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

[Nashville Cliff]

Now that the old convention center is outdated, I propose they just eminent domain the Renaissance Hotel and use if for affordable housing.  

 

Ha! That would be some darn expensive affordable housing.

[nashmoney]

Nashville Convention Center redevelopment deal moves ahead

 

http://www.tennessean.com/story/money/real-estate/2015/03/31/approval-urged-convention-center-redevelopment-deal/70722892/

 

She's chugging along....next stop Metro Council 04/07

 

From Article:

 

The project OliverMcMillan Spectrum Emery plans would double the amount of retail space downtown, including with new retail shops and restaurants and a boutique grocery store also being considered. Before the authority's vote Tuesday, developer Pat Emery of Spectrum {sodEmoji.|} Emery said clothing and other retail shops would occupy the first level of the two-floor retail structure, with restaurants and entertainment expected to be on the second level.

 

"We're going to stay away from any retailer that's here and bring in new retailers that are not in this market," he said, citing hopes that would draw Nashville residents downtown to shop.

[rookzie]

Ha! That would be some darn expensive affordable housing.

 

Yeah, Phat chance in this life, eh?  Reckon if it managed to hang around for 80+ years w/o getting updated, it just might be candidate for affordable, even though it might have fallen down by then.

-==-

[donNdonelson2]

Speaking of affordable housing...any news on the James Robertson building's renovation? For any who missed the announcement, it is being upgraded and will no longer be downtown's "affordable housing" option for seniors and handicapped individuals.

[NashRugger]

Apparently the mill is churning that Oliver McMillan is looking at retailers that aren't in The Mall at Green Hills but still want into the market and you'll have a myriad of middle to high market retailers here. I expect nothing but flawless execution on their side for sure.

[jmtunafish]

Apparently the mill is churning that Oliver McMillan is looking at retailers that aren't in The Mall at Green Hills but still want into the market and you'll have a myriad of middle to high market retailers here. I expect nothing but flawless execution on their side for sure.

 

It would be nice to go downtown again to go shopping.  I don't know how feasible this is, but I would love to see a Von Maur or some other nicer department store downtown, even if it's only 50,000 or so square feet.  Maybe it's just wishful thinking.

[titanhog]

I think if they get enough high-end retail, someone may be interested in moving their office from the AT&T bldg to the Emery office building! 

[Paramount747]

Maybe they will include an IKEA!!!!!!!  

[Guest]

It would be nice to go downtown again to go shopping. I don't know how feasible this is, but I would love to see a Von Maur or some other nicer department store downtown, even if it's only 50,000 or so square feet. Maybe it's just wishful thinking.

There is a huge national trend in urban retail. The apartment building makes the retail all the more feasible. As far as a 50K store, not at this location. Just look at the plans. This is all smaller store type stuff, but a lot of them.

[smeagolsfree]

That's John's version of April Fools.

[markhollin]

Convention Center sale moves one step closer...

http://www.tennessean.com/story/news/politics/2015/04/20/old-convention-center-sale-clears-committee-votes/26103777/

[MLBrumby]

This article breaks down the arrangement more, and makes it seem like a better deal for Metro that I originally expected/thought. Kudos to Joey Garrison. 

[titanhog]

Are they saying the final vote is tonight...or next Tuesday night?

[gannman]

Second vote is tonight and third (final) vote is next tue. Tonight's vote will be the deciding factor as the third vote is mostly formality.

[smeagolsfree]

Remember they cant start demo for at least six months. So this could start this year, but I will bet on next year.

[Guest]

Convention Center Redevelopment was approved in second reading by Metro Council tonight.

[nashmoney]

Why the retail must be upscale at $400M convention center site overhaul

 

http://www.bizjournals.com/nashville/blog/real-estate/2015/04/why-theretail-must-be-upscale-at-400m-convention.html

 

Quote from Article:

"This is an expensive project to do, so we'll have to have top-flight tenants who can muster the finances to participate in a project like this," said Dene Oliver, CEO of the developer OliverMcMillan.

 

In other words: Higher-end retailers are the likeliest to be able to afford the rent that the project's developers will have to charge, in order for them (and their financial backers) to turn a profit.

 

"It won't be run-of-the-mill things that you see everywhere in every mall," Oliver added. "We're going to appeal to tourists, locals, conventioneers and the office workers that will work nearby."

[MLBrumby]

I still seriously wonder about the market demographics needed to support upscale retail downtown.  I acknowledge, Mr. Oliver would have far better instincts than I. 

[Guest]

I still seriously wonder about the market demographics needed to support upscale retail downtown. I acknowledge, Mr. Oliver would have far better instincts than I.

The market that is the Honkey Tonk redneck crowd definitely doesn't support upscale retail. But that isn't the only demographic downtown and it doesn't represent the exact demographic for the future of Nashville.

Unless you want cowboy boots or tourist trinkets our current downtown retail offerings are laughable. After hearing him talk about this some he doesn't just mean expensive, he means unique and credit worthy. For example, we won't be seeing GAP but we may see H&M. We won't see Kirklands, but we may see Anthropologie.

[Jamie Hall]

I'm guessing that much of this retail would rely on the convention-goers and vacationers who are paying $200 or $300 (or more) per night in a downtown hotel and have extra money to burn on a Nashville souvenir other than a guitar-shaped magnet or beer koozie. Hard to imagine that many locals will brave the tourist traffic to venture that deep down Broadway just to shop. Or will they?

[Guest]

I'm guessing that much of this retail would rely on the convention-goers and vacationers who are paying $200 or $300 (or more) per night in a downtown hotel and have extra money to burn on a Nashville souvenir other than a guitar-shaped magnet or beer koozie. Hard to imagine that many locals will brave the tourist traffic to venture that deep down Broadway just to shop. Or will they?

What about the 55,000 office dwellers downtown or the 15,000 or so residents we will have by that time inside the loop? It will also give the Williamson Co or Rutherford Co locals some other reason to come back to the city on the weekends.

[rookzie]

Until reading these last 3 posts, I never thought about it, but I think that the rationale could be justified, with multilateral points of inflection in the markets as barometers of more to be demanded (and accommodated).  I don't expect a Tiffany's or a Bergdorf-Goodman's anytime next week, but we're not expecting to lure the WalMart crowd downtown either. The Mills mega-malls (now Simon Properties) seem to have already filled a separate niche not particularly common among DT contemporaries, and if the retail tenants can be wooed with favorable timing of the expected levels of lodging, dwelling, and hosting, it very well could be another case that familiarity breeds content.

-==-

[farm_boy]

You must remember that DT is MUCH different that even 10 years ago. There are many people visiting here on business that bring their spouse, and they need somewhere to go during the day (and not Green Hills). Look at the newer offerings in DT ... think ACME ... there is a clientele here today that will support the high-end retail. I honestly, think DT can support this, but ONLY because of the tourists and business visitors, etc. Add in Bridgestone and future .... well, yeah, maybe Commerce Street will have commerce in the future!

[smeagolsfree]

This retail would not only be aimed at the convention goer but also higher end downtown residents that are moving there.

[nashmoney]

If it is destination shopping with stores that are not in the State of TN, people will go, especially since their will be ample parking and multiple entertainment options.

 

Check out their website....this isn't gonna be outlet shopping with boots and trinkets. This guy is about the money $$

 

http://www.olivermcmillan.com/