Inner Loop - CBD, Downtown, East Bank, Germantown, Gulch, Rutledge

[MLBrumby]

If it happens, it will be ever gradually... and could happen over several decades. Those properties have great occupancy rates, and I believe the newer apartments have high occupancy as well.  It's just that the planning and infrastructure are all in place, and they follow the suburban style and even warehouse template. 

 

There was a bit of excitement a few years ago when Healthspring announced they would build a new corporate HQ out in Metrocenter, and they did build a decent sized lowrise building there.  They were growing furiously fast by expanding markets and acquisitions.  Healthspring was even at the point where it had just become a Fortune 500 company with almost $6 billion in revenues.  They planned to grow to a million square feet out there.  But then Obamacare was passed, and it was going to directly affect their Medicare/MedAdvantage business; so they decided to sell the whole company to CIGNA.  Needless to say, they don't need to build any more office space out there.

[dmillsphoto]

This is the NCC below ground parking deck. With option to add NCC2 on top.

[nashvillwill]

So, I know we have covered this before, but the sports authority gave the go ahead on arena upgrades...

http://nashvillepost.com/news/2013/4/25/sports_authority_oks_arena_upgrades

Personally, this is one of the things I am the most excited about. Partially because it will enhance the game day (and concert day) experience, but mainly because it is a good retrofit of a big box. It shows that a concrete wall can be enhanced to improve the urban environment on the pedestrian scale. We certainly have many places around the core that could follow suit.

Really excited to see the results of this.

Edited April 26, 2013 by nashvillwill

[UTgrad09]

So, I know we have covered this before, but the sports authority gave the go ahead on arena upgrades...

http://nashvillepost.com/news/2013/4/25/sports_authority_oks_arena_upgrades

Personally, this is one of the things I am the most excited about. Partially because it will enhance the game day (and concert day) experience, but mainly because it is a good retrofit of a big box. It shows that a concrete wall can be enhanced to improve the urban environment on the pedestrian scale. We certainly have many places around the core that could follow suit.

Really excited to see the results of this.

 

I agree -- that's actually one of the underrated projects/happenings in the downtown/SoBro area. It's a small, but effective exterior remodel (a lot has been done to the interior, if you haven't been in a while). It will really help give a boost to the 5th & Demonbreun intersection, which is, of course, the main entrance to the MCC and the CMHoF...and perhaps most importantly, it says to me that the arena isn't going anywhere soon. A lot of reports cite a 15-30 year life for an arena (we're approaching 17 years). The arena is a vital part of our downtown's entertainment success. The entire district feeds off of it...and I think it would be wise to continually make cosmetic and technical changes, to keep this as a viable venue for as long as possible. You absolutely cannot beat the location.

[fieldmarshaldj]

I have a question, maybe someone can educate me, I really have no idea.  why is there a suburban office park (metrocenter) basically in downtown?  I have always wondered this even back in the 90's growing up in Franklin.  It looks like it belongs in a surrounding county, not downtown.  I say downtown because to us in Franklin, downtown Nashville was basically everything within I-440.

 

I remember going down there for a groundbreaking ceremony, I think it was around 1977 (I was a little kid). I think Mayor Fulton was there and other dignitaries, so it was considered a "big deal" for an area that had always been largely undeveloped. It felt like being way out in a swamp and they even had water-skiing ladies riding around behind speedboats in Amulet Lake.

[dmillsphoto]

Just noticed, but the last crane that has been working on the CMHOF expansion is down.

[nashvillwill]

^^^I'm also pretty optimistic about this. I think it's quite clear at this point that the Preds ownership is fully committed to keeping a quality product in Nashville. They have made small, but frequent, improvements over the years. I don't see them demanding a new place at the 30 year mark. Many other cities that have their arenas outside of the city center, try to replicate this feel of a "downtown", but it's never the same.

Of course, technologies get outdated and capacities increase, but the NHL is not quite the NFL. I hope we see the Preds play at 501 Broadway for at least another 20 years.

[Hwil3]

Very exciting! I like this plan even better than the previous one. The additional retail & restaurant is a major bonus and much needed for that block.

[Hwil3]

Wasn't the area originally just a wetlands/floodplain before it was developed? 

 

I remember my Dad had an office in one of the buildings, so we'd often go to The Hungry Fisherman. Great place to go as a kid. You could feed the carp in the lake while waiting for your table. I also remember there being a disco (the name eludes me) in Metro Center. Never understood at the time why a seven year old kid wasn't allowed to go dancing there. Oh well, luckily there was Charlotte Skating Rink to get my seventies groove on.

[Guest 5th & Main Urbanite]

This is the NCC below ground parking deck. With option to add NCC2 on top.

 

I think the option is eminent. I bet they go ahead in start with downtown occupancy rates of less than 5%. The hole is complete and it looks like they were starting the crane pad yesterday when I walked by. I am predicting 25-30 stories and 375-450 feet. I know Richard Fletcher told me years ago they were going to do the second phase at some point when the market was right. I think the time is NOW to get this done.

 

I would bet a lot of money we see an announcement for the second tower in the next 12-15 months. That gives them time to get the garage portion done.

[Guest 5th & Main Urbanite]

I hope when I get back from my two week trip, I will see a tower crane.

[dmillsphoto]

This will be an interesting reuse project... The old Fed Reserve building to become apartments.

 

http://www.bizjournals.com/nashville/blog/2013/04/federal-reserve-building-to-become.html

[donNdonelson2]

This will be an interesting reuse project... The old Fed Reserve building to become apartments.

 

http://www.bizjournals.com/nashville/blog/2013/04/federal-reserve-building-to-become.html

And that announcement came very quickly after the sale of the building was posted on the business journal.  This project may get up and going in record time!

[bwithers1]

Too bad the State won't sell the Cordell Hull building to an apartment developer!

And that announcement came very quickly after the sale of the building was posted on the business journal.  This project may get up and going in record time!

[UTgrad09]

This will be an interesting reuse project... The old Fed Reserve building to become apartments.

 

http://www.bizjournals.com/nashville/blog/2013/04/federal-reserve-building-to-become.html

Now that to me is out of left field. For one, it doesn't look like a building you think we be converted to apartments. Two, it's in a very office heavy/retail deficient (yes, even for downtown) area. Not exactly the place I would expect residences. But that's not a terrible thing. What is a terrible thing is that a nearby lot, the Ben West Library, is going to become a surface lot. Even if Ben West is to be razed, can you imagine the impact it would have if this project plus a couple of residential projects at Ben West and the lot behind it? I do fear that the residents could feel isolated (though I suppose it wouldn't feel any different than it is for those at 11 North).

 

That is a relative dead spot of downtown. Perhaps this will spur some more development/redevelopment...but I'm not overly hopeful considering the amount of wasted state land there is there.

 

 

 

Also...totally agree about Cordell Hull. If this thing is going to be 61 units, imagine how many there could be in Cordell Hull. 250-350?

[bigeasy]

I just do not understand why rent in Nashville is so high. I could never see myself paying $2.10 per square foot to live in that building.

[UTgrad09]

I just do not understand why rent in Nashville is so high. I could never see myself paying $2.10 per square foot to live in that building.

 

My guess would be because we are underbuilt in the core area...it will be interesting to see if it levels off or dips as thousands of units continue to be built.

[henburg]

That's a really intriguing project, I can't wait to see their plans. 

[nashveit]

This won't be far from whatever mixed use development Northwestern/Boyle has up their sleeve for the so called north gulch. When are we gonna hear something on that?

[Guest]

The only thing hampering this end of downtown is the federal government. In typical government fashion they are doing more damage than good by sitting on the block for the 'future' federal courthouse and the block containing the surface lot and old Ben West Library.

 

Despite that onerous load our end of downtown is continuing to grow with the four new business on 8th (including a micro coffee shop next to the Horton Group), a new planning events office on Church in the Bennie Dillion, and a retail strip across from the downtown YMCA. The addition of 11North (and it being fully leased prior to completion) show the demand...and yes, the Northwest project will solidify this end of downtown.

 

Indeed once the South and North Gulch properties merge our end of downtown will be equidistant from the Gulch, M Street, NW Development, Lower Broad, MCC and CBID....

Edited April 30, 2013 by Guest

[smeagolsfree]

Here is another project that I let WW know about. Found this one out having a conversation with Jim Creason.  This will be on the remaining corner of 6th and Garfield.

The Historic Row at  Garfiled

[nvestnbna]

http://nashvillepost.com/news/2013/5/1/court_of_appeals_upholds_mdha_s_tower_tab

[UTgrad09]

http://nashvillepost.com/news/2013/5/1/court_of_appeals_upholds_mdha_s_tower_tab

 

lol, so it doubled in value in a matter of a year? Because.....they were building a convention center there?

 

Handsome profit for the lender/land owner.

[nvestnbna]

lol, so it doubled in value in a matter of a year? Because.....they were building a convention center there?

 

Handsome profit for the lender/land owner.

You can thank Marty Dickens for that one. When he locked the city into the Tower site for the hotel, he made the Marks' $25m, it is just that simple. It also didn't hurt that MDHA low balled them on the offer for the MCC land, they had no option but to go to court.

[TheRaglander]

Walked by the MASSIVE hole next to the Nashville City Center.  I know there are plenty of discussions about a parking structure and the potential for the second tower to come up... but when they built the Nashville City Center were there always plans for a second building?  If so, were there drawings on what the second building would potentially look like or did they just figure they would cross that bridge when they got there?