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

[fishsticks176]

House of Cards is his too, isn’t it?

[donNdonelson2]

51 minutes ago, fishsticks176 said:

House of Cards is his too, isn’t it?

Yes, I believe you are correct. It is on the basement level of the Johnny Cash Museum building, I think.

[KJHburg]

Olmsted apartments in downtown Nashville will actively encourage current tenants to Airbnb their apartments and a part of the complex will be turned into strictly Airbnb rentals.   From my experience as an owner in a  resort condo at the beach, the people living there full time hate or dislike the tourists coming and going and this complex in Nashville will probably be no different.  These short termers will be in town to have FUN and that might not jive with the working people who need sleep.   If I was a tenant there I would demand  my lease be broken.   

Read the article here https://magazine.realtor/daily-news/2018/08/16/airbnb-investment-in-apartment-buildings-irks-tenants?tp=i-H43-Bb-2cl-4QtPb-1p-CQel-1c-4QzOC-mCGE4&om_rid=65514879&Om_ntype=RMOdaily&om_mid=10091

funny no word about it on their website for Olmsted  https://www.olmstednashville.com/    More spaces for bachelorette parties I guess. 

[CenterHill]

21 minutes ago, KJHburg said:

Olmsted apartments in downtown Nashville will actively encourage current tenants to Airbnb their apartments and a part of the complex will be turned into strictly Airbnb rentals.   From my experience as an owner in a  resort condo at the beach, the people living there full time hate or dislike the tourists coming and going and this complex in Nashville will probably be no different.  These short termers will be in town to have FUN and that might not jive with the working people who need sleep.   If I was a tenant there I would demand  my lease be broken.   

 

I would not be surprised to see some of these tenants take this to litigation.      One of the current tenants was quoted in an article as saying she received assurances from the prior owner of Olmsted prior to signing a lease that STRs would not be allowed.     I would be surprised if there is any such commitment in her actual lease, but I would encourage that tenant to have an attorney read it closely and to look at the statements that were made by Olmsted employees to induce her to sign a lease.   

[Lexy]

2 hours ago, fishsticks176 said:

House of Cards is his too, isn’t it?

Yes it is.  Good guy and good family too!

[Mr_Bond]

1 hour ago, CenterHill said:

I would not be surprised to see some of these tenants take this to litigation.      One of the current tenants was quoted in an article as saying she received assurances from the prior owner of Olmsted prior to signing a lease that STRs would not be allowed.     I would be surprised if there is any such commitment in her actual lease, but I would encourage that tenant to have an attorney read it closely and to look at the statements that were made by Olmsted employees to induce her to sign a lease.   

I spoke with a current resident last night who is not at all pleased.  He didn't mention the word "litigation" but said that others have, for the reason stated above.

[markhollin]

Premier Storage (4 stories) update.  Nearly complete.

Looking SE from intersection of 2nd Ave. North and Madison St:

Looking SW from intersection of Madison St. and Cumberland River Greenway:

[markhollin]

Phase II of Taylor Place at Werthan Lofts in Germantown should be getting underway in March of 2019. This will include the adaptive reuse of the existing 75-year-old warehouse to be known as Taylor Street Warehouse (which will include 60,000 sq. ft. of office space, the restaurant 5th & Taylor and the nightclub/bar The Back Corner), a future 2 story building that will be called 602 Taylor (18,000 sq. ft. of office space), and a small building adjacent to Rolf & Daughters restaurant. 

Eventually there will be a Phase II that will include another multi-family residential building fronting Hume St. and a new office building.  No renderings on these yet. Phase II and II combined will cost over $100 million. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21018407/plans-prepped-for-next-phase-of-germantown-project
 

This screen shot from Smeagolsfree's excellent Development Map shows the location in the center, with the rectangular magenta block called "Taylor Place," and the two adjoining teal blocks notated as "Office" and "602 Taylor."  The future Phase III is just to the north in the large teal block labeled as "SWH Property On Hold."

[Andrew_3289]

Anyone know how much the Yazoo site sold for? 

[MLBrumby]

Anyone here have any update for the Germantown Gateway (Gateway 808) project at NW corner of Parks & Garfield by Blue Heron Asset Investors? Website says construction to begin in '18? Seems like that location would be wildly successful being on the main drag b/n Downtown & Metrocenter. Lots of apartments recently built/announced in Metrocenter too. 

http://blueheronassetmanagement.com/gateway-nashville/

[thenorthchannel]

2 hours ago, Andrew_3289 said:

Anyone know how much the Yazoo site sold for? 

$9.2 million

https://www.bizjournals.com/nashville/news/2018/08/16/sales-price-for-brewers-gulch-home-definitely-not.html

[markhollin]

2nd Ave. Townhomes (3 stories 22 units) continues to move forward at a painstaking pace. Foundational work and piping in place.

Looking SW from intersection of Taylor St. and 2nd Ave. North:

[Quixotic 1]

On 8/17/2018 at 9:54 AM, MLBrumby said:

Anyone here have any update for the Germantown Gateway (Gateway 808) project at NW corner of Parks & Garfield by Blue Heron Asset Investors? Website says construction to begin in '18? Seems like that location would be wildly successful being on the main drag b/n Downtown & Metrocenter. Lots of apartments recently built/announced in Metrocenter too. 

http://blueheronassetmanagement.com/gateway-nashville/

There is a for sale sign that just went up on the lot over the last day or so. I don’t have a great feeling about that. 

[markhollin]

The Renaissance Hotel will have an additional 15,000 feet of meeting space underneath 5th & Broadway, that will bring their total of meeting space to 86,000 sq. ft.  Additionally, they are completing a $10+ million dollar "redevelopment and reconcepting" with upgrades in meeting areas, lobby, and a new restaurant concept (still unnamed) on the main floor replacing the Commerce Street Grille (renderings below).

The hotel is currently filling rooms at a very healthy 85% occupancy rate, and that should only go up once 5th & Broadway opens. 
 

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/08/20/four-day-weekends-and-a-major-renovation-what-anew.html
 

[nvestnbna]

On 8/13/2018 at 12:27 PM, titanhog said:

Question for all of you guys about SoBro.

What do you feel is missing from this growing area that doesn't seem to be included in the current building trend?  Retail?  Entertainment?

Residential

[smeagolsfree]

I agree. Lots of hotels, but we need a lot more residential. 

[Pdt2f]

1 hour ago, nvestnbna said:

Residential

 

6 minutes ago, smeagolsfree said:

I agree. Lots of hotels, but we need a lot more residential. 

The good thing is that this should be getting remedied a bit with the construction of LC Sobro and City Lights ongoing and the start of sixth ave south rumored to be soon. Another good thing is that there is plenty of space for more residences if someone has the money and will to go for it. 

[FluffyP13]

and the conversion of olmstead to air b&b. .. .  oh wait. 

[thenorthchannel]

16 minutes ago, Pdt2f said:

 

The good thing is that this should be getting remedied a bit with the construction of LC Sobro and City Lights ongoing and the start of sixth ave south rumored to be soon. Another good thing is that there is plenty of space for more residences if someone has the money and will to go for it. 

I believe City Lights is the condo development alluded to recently on this board that will be STR permit eligible.   There are Stay Alfreds in most every new residential building in SoBro and The Gulch.   Frothy market indeed.

[Pdt2f]

24 minutes ago, thenorthchannel said:

I believe City Lights is the condo development alluded to recently on this board that will be STR permit eligible.   There are Stay Alfreds in most every new residential building in SoBro and The Gulch.   Frothy market indeed.

Nope, Olmsted. But I get your point. LC Sobro will be rental apartments though, I’m not sure they would be game with STR’s. 

[thenorthchannel]

12 minutes ago, Pdt2f said:

Nope, Olmsted. But I get your point. LC Sobro will be rental apartments though, I’m not sure they would be game with STR’s. 

See GrantHammond's comments from 8/12 in this thread.     There is a condo development rumored to be STR eligible in SoBro.  I am hearing it is City Lights.    Olmstead sold to Niido, and is not what I am referencing.  

 

 

 

[Pdt2f]

2 minutes ago, thenorthchannel said:

See GrantHammond's comments from 8/12 in this thread.     There is a condo development rumored to be STR eligible in SoBro.  I am hearing it is City Lights.    Olmstead sold to Niido, and is not what I am referencing.  

 

 

 

Aaaaah ok, my apologies! That’s a bummer if they sell out and go STR. 

[CenterHill]

It’s buyer (renter) beware.    Better get a no STR clause in your lease or you may be in for an unpleasant surprise.      

[markhollin]

Third Ave. South Storage (6 stories) update.

Looking east across Lafayette St. at intersection with 4th Ave. South:

Looking west along Lindsley Ave., 1/2 block east of 3rd Ave. South:

[markhollin]

Minerva Avenue will be the name of a new craft-cocktail bar at 1002 Buchanan St, and will open Sept. 7th in the refurbished one story building. 

More at The Tennessean here:

https://www.tennessean.com/story/money/2018/08/21/cocktail-bar-minerva-avenue-coming-north-nashville/1055706002/

And NBJ here:

https://www.bizjournals.com/nashville/news/2018/08/21/this-buzzy-north-nashville-strip-is-getting-a.html