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5th & Broadway | 501 Commerce | NMAAM | 34 story apt, 26 story office, + 183,000 sq. ft. of Retail

MidTenn1

By MidTenn1
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Paramount747 Burg

Paramount747

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I will say that you will be proved wrong on this one John. No offense, but Emory will probably pull it off.

I'll wager you a cup of coffee he does nothing of the kind my friend. This is dead and he knows it. He lost Bridgestone, and he lost whomever is going in the Michael Hayes' tower. He also lost the office tenants going in The Gulch. He is losing the apartment boom to Tony G, Skyhouse, Aertson, Element etc… It's also the fact the old convention center property is not zoned residential. He would have to get that changed as well.

 

He also has less architectural guidelines in the suburbs he loves so much. If he could get projects done in the city, why did he pull out of his agreement with Market Street last year?

 

Bottom line, this is done. Time to move along. Nothing to see here but an empty building until metro sells it to someone who has the ability to carry $400,000,000 of paper. No bank is doing that right now, even in the It City like Nashville.

Edited by Paramount747
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PaulChinetti
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Took some shots today. It is quite the complex. 

jmtunafish
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AllianceBernstein has made it official:  it's moving its HQ and 1,000+ high-paying jobs to the 5th & Broadway development which is set to open in 2020.  AllianceBernstein will occupy the top 8 flo

bhibbs
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Hi folks! Been a while since I’ve been able to post since I’ve started my new job. With that being said, my new job puts me at some of our favorite job sites each day...and I just happened to leave 5t

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BnaBreaker City

BnaBreaker

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This probably isnt fair, but with all respect to John, who brings up some good points here on his end, whenever he announces his staunch doubt in a project coming to fruition, in my head I kind of take it as a good omen that said project will be built. Haha

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I'll wager you a cup of coffee he does nothing of the kind my friend. This is dead and he knows it. He lost Bridgestone, and he lost whomever is going in the Michael Hayes' tower. He also lost the office tenants going in The Gulch. He is losing the apartment boom to Tony G, Skyhouse, Aertson, Element etc… It's also the fact the old convention center property is not zoned residential. He would have to get that changed as well.

He also has less architectural guidelines in the suburbs he loves so much. If he could get projects done in the city, why did he pull out of his agreement with Market Street last year?

Bottom line, this is done. Time to move along. Nothing to see here but an empty building until metro sells it to someone who has the ability to carry $400,000,000 of paper. No bank is doing that right now, even in the It City like Nashville.

CBD Core Zoning allows residential. No zone change required.

Did Pat kick your dog in the past?

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Metro will end up selling this to Marriott and letting them privately develop it as was the plan almost 10 years ago. Pat Emery needs to stay in the suburbs where he belongs. He has no history or experience building in the CBD. The CBD is totally different from the car friendly suburbs. This has been a waste of time from the beginning when the Medical Mart failed. Metro does not need to be in the commercial development business. Sell it, and let a private developer have it. This Pat Emery design is too bold like the Turnberry Developent. This is still Nashville, not Atlanta, Dallas, Houston, NYC, Chicago etc… Nashville is still in the stage of simple and sensible development.

It's time to end this debacle and sell it to someone who knows what they are doing.

Sensible development like the photo in your Avatar?

Oh yes. Let's sell it to Marriott. A notoriously combative company to completely underutilize the site by drawing blood from the space and strengthening an agreement that will ensure nothing is ever done worth while.

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BnaBreaker City

BnaBreaker

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This probably isnt fair, but with all respect to John, who brings up some good points here on his end, whenever he announces his staunch doubt in a project coming to fruition, in my head I kind of take it as a good omen that said project will be built. Haha

 

John, you did it again!!  Thank you!!  I credit you good sir.  ;)

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Paramount747 Burg

Paramount747

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Yes, I spoke to Ron via phone last night. I owe him a coffee at some point. However, maybe I should wait until actual construction begins? In any case I may be wrong on this one. I am surprised this may have come together since it now seems Metro totally rejected Marriott's proposal of a few years ago.

 

Not sure what was flawed in the Marriott proposal, but maybe this will be better. I know Marriott wanted a tower of luxury suites. Maybe they could build on top of the Commerce Street Garage. That would be cool.

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rookzie Burg

rookzie

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Yes, I spoke to Ron via phone last night. I owe him a coffee at some point. However, maybe I should wait until actual construction begins? In any case I may be wrong on this one. I am surprised this may have come together since it now seems Metro totally rejected Marriott's proposal of a few years ago.

 

Not sure what was flawed in the Marriott proposal, but maybe this will be better. I know Marriott wanted a tower of luxury suites. Maybe they could build on top of the Commerce Street Garage. That would be cool.

 

Not to be rabble-rousin' up in here, but Ron just might swindle a deal for a full carafe of brew, which he just might even share with BNAbreaker, for him to savor, if he were to ever come to the First Saturdays.

-==-

Edited by rookzie
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BnaBreaker City

BnaBreaker

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*two level 781 space underground parking garage

 

*House of Blues interested

 

*work to begin no more than six months after the land transaction closes

 

*Renaissance will keep the adjacent ballrooms

 

On that last note, I'm not familiar with how the structure is laid out.  Does that mean that part of the old structure will remain and the new development will be built around it?  If so, that will be a pretty awkward look, especially if that section fronts the street.

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bellinibean Unincorporated Area

bellinibean

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*Renaissance will keep the adjacent ballrooms

 

On that last note, I'm not familiar with how the structure is laid out.  Does that mean that part of the old structure will remain and the new development will be built around it?  If so, that will be a pretty awkward look, especially if that section fronts the street.

 

If you are walking into the front of the Renaissance, take a left, around the escalators and continue down the corridor. I'm pretty sure the ballrooms in question are on the right. If so, then yes they front Commerce St. There is a kind of lobby/mixer area in front of the entrance to the first ballroom. It's been a few years since I've been there.

 

Oh and hello everyone. rarely post but check for updates daily. You all are how I keep up with things from Belgium. Cheers!

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MLBrumby Metropolis

MLBrumby

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Eric Snyder has details in the NBJ: http://www.bizjournals.com/nashville/morning_call/2015/03/agreement-spells-out-sales-price-for-nashville.html

 

• The Metro Convention Center Authority has agreed to finance construction of a two-level underground parking garage with 781 spaces, with the option to build a third level with 400 spots, at an estimated cost between $32 million and $44 million.

• The developers will assume the cost of tearing down the existing convention center, an estimated $7 million.

• Developers will also finance construction of the space for the National Museum of African American Music, at an estimated cost of $11 million to $12 million.

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nashmoney Hamlet

nashmoney

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Eric Snyder has details in the NBJ: http://www.bizjournals.com/nashville/morning_call/2015/03/agreement-spells-out-sales-price-for-nashville.html

 

• The Metro Convention Center Authority has agreed to finance construction of a two-level underground parking garage with 781 spaces, with the option to build a third level with 400 spots, at an estimated cost between $32 million and $44 million.

• The developers will assume the cost of tearing down the existing convention center, an estimated $7 million.

• Developers will also finance construction of the space for the National Museum of African American Music, at an estimated cost of $11 million to $12 million.

 

Something tells me that Rich Reilbiling had a hand in this deal. So the city is back to building parking garages (one already under construction at the Paramount site one block away) for $32-44 mil at the Emery site (which will more than likely be over budget), and the city is only getting approx $23 mil in all for this deal (land and rent payments, and AA museum). Doesn't add up.

 

I understand the investment by the private companies is stated to be $400 mil+, but geesh, can't private developers build their own garages. Just include it in the project price like every other private development. Just like the Sounds stadium deal - we bought the land from the State, building their garage, and banking on private development around the Stadium to pay off the debt, which Sounds owner still has not said anything about their part of the development.

 

The city just needs to sale the land and be done. Let Emery build their own garage and let AA musuem raise their funds for development of the museum. There are way too many private-public developments in this city, where the city ends up getting screwed.

Edited by nashmoney
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Vrtigo Burg

Vrtigo

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That takes up a fairly large section of that block.  That's disappointing if that entire part stays and they have to build around it.

Good god...so that entire side along Commerce street is going to look like that?!?!

 

I interpreted the plans to say that the new project would start just past that awning in the street view link above, so they could do with that blank wall as they wish. That's some prime street frontage, so I can't imagine they would leave it as-is.

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farm_boy Whistle-Stop

farm_boy

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Those are the final plans. The ballrooms will be left intact for the use of the Renaissance Hotel

Also, the "24" story office tower will be 14 stories on top of 10 levels of parking. Same setup for the residential tower

Edited by farm_boy
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