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

[bigeasy]

What does it mean when they say "inventory decreased to a 1.2 month supply of re-sale units"?

[Lexy]

Gotta believe it will have some height so they can get their money back.  I envision something similar to the Eakin project in height.

Yes, I have a feeling this will have some height.  That's the only way they'll get a ROI on it.

[smeagolsfree]

Yes, I have a feeling this will have some height.  That's the only way they'll get a ROI on it.

I have the same feeling Michael.

[MetropolitanNashville]

Okay, this is completely off-topic, but every time I see a photo of downtown in certain daylight, I think the Baker Donelson building looks like a CGI rendering plopped in. It's the shade of the brick or how the windows reflect or something, but it throws me off almost every time.

I think a lot of that has to do with its awful white windows. I liken Baker Donelson to the McMansion of urban mid-rise buildings.

[Vrtigo]

What does it mean when they say "inventory decreased to a 1.2 month supply of re-sale units"?

(Someone with real estate knowledge confirm this, please.)

I believe that means that a given unit is only on the market for such an amount of time, on average, before being sold.

[Vrtigo]

I have the same feeling Michael.

It's funny you say that, because such comments from you are often based on something more concrete than "feelings". 

[HGMIII]

I know Wood Caldwell over at SE-V, let me see if he gives me any details.  

Per him We, along with our investors, own the entire block from 8th to 7th, approximately 1.9 acres. Construction on the connector is scheduled to begin September if not sooner. NES has already started relocating major electrical lines. We are in the planning stages with several options, but have not decided.

[agentemo1]

http://www.tennessean.com/story/money/real-estate/2015/07/27/land-historic-buena-vista-neighborhood-sold-14m/30758473/

[rookzie]

 

Per him We, along with our investors, own the entire block from 8th to 7th, approximately 1.9 acres. Construction on the connector is scheduled to begin September if not sooner. NES has already started relocating major electrical lines. We are in the planning stages with several options, but have not decided.

 

...now if only they been decent enough to have planned to run it with an Ash realignment with Lindsley and on to Hermitage (that would have been too much to expect).
-==-

[Bezoar]

 

 He's basically got the whole block from 65 to Garfield now.  Giant opportunity for the area.  

[gannman]

"As of July, there were 40 re-sale units for sale across downtown, and 15 were under contract"

[wmaddbb2018]

As a Realtor who works in downtown/midtown/gulch a lot there are very few condos for sale.  For instance in 415 Church St (Viridian) there're currently NO units available and it is a 30 story tower.  In the Encore, 301 Demonbreun there are 3, and it's a 26 story building (I'm probably off a few floors on each).  The point being we could use more condos downtown, apartments are nice, but condos bring more money and more people with money.  For a town the size of Nashville, you would be shocked to look at the MLS and see how little is available in the core for sale.

[21jump]

More on the new development at the Hippodrome (Nelson) site, from the Tennessean...  http://www.tennessean.com/story/money/real-estate/2015/07/27/grocery-restaurants-fashion-stores-likely-broadway-site/30722373/

I wonder how/if this will affect possible future retail tenants at the old CC site? Surely they're not going for the same clientele?

Hopefully this project will have some height.

[RonCamp]

What does it mean when they say "inventory decreased to a 1.2 month supply of re-sale units"?

The easy way to think about it is this - at the current rate of how quickly apartments are being listed for sale, if no additional apartments were to be placed on the market after today, the existing supply would all be sold within approximately 1.2 months (36 days).  This level is generally considered to be an undersupplied market.     

[nashwatcher]

...now if only they been decent enough to have planned to run it with an Ash realignment with Lindsley and on to Hermitage (that would have been too much to expect).-==-

In the Plan for SoBro they were supposed to connect Lindsley with Lafayette, but so far they've dropped the ball on this one. They really need to improve the street grid in this area to accommodate long term development.

[rookzie]

In the Plan for SoBro they were supposed to connect Lindsley with Lafayette, but so far they've dropped the ball on this one. They really need to improve the street grid in this area to accommodate long term development.

...You know, it's matters such as that one which tend to make me all but lose faith in the management of this city's infrastructure commitment ─ that with that same ol' song-n-dance it keeps on letting things come to pass and escalate to a point of no reverse, no return, no recovery, after short-sighted permanent street closures and ensuing development have choked any bloody chance of making tenable any scalable, long-term improvements, based on rectitude of judgment (as if there were any).
[there goes off my diesel rant mouth again, sorry...]
-==-

[chris holman]

http://www.endeavor-re.com/about/

The company that bought b the site

[farm_boy]

Everyone has different tastes, I guess. The Baker-Donelson building is my favorite because of the architecture - especially the ground floor

[Lexy]

It's funny you say that, because such comments from you are often based on something more concrete than "feelings". 

Hey, it's just GOOD BUSINESS to get as much as possible out of that piece of land.  The sky is literally the limit right there at that corner for the developer.  

 

This project has the potential to tie downtown to west end like never before.  I can only hope the developer can see and understand that as clearly as possible when planning it out.  Me personally, I think they do.  It's time for some actual RETAIL to come to downtown and this may be the catalyst we need.

[Guest]

Hey, it's just GOOD BUSINESS to get as much as possible out of that piece of land.  The sky is literally the limit right there at that corner for the developer.  

 

This project has the potential to tie downtown to west end like never before.  I can only hope the developer can see and understand that as clearly as possible when planning it out.  Me personally, I think they do.  It's time for some actual RETAIL to come to downtown and this may be the catalyst we need.

Big retail play retail on 1.6 acres? There may end up being retail but this won't have the impact that the Convention Center Redevelopment or the LifeWay Property sale will have. It also isn't unlimited zoning. I think that site is out of the Downtown Code. I could be wrong.

[Vrtigo]

Big retail play retail on 1.6 acres? There may end up being retail but this won't have the impact that the Convention Center Redevelopment or the LifeWay Property sale will have. It also isn't unlimited zoning. I think that site is out of the Downtown Code. I could be wrong.

I think it may not be the end-all-be-all solution, but it's a definite start. You fill that canyon between upper Broadway and West End one building at a time and this is a great step forward. 

(Plus, every step we take to close up this canyon puts more pressure on Messrs. Beaman & Palmer to get their acts together.)

[CenterHill]

On the apartment/condo shortage in the CBD, at what point does it become viable to convert vacant space in existing buildings to residential?   I'm referring to the many 2 - 6 story buildings in the downtown core that have retail/office tenants in the ground floor, but no rent-paying occupants in the upper floors.   We've batted this around before, and the usual issues are cost of renovation and lack of parking for tenants.    But when one looks at the market demand for housing and the escalating rents, the business case for property owners to make the investment is much more compelling today than it was even 3 years ago.    

There may also be a real untapped opportunity here for affordable housing.   Many of these buildings don't offer convenient parking and million dollar views and may be better suited for tenants looking for affordable alternatives.   Granite, bamboo and other luxuries would be unnecessary and renovation costs could be kept in check.    However, I realize it's unlikely that creation of affordable housing units will happen anywhere without incentives.   Definitely something I'd like to see the next mayor and council take on.   (Please no commentary on specific candidates; that can take place in Coffee House)

[nashvillwill]

^^^That's not a bad idea. The big catch that I see is that most of those spaces would likely be big, open, loft style units. Not very conducive to affordable housing. I think it would be the perfect fit for many of the aspiring artists we have in this town. But there is that roadblock of development cost vs. payback. It's a quagmire for sure. But I'm with you, I would love to see it happen and have often wondered in amazement that it hasn't happened yet. 

[wmaddbb2018]

On the apartment/condo shortage in the CBD, at what point does it become viable to convert vacant space in existing buildings to residential?   I'm referring to the many 2 - 6 story buildings in the downtown core that have retail/office tenants in the ground floor, but no rent-paying occupants in the upper floors.   We've batted this around before, and the usual issues are cost of renovation and lack of parking for tenants.    But when one looks at the market demand for housing and the escalating rents, the business case for property owners to make the investment is much more compelling today than it was even 3 years ago.    

There may also be a real untapped opportunity here for affordable housing.   Many of these buildings don't offer convenient parking and million dollar views and may be better suited for tenants looking for affordable alternatives.   Granite, bamboo and other luxuries would be unnecessary and renovation costs could be kept in check.    However, I realize it's unlikely that creation of affordable housing units will happen anywhere without incentives.   Definitely something I'd like to see the next mayor and council take on.   (Please no commentary on specific candidates; that can take place in Coffee House)

I think about that all the time when I am downtown especially in the buildings between the Bennie Dillon (700 Church) and around the Art Avenue Lofts/Kress Lofts (231 and 239th 5th Ave N).  All 3 of those were former office spaces many years ago and have been converted into condos that are very appealing and much more affordable than the 2 towers in the Viridian and Encore.

[smeagolsfree]

There is not a lot of unused space to speak of. Many of the buildings that are vacant have plans, ie., the 401 Commerce building...hotel, the Wells Fargo building...hotel, The building that the 21C is going into. Plus the building on the other corner of Union and Fourth which is being renovated to sell, most likely for offices and a restaurant. Other than those buildings, there are a small smattering of vacant loft style space available, but not much. Many of those were converted the last go around of building in the mid 2000's.