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

[PruneTracy]

I hope that, as this project moves along, Emery considers and/or Metro stipulates that the redevelopment design involve the reconnection of Sixth Avenue, particuarly since the Music City Center preserved it in its design.

 

As it stands, that street is pretty dead south of Church, and I can't help but think that's at least partially due to the convention center cutting it off between Broadway and Commerce. Restoring that connection would do much for reactivating not only Sixth Avenue as a whole, but intersecting streets along it, including Broadway, improving the prospects of not only this redevelopment but also the rumored hotel at Bridgestone Arena, among others.

 

Given that the current batch of renderings show no such reconnection, the value of the land itself, and that preserving the ballrooms would leave it more or less DOA, I'm not optimistic that this would ever happen, but I would hate to see the parties involved miss an opportunity to restore the street grid in a manner that would bring traffic to an area obviously of concern to the city as well as benefit development.

[Guest]

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

Just the Grand Ballroom will be left intact.

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

8 levels of parking for office over two levels of retail. Far less for the residential tower. Both are significant buildings and the garages will be fully clad in curtain wall.

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

No.

Edited March 28, 2015 by Guest

[titanhog]

Well...after reading this, it sounds like this thing could actually go all the way until 2017 before ground is broken.

 

The developers can extend that deadline several times over the course of 2016, but they'll owe Metro $250,000 each time they ask to do that. If they can't make the financing work by the end of 2016, the deal is off, according to terms of a development agreement filed March 26 with Metro.

 

http://www.bizjournals.com/nashville/blog/real-estate/2015/03/convention-center-deal-now-its-time-to-show-us-the.html

[Guest]

Well...after reading this, it sounds like this thing could actually go all the way until 2017 before ground is broken.

The developers can extend that deadline several times over the course of 2016, but they'll owe Metro $250,000 each time they ask to do that. If they can't make the financing work by the end of 2016, the deal is off, according to terms of a development agreement filed March 26 with Metro.

http://www.bizjournals.com/nashville/blog/real-estate/2015/03/convention-center-deal-now-its-time-to-show-us-the.html

That's a pretty large penalty. They will probably do everything they can to avoid that. They haven't gotten to this point without a lot of work already.

[CenterHill]

Well...after reading this, it sounds like this thing could actually go all the way until 2017 before ground is broken.

The developers can extend that deadline several times over the course of 2016, but they'll owe Metro $250,000 each time they ask to do that. If they can't make the financing work by the end of 2016, the deal is off, according to terms of a development agreement filed March 26 with Metro.

http://www.bizjournals.com/nashville/blog/real-estate/2015/03/convention-center-deal-now-its-time-to-show-us-the.html

The original announcement in 2013 that bids would be solicited to redevelop the old CC contemplated a 2017 construction start, 2019 completion.

Edited March 28, 2015 by CenterHill

[titanhog]

Yeah...I would imagine they'll do all they can to finalize the money before the end of the year.  I had just forgotten they still had to find financing.  I was ready for demolition next week!! 

[Guest]

Yeah...I would imagine they'll do all they can to finalize the money before the end of the year. I had just forgotten they still had to find financing. I was ready for demolition next week!!

Meh. In my opinion there is absolutely nothing to see there. No story. This is the way development works. It is just the way the language had to be structured but because it is a public document people are reviewing it believing they have found something.

The article is misleading because journalists have no understanding of how this all works. There is no lack of funding or gap. As typical in any development a preliminary agreement to financing and sources are all in place awaiting design document completion and the subsequent GMP to finalize. These people have all gone through the agreement to look for language they find interesting.

Of course construction won't start or the land purchase (from the city) won't close until the final development package is in place...

[titanhog]

In the end, we do have to remember this is like 3 or 4 different projects rolled into one.  As some have said before about this project...patience.

[Hey_Hey]

Yeah...I would imagine they'll do all they can to finalize the money before the end of the year.  I had just forgotten they still had to find financing.  I was ready for demolition next week!! 

I get the feeling that they have the financing unofficially. JP Morgan was involved early on and got Emery to collaborate with OliverMcMillan. I think it is safe to say that they (JPM) will play a prominent role in either the equity portion, the financing portion, or both. They definitely aren't starting from scratch.

[nashmoney]

http://www.bizjournals.com/nashville/blog/real-estate/2015/03/developers-heres-why-the-convention-center-deal.html?page=all

 

I feel a lot better about this project now that we have some of the details. If you look at any ambitious project, it can not be done overnight. The Streets of Buckhead in ATL (which OliverMcCMillian is involved) took almost 10 years to develop - from changing developers to changing the site plan.

 

I think we are on the right track with this project, especially since the Renaissance hotel is happy now.

[NashRugger]

Buckhead Atlanta was a folly when first conceived and almost went bankrupt from the recession, so that's a special case. Oliver has a strong portfolio, while not too large, but every project they've done delivers and does very well.

[CenterHill]

I had not seen this image. Conceptual of how the new development will use the site. The existing Renaissance ballrooms look almost untouched.

Edited March 31, 2015 by CenterHill

[titanhog]

^^So basically, there still won't be much street activation along Commerce except at the corner of 5th Ave.

[Neigeville2]

Disappointing.  Commerce is like this desert between the liveliness of Church and Broadway.  

[BnaBreaker]

I hope they at least renovate the exterior of those ball rooms so that it doesn't look like a flea market from 1984.

[NikOnder]

It's hard to gauge the heights from that image alone, but I am eager that this will at least bring some much needed massing to the skyline along the Broadway "Valley". The Office portion, at least, seems pretty substantial. As far as the residential tower, I guess I'd be happy as long as it's taller than the SunTrust building. 

[Guest]

It's hard to gauge the heights from that image alone, but I am eager that this will at least bring some much needed massing to the skyline along the Broadway "Valley". The Office portion, at least, seems pretty substantial. As far as the residential tower, I guess I'd be happy as long as it's taller than the SunTrust building.

I believe the residential tower is taller than the office. If it isn't taller it is pretty close. Both would be significantly bigger than Suntrust.

[Guest]

It's hard to gauge the heights from that image alone, but I am eager that this will at least bring some much needed massing to the skyline along the Broadway "Valley". The Office portion, at least, seems pretty substantial. As far as the residential tower, I guess I'd be happy as long as it's taller than the SunTrust building.

Well we can count floors.

14 floors of office is about 196' at 14' a floor.

8 levels of parking is about 80' at 10' a floor.

I bet the lobby will be tall so let's say 25' or so.

That's 300' plus a penthouse from Commerce. It will look taller from Broadway since that is down the hill.

How tall is Renaissance?

[UTgrad09]

How tall is Renaissance?

Several sources list it at 385'. That would make your guesstimate seem very reasonable. In any case, they should be quite visible in the skyline.

[titanhog]

I really wish they would wrap some of the retail around the Commerce side of the office tower.  Even place retail inside the Commerce side of the ballrooms.  Just build onto the south side of the ballrooms to make them a little bigger and when that's completed, open it up to Renaissance and then start constructing the retail on the north side of the ballroom.  That way, Commerce is not just a dead street.

[CenterHill]

Commerce should be renamed "No Commerce".     For a major downtown thoroughfare with wide sidewalks and 5 traffic lanes, Commerce has remarkably little commercial activity and virtually no street activation for the entirety of its 8 blocks.   For a pedestrian, the intersection of 6th and Commerce feels like one of the most remote and desolate spots in all of downtown, especially at night.     Possibly that's why Emery/Oliver are basically ignoring it.   That's too bad.          

[rookzie]

Commerce should be renamed "No Commerce".     For a major downtown thoroughfare with wide sidewalks and 5 traffic lanes, Commerce has remarkably little commercial activity and virtually no street activation for the entirety of its 8 blocks.   For a pedestrian, the intersection of 6th and Commerce feels like one of the most remote and desolate spots in all of downtown, especially at night.     Possibly that's why Emery/Oliver are basically ignoring it.   That's too bad.          

 

...and the only E-W street in NoBro that halfway does have any street "activation" or "engagement" would be Church, much less  Union St., which is limited basically to a couple of joint holes along the south side between the Stahlman Bldg and 7th, for what little that's worth.  Heaven forbid the brutalism of the corrugated masonry blank, they call TPAC-Polk, along with the monstrosities of BoA-Doubletree (the original Renaissance of Nashv'l), and UBS Twr (likewise none of which materially contribute to the streetscape).  You might as well not even count Deaderick, except on truck-vendor Thursdays (and then that's only between 3rd and 5th, or 4th and 5th).  You already are aware that DT Church used to rock as the main commercially interactive retail venue in the city, and it's understood that it eventually would wane, after being eclipsed with the advent of enclosed- and strip-malls, during the previously half century. 

 

But as close as Commerce St. is to the mainstream of Broadway, it's a crying shame in this day and age that especially this particular street gets overlooked, for without it, that part of DT might as well be 2-dimensional, with props of row buildings and entry holes.  Every time I see hotel guests streaming out of the Renaissance lobby, all they seem to do is to ask where the action is, and then head to Broad or to 2nd ─ that's about all.

-==-

Edited March 31, 2015 by rookzie

[titanhog]

Ok...this just got more confusing.  Now they're saying the city will pay Renaissance $4 Mil for their meeting space...and then the developers will build them new space in the new office building at a cost of about $7 Mil.  Is that what you guys understood before this article?

 

http://www.bizjournals.com/nashville/blog/real-estate/2015/03/missing-incentive-in-convention-center-deal.html

[UTgrad09]

It's a Rich Riebeling shell game.

[Neigeville2]

Now that the old convention center is outdated, I propose they just eminent domain the Renaissance Hotel and use if for affordable housing.