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

[MLBrumby]

Latest project for West End Park...  http://nashvillepost.com/blogs/postbusiness/2015/10/29/image_released_for_west_end_park_residential_project

[samsonh]

Yes, 76% in less than a year.    We can complain all we want about all the cheap-looking stick frame apartments, but as long as developers can build and flip for returns like these, the pipeline will keep pumping them out,    

I am sure the ROI was much higher than that also, I have to imagine half of the project was financed at least. So that cash on cash return was really good in this deal.

[markhollin]

Overview and update of work on Edgehill Village at 16th Ave. South and Edgehill: "The ownership group has completed maintenance on the buildings and redesigned an outdoor courtyard. There are plans for a rooftop terrace and more outdoor patio space. Eventually, they plan to add residential units to an existing surface lot and possibly build a parking deck with retail components where two houses sit at 1516 and 1514 Edgehill Ave."

http://www.tennessean.com/story/news/local/davidson /2015/10/31/edgehill-village-evolution-sign-nashvilles-boom/74698330/

 

[titanhog]

Rental prices for Element could break Nashville records.

http://www.bizjournals.com/nashville/blog/2015/11/whoa-howmuch-for-that-nashville-penthouse-tower.html

[MLBrumby]

 Wow!  That's eye-poppingly high... and sure to get more developers to notice. Then I'm sure I'm not the only one here who has heard of an upcoming proposal that will break all residential heights, and I'm not talking about the Paramount. BTW: I will believe that one when I see it rise above street level. 

[titanhog]

 Wow!  That's eye-poppingly high... and sure to get more developers to notice. Then I'm sure I'm not the only one here who has heard of an upcoming proposal that will break all residential heights, and I'm not talking about the Paramount. BTW: I will believe that one when I see it rise above street level. 

You're saying there's a proposal for a building taller than Paramount?

[Vrtigo]

You're saying there's a proposal for a building taller than Paramount?

[The stack of cash required to rent the place] is taller than Paramount. 

[MLBrumby]

It's not an official proposal and I have only heard a developer from Texas wants to build a 50-story condo-apartment and shopping complex. This one came to me from a member of my firm in the Nashville office. I'm pretty sure I'm not the only one here who's heard of this one. I have my suspicions which one it is, but don't know for sure.  

[Hey_Hey]

My neighborhood is getting more high profile retail. Edgehill Village names a tapas restaurant and J. Crew as new tenants. I think it is a good omen that nationally known retailers are choosing these urban storefront outside of the traditional shopping mall.  J. Crew and Warby Parker are both big gets for the development, and there are still a couple spots that remain. 

http://www.tennessean.com/story/money/2015/11/02/j-crew-barcelona-restaurant-slated-edgehill/75063812/

[Paramount747]

It's not an official proposal and I have only heard a developer from Texas wants to build a 50-story condo-apartment and shopping complex. This one came to me from a member of my firm in the Nashville office. I'm pretty sure I'm not the only one here who's heard of this one. I have my suspicions which one it is, but don't know for sure.  

I guess this is plausible but probable? At this point, no. Since Tony has a foundation permit we will see 4 years from now when this is open what the rental rates are and if there is a market for another 45+ story apartment tower. It took almost a year for the hole, another three years for construction, so 4 years will give us a good indication of what the market will be.

[nashvylle]

I wonder if it's the developer from Austin that bought (or is buying) the car dealerships on West End?

[ajs]

They are drilling and blasting at site of Music Square Flats next to the "Octagon" building.  230 apts + retail.

[Hey_Hey]

Core drillers are currently taking samples that the Edgehill Village developers own across Edgehill Ave. They currently own 1514 and 1516 Edgehill.  Initially the developers wanted to clear the lots and have surface parking, but the neighborhood was able to convey that this wasn't ideal. They then have spoken of a new urban retail development that hides parking that can be utilized for the entire development.  I would love to see ground level retail with 2nd floor residential or office at that site.  They would also like to acquire 1518 which would give them three lots, but I'm not sure if they have been able to do that or not.  

[titanhog]

Core drillers are currently taking samples that the Edgehill Village developers own across Edgehill Ave. They currently own 1514 and 1516 Edgehill.  Initially the developers wanted to clear the lots and have surface parking, but the neighborhood was able to convey that this wasn't ideal. They then have spoken of a new urban retail development that hides parking that can be utilized for the entire development.  I would love to see ground level retail with 2nd floor residential or office at that site.  They would also like to acquire 1518 which would give them three lots, but I'm not sure if they have been able to do that or not.  

The more development they do in that area, the sicker I get knowing I sold my property too soon.  It was on Tremont, just across the alley from these properties you're talking about.  I know the property I had was just residential...but I've got to believe it will eventually be bumped up to at least residential / office...if not retail, eventually.  

[Hey_Hey]

I don't think retail or office will jump the Edgehill/Tremont alley anytime soon.  There is still strong opposition from many long-time residents to retail jumping Edgehill. There seems to be a strong general consensus (even among pro-development relative newcomers that the alley between Tremont and Edgehill is a hard stop. I could see more dense residential (RM-20) there. 

[titanhog]

Little hiccup in the Noshville area redevelopment.

Afrakhteh's complaint argues the coffeehouse's original lease — set to run through year-end 2022 — was never fully executed due to a missing signature from one of the market's owners, as well as missing a description of the property at 1912 Broadway, The Tennessean reports

http://www.bizjournals.com/nashville/morning_call/2015/11/popular-midtown-coffee-shop-landlord-fight-over.html

[SoundScan]

I hope--and assume--that the owners of JJ's will win here. Trying to boot out a business on a technicality to avoid the costs of negotiating a lease buy-out is rather unscrupulous. If Mr. Afrakhteh can't afford to do business in a honest and fair way then he can't afford to do business--period.

[markhollin]

Full-scale work begins on Music Square Flats on Music Row...

http://nashvillepost.com/blogs/postbusiness/2015/11/5/full_scale_work_begins_on_music_row_mixed_use_project

 

Edited November 5, 2015 by markhollin

[markhollin]

100+ year-old St. Bernard's Convent building sold to The Village Chapel.  Will remain intact. Village Chapel is my church and has been renting the majority of this wonderful old building for the past 12 years.

http://www.tennessean.com/story/money/real-estate/2015/11/03/hillsboro-villages-st-bernard-convent-sells-65m/75119282/



 

[UTgrad09]

100+ year-old St. Bernard's Convent building sold to The Village Chapel.  Will remain intact. Village Chapel is my church and has been renting the majority of this wonderful old building for the past 12 years.

http://www.tennessean.com/story/money/real-estate/2015/11/03/hillsboro-villages-st-bernard-convent-sells-65m/75119282/



 

That's great news! It's a neat old building, tucked away from the main drag. Happy that it will stay preserved.

[smeagolsfree]

A bit of news I heard over the weekend is that the 1922 Broadway project where Noshville is, will now be 14. I think this may have come about after he bought JJ's market, but if that lawsuit plays out against the developer, then it may go back to the original height or something else.

 

I am in a wait and see mode on this one and a number of others in town as he has no experience developing a project of this size. The project is now starting to nickle and dime him with lawsuits, design changes, etc.

 

Remember many of the projects on the large list I posted are just proposed at this time and I will guess that a good 25 % will not get built, maybe more. Right now we are having a good track record at announcements and starts, but that could change.

[wmaddbb2018]

I see where Skyhouse is starting to take shape as well.  Those guys work fast! 

[MLBrumby]

Eakin's Vanderbilt Place mid-rise, from WW at the Post.  I thought this was already zoned for a building like that, but not so. 

http://nashvillepost.com/blogs/postbusiness/2015/11/12/eakin_partners_seeks_rezoning_to_accommodate_west_end_corridor_mid_ris

[markhollin]

This from William Williams of Nashville Post this morning:

"Nashville-based engineering firm Littlejohn recently surveyed properties located within the 1900 block of Church Street in Midtown.

According to a source who asked to go unnamed, a developer (believed to be Texas based) is hoping to buy various parcels on the south side of Church, demolish the buildings on them and construct a mixed-use building."

The site being speculated is full of nondescript one-story warehouses and storefronts.  

Edited November 13, 2015 by markhollin

[PruneTracy]

This from William Williams of Nashville Post this morning:

"Nashville-based engineering firm Littlejohn recently surveyed properties located within the 1900 block of Church Street in Midtown.

According to a source who asked to go unnamed, a developer (believed to be Texas based) is hoping to buy various parcels on the south side of Church, demolish the buildings on them and construct a mixed-use building."

The site being speculated is full of nondescript one-story warehouses and storefronts.  

Wonder if that overlaps with the former Advance Financial properties. I thought they had all been bought up by a single entity as well.