first phase could include two hotels and two residential buildings.
With the way things are with the economy, I am now beginning to understand why they are using the words "could" and "envision".
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4 hours ago, smeagolsfree said:
Look for projects to start being cut, cancelled, or delayed I think now. Interest rates are not coming down anytime soon and WW has talked to a few folks and things are dead as a doornail.
Another shoe is about to drop on Church Street as well. I do think we will see a few projects cancelled but more delayed. Let's call it a culling of the heard.
I do agree that the Hines project is well behind as they were supposed to start on one of the buildings already, and not one bit of earth has been moved. Remember it is not just here this is happening everywhere. I think a number of projects are finishing up and we may get some new starts as some companies are in better shape than others. Then there are other companies that have never done large scale projects that are now scrambling trying to save face and maybe get out. Some will just hold on to the land and wait out the storm as Nashville is still a good investment.
I sounded the alarm on this. The high interest rates, high inflation, skyrocketing national debt, dollar losing world currency status, corporate downsizing and a host of other economic catastrophies over the last two + years. Has ended Nashville's hey day.
Um, um, um.
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1 hour ago, smeagolsfree said:
At best the CL folks have delayed the projects to the point the interest rates may have further delayed the projects. Who knows now.
Um um um.
Yet another economic casualty of current times.
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9 hours ago, Azarat said:
I believe this is the same lot that the 30 story 1KVB was suppose to be built several years ago, please correct me if I'm wrong. This property, IMO, should have been developed years ago. It's sad it's still vacant . Possibly if they were to remove the eyesore "Sticks" something good might happen
What does that have to do with a developer being able to get the interest rate he can afford to sign for?
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Man I'm glad the honky tonks are getting built. There would almost be nothing going on if they weren't getting built.
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Any word on the result of the court case.
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2 hours ago, sambo said:
It's double fenced off now. Idk if that's a good or bad sign.
Well it ain't good.
I'll bet that's why we haven't heard anything about the Reed development.
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2 hours ago, Bos2Nash said:
Not to cause panic or anything (this project was ALWAYS going to be a long range project), but one of the few projects in downtown that did permanent fencing has been Circle South. With the office market the way it is, plus current financing for other project types it is not surprising that this one would be slow walked until we get better financial terms.
eeeeeeee yep.
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If Merchants doesn't come back then I think they should put a Sir Pizza there. Failing that, bring back Billy's.
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1 hour ago, smeagolsfree said:
Well that certainly explains a lot.
Indeed. Once you become pessimistic, even a change of location doesn't help.
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58 minutes ago, smeagolsfree said:
I think they had a fire and must have decided to remodel the entire place while they were closed.
You are one pessimistic basket case,
I know. I mean I can't help it. It's just where I'm from it makes you pessimistic.
PS. I'm from North Carolina. The Charlotte area to be exact.
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I guess Merchants is permanently closed.
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3 hours ago, Brichar4 said:
As pinnacle goes up, I’m starting to like it more and more. It’s a glass box but the angle really helps give it a lot of different perspectives.
Yeah I agree it's definitely a box. I've seen plenty of bauxes that look like that. I also agree with you that we need to stop using glass. We need to have that gritty grimey look.
Nashville must return to the glorious northeast downtown look. The concrete of the Doubletree, Stahlman, and the rest of northeast downtown is where we should be going. Man those buildings get my juices flowing.
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1 hour ago, go_outside said:
FWIW, as cool and sexy as they may be, I don't think we need more East Bank "landmarks."
The Titans stadium and the park facing the river are already huge landmarks for the East Bank. I would rather focus on vibrant, mixed-use, walkable neighborhoods rather than more "landmarks." Residents want wide sidewalks, safe streets, shady tree canopies, grocery stores, shops, restaurants, convenient transportation, playgrounds for kids, dog parks, etc. "More landmarks" is far down the list of priorities.
Even if we wanted to, I agree with @smeagolsfree that we just can't afford to sacrifice more tax revenue for TPAC. We genuinely need all the tax revenue we can get out the East Bank if we're going to come close to covering our stadium obligations.
What are you talking about.
The State of Tennessee is the one putting up hundreds of millions dollars if not a billion dollars to help build this area.
It's their money so they have some input on what gets done with it.
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2 hours ago, markhollin said:Nashville construction volume expected to be down by 20% by end of this year according to a Cummings study. But things are not as glum as in some other markets.
In 2020, the city saw a record-high in annual construction volume at just over $12 billion — this year, Cummings research predicts the total volume will be around $9 billion.
High interest rates have made it more difficult for planned projects to break ground, but certain sectors such as infrastructure and health care are keeping the construction industry afloat.Though construction volume is down, it was a record-breaking year for Nashville for construction permits.
The Metro Codes Department issued $5.88 billion worth of permits this past fiscal year, which ended on June 20, according to data obtained by the Business Journal. The sum creates a new record — up nearly 18% from the previous fiscal year.
Cummings predicts construction market value will increase by 16% and could surpass $10 billion by the end of 2024 — a value that is not quite as high as 2021 and 2022 but shows strong growth.
One of the city's most anticipated projects is the Tennessee Titans’ $2.1 billion domed stadium. This month, the Titans selected the Tennessee Builders Alliance (TBA), a partnership between Turner Construction Co., AECOM Hunt Construction, Polk & Associates and ICF Builders, to manage construction of the stadium for the Tennessee Titans.
“The stadium won't pause, despite what interest rates might do. TPAC won't pause, so there's a lot of comfort there. … Construction is going to stay busy because those projects are a sure thing. And that's the beauty of Nashville, right? The Titans stadium still goes on despite what we're seeing, just like Music City Center during the recession of '08 and '09,” Ozols-Goss said.
More at NBJ here:
https://www.bizjournals.com/nashville/news/2023/09/22/nashville-construction-volume-falls-20-percent.htmlWow!!!
This is what I and many other knowledgeable folks have known. High interest rates, high inflation, corporations downsizing, dollar losing its world currency status. Strap in because there are many more developments being deep sixed. And that includes multiple tower developments.
There is a reason why development news is as active as a library on the 4th of July.
I just don't have a clue as to why this has been happening the past 2 and a half years.
Over 150 high rises, towers, and scrapers now on the other side of Limbo. Oh what could have been.
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18 hours ago, Bos2Nash said:
I think it will also depend on interest rates.
Someone can correct me, but I also think they still need to go through final entitlements (ie Bonus Height) for the twin right?
There go those darn high interest rates again.
Another tower gone poof.
Maaannnnnnn.
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3 hours ago, Luvemtall said:
This project is coming along nicely, but I still think it’s very underwhelming compared to the other developers submitted renderings . There again it’s evident of the same old school of thought that seems to be plaguing this city . Keep it simple and never think in a progressive manner, stay inside the box and be conservative. This is why Nashville doesn’t get the same bold unique designs of other cities like Austin, Miami, Charlotte etc.
Good grief. Austin and Miami buildings all have the balcony design style. Not attractive at all.
Charlotte is beige.
Too funny.
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On 9/12/2023 at 9:34 AM, KJHburg said:
I hope they build it a lot faster than they have done with their big project here in Charlotte Centre South.
They will. Nashville is box office.
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That is very sparse parking for NFL game days and large tradeshows.
There has to be more. They can't be that dumb.
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Whose going to pay for the boondoggle. The state?
A $2+ billion football stadium.
A $1+ billion dollar performing arts center.
A multimillion dollar entertainment pavillion.
Yeah the taxpayers of the state are wearin to pay 3-digit billion dollar transit boondoggle.
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Inner Loop - CBD, Downtown, East Bank, Germantown, Gulch, Rutledge
in Nashville
Posted
They're not a food hall chain type of restaurant.