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

[titanhog]

CC site developers have until the end of the year to find financing...or they start incurring penalties, right?

[Jamie Hall]

The old Lifeway campus site has the potential to be a major "get" for downtown -- great visibility from the interstate, access from 3 major streets, great walkable access to lower Broadway and the Gulch. My fingers are crossed that the buyers will truly produce a home run with this site.

[CenterHill]

Any news on the Division St. connector front?     The buildings in the SoBro right of way have been cleared for a few months, but there are no visible signs of activity.  

[gannman]

This is the size of the current life way campus

I was thinking that the 6 story brown building and surface parking lot on the SW corner of 8th and Commerce were part of the Baptist complex as well(?)

The Southern Baptist Convention's five-story denominational headquarters at Ninth and Commerce isn't part of the sale.

[chris holman]

From Thompson hotel site this past weekend

 

[rookzie]

From Thompson hotel site this past weekend

 

Hmm.  Chris, what happened ─ am I seeing things for real, or am I imagining?  Your pictures are full size!

-==-

[chris holman]

From Thompson hotel site this past weekend

 

Hmm.  Chris, what happened ─ am I seeing things for real, or am I imagining?  Your pictures are full size!

-==

yeah thanks to the new site it uploads in full size now !!

From Thompson hotel site this past weekend

 

Another pic 

[dmillsphoto]

Lifeway will get $4.9M from MDHA as part of the purchase. I disagree with this but whatever.

 

http://www.bizjournals.com/nashville/blog/real-estate/2015/07/boosted-by-public-aid-lifeway-paying-12-7m-for.html

[nashvillwill]

Wow. Sweet deal for them. Lousy deal for you and me. 

[Bezoar]

Lifeway will get $4.9M from MDHA as part of the purchase. I disagree with this but whatever.

 

http://www.bizjournals.com/nashville/blog/real-estate/2015/07/boosted-by-public-aid-lifeway-paying-12-7m-for.html

They are truly blessed.

[samsonh]

Eh this is what you get when you start handing out deals, it becomes tough to not hand them out. Lifepoint moving literally a mile for a tax break is a great example. If you are going to stop this practice, then stop it. I doubt whoever the new mayor is will stop it though.

 

Although them giving out TIF really does not affect the average taxpayer that much. I am 100% certain most of this board has little to no idea how it works.

[Vrtigo]

Well, the truly sad part is that it builds a habit of expecting such a thing. Landowners presume that there will be some kind of incentive given out, so they price their properties accordingly to take advantage of it. Lenders expect it, too. Corporations are (obviously) willing to bend over backwards to get them as well, plus they pretty much have to considering all of the aforementioned.

It's just part of the game at this point.

[samsonh]

Well, the truly sad part is that it builds a habit of expecting such a thing. Landowners presume that there will be some kind of incentive given out, so they price their properties accordingly to take advantage of it. Lenders expect it, too. Corporations are (obviously) willing to bend over backwards to get them as well, plus they pretty much have to considering all of the aforementioned.

It's just part of the game at this point.

Completely agreed, that's why a regime change such as the new mayor would be a good line in the sand. But none of them want to rock the status quo so I highly doubt any of them would approach the topic.

[agentemo1]

Looks like a New House is coming to Elizabeth Park for $330K.

[Jamie Hall]

Just to play devil's advocate on the Lifeway TIF money: I'm not in favor of it in theory, but how does Metro's $4.9 million gift compare to Metro's potential losses if Lifeway had received and accepted a better offer from, for example, Williamson or Wilson County? In this day and age, there's so much competition for companies like that because of the potential longterm payoff. In a highly competitive market like Middle Tennessee, TIF money is here to stay, unfortunately.

[dmillsphoto]

I just personally believe that government shouldn't be handing out TIF to an already mostly-tax-exempt organization.

[MLBrumby]

I just personally believe that government shouldn't be handing out TIF to an already mostly-tax-exempt organization.

Amen!

[titanhog]

I just personally believe that government shouldn't be handing out TIF to an already mostly-tax-exempt organization.

How are they mostly tax-exempt?  They're not an actual church.  Do they get some kind of tax exemption for printing church material?

[PruneTracy]

I just personally believe that government shouldn't be handing out TIF to an already mostly-tax-exempt organization.

Amen!

Not trying to start something but whether LifeWay pays federal taxes doesn't have a lot of bearing on the purpose of TIF, i.e., keeping their headquarters downtown. Their employees still get paid in taxable income, they still pay property taxes wherever they live around here, and unless they live off communion wafers and grape juice they pay sales tax on everything they buy locally. Their cars would hypothetically take up just as much space on I-65 heading to Cool Springs as that of an employee of a non-religious for-profit. The sprawl wouldn't be any less.

I'm not a big fan of handing out what amounts to bribes either but the end effect is the same whether the business in question pays taxes or not.

[smeagolsfree]

Actually, this is not that bad of a deal for all involved. The land was last appraised for 4.8 million. Even with the TIF, Metro is still almost getting double. The amount that was paid is market for sure.

[rookzie]

I just personally believe that government shouldn't be handing out TIF to an already mostly-tax-exempt organization.

I just personally believe that government shouldn't be handing out TIF to an already mostly-tax-exempt organization.

Amen!

While there's nothing "unethical" with TIF, it's one of those fodder sticks that the local media (e.g. "I Team" and "Investigates") would drool over.  By this point in time, Metro would (could) be considered in a quagmire with the TIF calculation-and-award plan managed on the state and municipal levels.  Not saying one way of another that it differs or matches that of other jurisdictions, but a point of no return may have been passed long ago, where a  developer may elect to contest a denied offer of financial incentives, founded on speculation and projection, as being inconsistent and arbitrary.

-==-

[HGMIII]

It's close, but it's not quite there. The attached new constructions on Arthur haven't gone under contract at 365k and have been in the market for several weeks. The most recent sales in Hope Gardens in the 2200 square foot range have sold for 450k. So HBV is still around 10% less. It's hard to compare the Trust properties on Acovel because of the huge rooftop decks and fantastic views there. I think HBV will catchup with Hope Gardens in the next 6-12 months assuming Greece and China don't screw everything up - but it's not quite there yet.

FYI both of those Arthur units are under contract.  The more expensive unit is under contract for a 2nd time after the 1st offer reneged

[samsonh]

Just to play devil's advocate on the Lifeway TIF money: I'm not in favor of it in theory, but how does Metro's $4.9 million gift compare to Metro's potential losses if Lifeway had received and accepted a better offer from, for example, Williamson or Wilson County? In this day and age, there's so much competition for companies like that because of the potential longterm payoff. In a highly competitive market like Middle Tennessee, TIF money is here to stay, unfortunately.

Would employees move if they went to Williamson? The competition creates s cycle where no one wins, except of course the corporation. And pretending life way is nonprofit plays into this. They are as much of a for profit as any company in town.

also, responding in mobile is nearly impossible with this rebuild!!!

[CenterHill]

Actually, this is not that bad of a deal for all involved. The land was last appraised for 4.8 million. Even with the TIF, Metro is still almost getting double. The amount that was paid is market for sure.

Since thermal moved to their current site I had expected the big grass lot between their building and First would remain vacant indefinitely in anticipation of future thermal expansion.   So  I was pleasantly surprised a while back when we learned that MDHA was in talks to sell it to Lifeway.    Agree it's a win for taxpayers to sell the property (even with the TIF),  a win for Lifeway to remain in the CBD and a win for the city's downtown density and riverfront development.   

 

[TNinVB]

Any idea what's going to happen in the lots in the background?