Inside 440 - Berry Hill, Midtown, Vanderbilt, 12S, WeHo, Fairgrounds, etc.

[bhibbs]

[markhollin]

^ ^ ^

http://www.tennessean.com/story/money/real-estate/2016/12/20/vanderbilt-buys-former-midtown-noshville-jjs-market-sites/95646026/

http://www.bizjournals.com/nashville/news/2016/12/20/developer-cashes-out-of-high-rise-broadway-site.html

http://www.nashvillepost.com/business/development/article/20847277/midtown-owner-sells-to-vanderbilt-for-1325m

[Andrew_3289]

On 11/4/2016 at 1:23 PM, markhollin said:

From today's Nashville Post:

A Midtown building slated to be reinvented, likely with a restaurant, is set for an interior update. Located at 1921 Broadway, the structure was once a home.

Redondo Beach, California-based Wehrly Holdings LLC paid $1.83 million for the 4,900-square-foot in February. The permit is valued at $115,000.

 

So is it safe to assume that mixed use development wont be happening? 

Any ideas what will be done with this property? 

Such a prime location and its a shame to let it sit dormant and look run down. 

[MLBrumby]

I never thought Afrektah's proposal was a serious one. But it seems he made quite a tidy profit on the flip here. The problem with Vandy's ownership is that they have the luxury of time and can sit on these parcels for years. 

[smeagolsfree]

14 minutes ago, MLBrumby said:

I never thought Afrektah's proposal was a serious one. But it seems he made quite a tidy profit on the flip here. The problem with Vandy's ownership is that they have the luxury of time and can sit on these parcels for years. 

I am with you 100%. I have said it before at the meets that he has not done anything and he is not a serious developer. All of the large scale projects he has proposed have not happened and I doubt they will. He is a land banker and nothing else.

With this purchase, Vanderbilt owns everything on the south side of Broadway from 21st down to 19th.

[dmillsphoto]

Good. The way Afrektah supposedly bullied the owners of JJ's market on the existing lease was shady. For him to do that, then turn around and flip the property could have meant one of my favorite institutions being forced out for sake of a land flip.

[markhollin]

1 hour ago, dmillsphoto said:

Good. The way Afrektah supposedly bullied the owners of JJ's market on the existing lease was shady. For him to do that, then turn around and flip the property could have meant one of my favorite institutions being forced out for sake of a land flip.

Of course, they will STILL eventually be forced out. But not yet.......not yet.      : )

[Neigeville2]

I imagine Vandy will turn this into a surface parking lot, expanding the three lots they have on the adjoining block which will probably never go away.  From a development standpoint this is terrible news.  As far as I can tell Vanderbilt has no interest in promoting the city's development and for them to own this prime land is a very, very bad thing.  It makes me mad every time I go by their parking lot in Hillsboro Village (corner of Pierce and 21st next to the Mapco), worst possible use for this parcel and they'll never give it up.

 

[samsonh]

7 minutes ago, Neigeville2 said:

I imagine Vandy will turn this into a surface parking lot, expanding the three lots they have on the adjoining block which will probably never go away.  From a development standpoint this is terrible news.  As far as I can tell Vanderbilt has no interest in promoting the city's development and for them to own this prime land is a very, very bad thing.  It makes me mad every time I go by their parking lot in Hillsboro Village (corner of Pierce and 21st next to the Mapco), worst possible use for this parcel and they'll never give it up.

 

This is an interesting take. Vandy got rid of a beautiful KFC for that surface lot, which will eventually be used for the Medical Center. I would imagine Vandy has some medium range plans for that property, 13.5 million is not chump change. The University is constantly growing and this space will be utilized for more than a parking lot within 10 years.

[MLBrumby]

I have heard that they would be looking for a way to alleviate being landlocked, specifically on the west side of campus. As speculated, I understand they are looking at that area for their new athletic complex/stadium. The would look at the current stadium site for another parking garage and sports offices to replace portions of McGugin. Don't look for a new gym to replace the legendary Memorial. As for the area east of campus (including the land mentioned here), they would like to put in mixed use buildings to complement the academic mission of the school.  That might include professional classes, graduate programs, living and offices, along with think tank space. That's been on their wish list. Of course, they could just as well join with a developer and let the market dictate what will go there. It won't happen soon, regardless. 

[Nashtitans]

aw dang it would've been cool to have another 25+ tower in midtown

[titanhog]

I'm never happy when I see Vandy purchase land in a "developable" area.  A university's campus becomes more of a "private" type area, where only students and faculty are truly welcome (and probably for good reason in many instances).  

I realize this will be on a main thoroughfare, so it's not like they can keep people from driving down the road...but I think it would be better if this could be a future development that all of Nashville could use...not just Vandy and its students / faculty.  (btw...I believe they have every right to purchase and do with it what they want within city codes...I just don't like it).  I've seen them do this along Music Row over the 20+ years I've worked there and believe me, that area becomes "private" and they keep a close eye on it.

[wmaddbb2018]

I have a feeling this is where they want to put their new football stadium. 

[titanhog]

17 minutes ago, wreynol4 said:

I have a feeling this is where they want to put their new football stadium. 

I don't believe there's enough land there along Broadway for that to happen.

[markhollin]

Vanderbilt ponders use of land along Broadway:

http://www.nashvillepost.com/business/development/article/20847307/vanderbilt-ponders-longterm-plans-for-midtown-parcels

[MLBrumby]

No. That's not where Vandy has determined to be the best use of athletic facilities. Their training and fields are on the opposite side of campus. Plus, there's not enough parking space. The pedestrian/commercial facing street frontage along Broadway is too (potentially) lucrative to put in an inward facing arena or other type building that engages the street only a few times a years. In short, there's too much profit to be made there by NOT putting in athletic facilities. 

There really is a desire by the university to build a R&D type of community that leverages the various programs.  Info Tech is one of the areas they've targeted. Media is another. Whatever they end up building there could very well include a giant communications/media center. 

Edited December 20, 2016 by MLBrumby

[LA_TN]

Merry Christmas!!!

[jmtunafish]

4 hours ago, MLBrumby said:

There really is a desire by the university to build a R&D type of community that leverages the various programs.  Info Tech is one of the areas they've targeted. Media is another. Whatever they end up building there could very well include a giant communications/media center. 

If it's anything like Georgia Tech's "Tech Square" in Atlanta, I'm all for it.

[FrankNash]

I see Vanderbilt building a Harvard Square design here. Universities of similar caliber to Vanderbilt have more than Hillsboro Village as their hang. No shade on Hillsboro Village, Fido and Belcourt are a home away from home.

Edited December 21, 2016 by FrankNash

[Nashtitans]

I wish we could have development like Atlanta. Just looked up GT tech square. We don't even have a grocery store in the core and they have all that density and commodities packed into one area.

Edited December 21, 2016 by Nashtitans

[MidTenn1]

Yes, the Harvard Square model would be perfect. Especially if you could include an actual subway station. 

 

[MidTenn1]

Regarding Vanderbilt's development of the Broadway site, they could probably get a stadium of 40,000 to fit. This is an overlay of the existing stadium in that area. A two-decker stadium would have a slightly smaller footprint and fit a little better, but parking and tailgating would be non-existent in this location.

 

[markhollin]

^ ^ ^ Thanks for the mock-up, PHofKS.  Yeah, I agree with MLBrumby's assessment that would not be a premier location for a new stadium---they would end up with some of the same problems they currently have.  I still think the athletic fields on the south side of campus along Blakemore make better sense space-wise, as well as entry/egress of traffic flow.

[Andrew_3289]

On 12/20/2016 at 9:16 AM, smeagolsfree said:

I am with you 100%. I have said it before at the meets that he has not done anything and he is not a serious developer. All of the large scale projects he has proposed have not happened and I doubt they will. He is a land banker and nothing else.

With this purchase, Vanderbilt owns everything on the south side of Broadway from 21st down to 19th.

The "south" side? 

[markhollin]

Ardavan Afrakhteh still has plans for a 25-story tower in another undisclosed location after selling his land along Broadway to Vanderbilt:

http://www.nashvillepost.com/business/development/article/20847325/jjs-site-seller-eyes-new-spot-for-highrise