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

[UTgrad09]

I think the city already overvalues appraisals for property tax purposes and undervalues them for condemnation purposes.... i thimk Tower Investments would agree....the judge did. It is a very slippery slope to advocate for individual parcels to be inflated to coerce property owners.

Now I'm not implying that you just up and bump the appraisal of individual properties by 50% or more overnight...but if the city wants the in between corridors (such as Broadway between 10th and 17th) to urbanize, then perhaps it would be a good idea to raise the property values based on location (Gulch, Midtown, interstate access, etc). I wouldn't advocate targeting "undesirable" businesses that don't do Metro's bidding and put them out of business out of spite. That's lawsuit city. This would be something done over a course of years...and I think it would justify itself as the areas around those particular parcels develop (subsequent development around Hensler's tower, say the Eakin property, and the potential hotel all around 12th and Demonbreun should naturally boost the value of adjacent land on 12th leading up to Broadway -- likewise with West End Summit, the residential project at 17th and Broad, and any subsequent development around them in Midtown).

I guess what I should say is that this should come pretty naturally. There doesn't need to be some special action taken by the city to forcibly move these businesses. If they want to stay and pay higher property taxes, so be it. That's their problem. But they won't be nearly as profitable. Perhaps if there is any compromise for these places, it should be a tax break if they choose to rebuild/remodel to conform to the new downtown code. You don't have to kick them out...the market will eventually do that on its own.

[samsonh]

Now I'm not implying that you just up and bump the appraisal of individual properties by 50% or more overnight...but if the city wants the in between corridors (such as Broadway between 10th and 17th) to urbanize, then perhaps it would be a good idea to raise the property values based on location (Gulch, Midtown, interstate access, etc). I wouldn't advocate targeting "undesirable" businesses that don't do Metro's bidding and put them out of business out of spite. That's lawsuit city. This would be something done over a course of years...and I think it would justify itself as the areas around those particular parcels develop (subsequent development around Hensler's tower, say the Eakin property, and the potential hotel all around 12th and Demonbreun should naturally boost the value of adjacent land on 12th leading up to Broadway -- likewise with West End Summit, the residential project at 17th and Broad, and any subsequent development around them in Midtown).

I guess what I should say is that this should come pretty naturally. There doesn't need to be some special action taken by the city to forcibly move these businesses. If they want to stay and pay higher property taxes, so be it. That's their problem. But they won't be nearly as profitable. Perhaps if there is any compromise for these places, it should be a tax break if they choose to rebuild/remodel to conform to the new downtown code. You don't have to kick them out...the market will eventually do that on its own.

 

 

These natural bumps in appraisals already do happen. In many neighborhoods they speed the process of gentrification, as the existing folks, many of whom are low income and on a fixed budget, cannot afford the new tax appraisals and move.

Edited March 6, 2013 by samsonh

[Hey_Hey]

While I don't want to have to pay any additional property tax, I can tell you homes in my neighborhood are under appraised significantly. I don't know if commercial properties are the same way, but I suspect they would be.

The McDonald's property is appraised for $1.6 million for 0.77 acres. The building is appraised for $263K and the land is appraised for $1.34 million which calculates out to be $1.74 million per acre. I honestly don't know what is fair market for that property, but giarratana just put an option on the property owned by First Baptist for the equivalent of $11 million per acre.

[MLBrumby]

These natural bumps in appraisals already do happen. In many neighborhoods they speed the process of gentrification, as the existing folks, many of whom are low income and on a fixed budget, cannot afford the new tax appraisals and move.

 

They also get adjusted upon the sale of a property.  When we bought our house at the end of 2011, the property was still appraised at the pre-crash value of $580k, but we bought it for $450k.  It took 9 months but Hamilton County assessed us at the sales price. 

[bwithers1]

On the subject of residential property taxes and gentrification, in my experience, residential property taxes such as those Nashville is approving typically don't rise fast or far enough to cause substantial or rapid gentrification, but rising rents do.  That is to say, gentrification affects renters or new buyers much moreso than existing homeowners.  Note that at least in Nashville, property taxes for homeowners who are over 65 and receiving Social Security Income and/or those receiving Social Security Disability are frozen until such time as the house sells.  The homeowners simply have to file information with the Trustee. 

 

Rising property taxes do impact those who have low income, but for the reasons outlined above they most likely do not greatly impact those who have fixed income.  This is frustrating to me because for example in Nashville many of the people who screamed the loudest about the most recent property tax increase were senior citizens, who were immune anyway as long as they owned their homes.  Also, if you are a low income homeowner, you are most likely living in a home that has relatively low assessed value to begin with.  My house falls into that category and my property tax increase last year came out to about $20/month.   Now if you pull a permit to have renovations done on your house, that will trigger a tax reassessment, but then again, you obviously have the $30K for a new kitchen or something so the property taxes aren't forcing you out due to your poverty.

 

Commercial property tax rates are obviously much higher.  I don't know how the city could tax some properties that we would deem to be underutilized (surface parking lots or fast food restaurants) at a higher rate than those that are improved with what we would deem to be substantive structures, but it is nice to dream.  One thing that Chicago did that really improved the look of the city was to put in a requirement that owners of open or vacant lots install wrought-iron fencing along the sidewalk.  Maybe Nashville could do something similar.  At least it would look better.

Edited March 7, 2013 by bwithers1

[Will]

To focus on drive-thru fast food restaurants in the urban core specifically, I did a bit of research and Taco Bell on West End, for example, pays about $20K in real property taxes per annum, according to the Trustee's web site tax calculator. The last appraisal was for FY2012.

Edited March 7, 2013 by Will

[Guest 5th & Main Urbanite]

I also saw the progress of the mini hotel and restaurant. I am looking forward to seeing what this looks like.

[samsonh]

Wait, where exactly is the mini hoterl/restaurant?

[Guest 5th & Main Urbanite]

Next to The Station Inn. And next to the hotel will be the three story glass building.

[smeagolsfree]

I have a rendering but I have trouble converting adobe to jpg. I will see if I can get it.

[samsonh]

Oddly enough I feel like that this project is a severe underuse of this property. I'm sure ill be in the minority here

[UTgrad09]

Oddly enough I feel like that this project is a severe underuse of this property. I'm sure ill be in the minority here

 

It's a miniscule property. The only way you'd see a large scale development here is if the entire block was taken...and that would come at the loss of Station Inn.

[Hey_Hey]

I saw an "office space for rent" sign on the demonbreun side of the Hensler site. Any chance this foretells positive things about the office development there?

[BnaBreaker]

Oddly enough I feel like that this project is a severe underuse of this property. I'm sure ill be in the minority here

 

I disagree.  As long as it provides a solid contribution to the street wall, and as long as the adjacent 12th and Pine development proceeds as planned, I'm fine with this being on the scale that it is.  They can't all be big whopper developments, and in a place like Nashville, it's not like open space is at such a premium that we have to maximize the density at every possible opportunity.  Plus, as was mentioned before, a development any larger than this one would likely require the demolition of The Station Inn, which is not something I would want to see happen. 

[captainwjm]

Not sure if this qualifies as Gulch related, but noticed yesterday that demolition of one or more of the old, apprently abandoned, buildings fronting I-40/65 on Geo. L. Davis between Grundy St and Church has begun.  Any idea what is going on?

Edited March 8, 2013 by captainwjm

[UTgrad09]

Not sure if this qualifies as Gulch related, but noticed yesterday that demolition of one or more of the old, apprently abandoned, buildings fronting I-40/65 on Geo. L. Davis between Grundy St and Church has begun.  Any idea what is going on?

 

It burned. I mentioned it in the bits and pieces thread.

[captainwjm]

I think we're talking about 2 different properties.  I'm asking about the demolition across Church from NES.  I thought the burned comments were to the buildings closer to Deja Vu [if you know your Nashville landmarks] that burned earlier this week.

[UTgrad09]

I think we're talking about 2 different properties.  I'm asking about the demolition across Church from NES.  I thought the burned comments were to the buildings closer to Deja Vu [if you know your Nashville landmarks] that burned earlier this week.

 

Ah. I'm not aware of that. I didn't notice it the last time I went through the area.

[smeagolsfree]

The buildings that are being demolished are at 136 and 140 George L Davis Blvd. They started on it yesterday or day before. I do not know about any plans for that area just yet, however the entire grouping of buildings were being marketed as one site last time I saw. I let WW know about this yesterday, but I didnt post it on here in case we found something significant.

 

These buildings are basicly right next to the entrance exit lane before you get to Church st coming form the East. and sits adjacent to the old Performace Studio building.

[NashRugger]

Pillings and rebar for support columns already in place at the "Mondrain" site. They're wasting no time at all on this.

[BnaBreaker]

Forgive my ignorance, I know that I should know this, but is "The Mondrian" Ray Hensler's tower?  Or is that a separate project?  I know there are two significant office tower proposals for The Gulch, and I frequently get them confused with one another. 

[smeagolsfree]

Yes, I think that was one of the names being tossed out for the tower and I think they may have decided on 1201 Laurel. There is at some point supposed to be an office tower next to it to be built by Eakin Partners.  BTW, the office space rental sign has been there for a few years. Its one of those thing you drive by because its hidden in plain site and we now see because of the activity there.

[timmay143]

One month until opening.  A piece by NC5 on the artwork going up in the MCC.

 

http://www.newschannel5.com/story/21560335/music-city-center-art-collection-one-of-the-biggest-in-the-nation

 

Quote from NMCC FB page;

 

Channel 5's Chris Cannon just left the site after shooting an interview with artist Bob Zoell for tonight's news at 10. One highlight? A little Old Crow Medicine Show playing throughout the building during testing of sound system.

 

They also have photos of the art progress on their FB page.

 

http://www.facebook.com/photo.php?fbid=10151360614282746&set=a.10151360614067746.1073741825.279047387745&type=1&theater

[East Side Urbanite]

I disagree.  As long as it provides a solid contribution to the street wall, and as long as the adjacent 12th and Pine development proceeds as planned, I'm fine with this being on the scale that it is.  They can't all be big whopper developments, and in a place like Nashville, it's not like open space is at such a premium that we have to maximize the density at every possible opportunity.  Plus, as was mentioned before, a development any larger than this one would likely require the demolition of The Station Inn, which is not something I would want to see happen. 

Perfectly said, BnaBreaker.

 

WW

 

Save the Hull

[henburg]

One month until opening.  A piece by NC5 on the artwork going up in the MCC.

 

http://www.newschannel5.com/story/21560335/music-city-center-art-collection-one-of-the-biggest-in-the-nation

 

Quote from NMCC FB page;

 

 

They also have photos of the art progress on their FB page.

 

http://www.facebook.com/photo.php?fbid=10151360614282746&set=a.10151360614067746.1073741825.279047387745&type=1&theater

On a related note, does anybody have an idea of when we will hear some news about the art going in the roundabout?