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

[MLBrumby]

Last Luxus townhome sale sets Germantown sets record price:  http://www.tennessean.com/story/money/2015/04/15/million-dollar-home-sale-sets-record-price-germantown-area-market/25857695/

 

 

The thing about this that surprises me is that the house sits across from a steel industrial building and its parking strip along Monroe. I don't recall hearing any plans to redevelop that. Assuming it will stay that way indefinitely, I don't exactly think the buyers got a great view from their front door. I'm sure they have a skyline shot from their roof. 

[samsonh]

A bump in the economy would hurt everything everywhere, however the last bust I could see coming. This time Nashville is in a different category. These types of units need to keep going up to bring the rental rates down. With the numbers of people coming here, no slow down for at least five years and that is coming from several realtors I have spoken too or read about.

Btw, Samson, you have. Been saying this for three years now and it's still going.

 

I have been saying it. I still have trouble seeing 1500+ units (or somewhere close to that number) filling up in the next 18 months in Germantown alone. I really hope I am wrong because I enjoy seeing all the development as much as everyone else here.

[rookzie]

The thing about this that surprises me is that the house sits across from a steel industrial building and its parking strip along Monroe. I don't recall hearing any plans to redevelop that. Assuming it will stay that way indefinitely, I don't exactly think the buyers got a great view from their front door. I'm sure they have a skyline shot from their roof. 

 

I don't feel like researching, but the buyer(s) could be owning that industrial business.

-==-

[Nashville Cliff]

Representative Alexander's amendment to strip funding for the new state museum out the state budget just failed on the floor.  Look's like the museum is taking a big step towards finally getting built.

[markhollin]

Representative Alexander's amendment to strip funding for the new state museum out the state budget just failed on the floor.  Look's like the museum is taking a big step towards finally getting built.

Fantastic!  Really looking forward to this helping flesh-out more of the Bicentennial Park district.

[Bezoar]

Tribute Hotel coming to Noel Place building:  http://www.tennessean.com/story/money/real-estate/2015/04/16/starwood-project-includes-hotel-planned-noel-place/25875559/

Edited April 16, 2015 by Bezoar

[smeagolsfree]

That's torture, Ron!

I excel in the area of torture.

You need to make your way up from Choo Choo town and join us for a forum meet.

[smeagolsfree]

Gulch developer buys another property.

http://www.bizjournals.com/nashville/blog/real-estate/2015/04/chief-developer-of-nashvillesgulch-buys-another.html

[rookzie]

Tribute Hotel coming to Noel Place building:  http://www.tennessean.com/story/money/real-estate/2015/04/16/starwood-project-includes-hotel-planned-noel-place/25875559/

 

I wonder what the next Starwood-branded hotel planned for Asheville will be like – new build, rebuild, or adaptive reuse.  Since Ashev'l generally has preserved its old buildings, I hope that it can blend well.

-==-

[RonCamp]

I wonder what the next Starwood-branded hotel planned for Asheville will be like – new build, rebuild, or adaptive reuse.  Since Ashev'l generally has preserved its old buildings, I hope that it can blend well.

-==-

 

Per the article from The Points Guy, "the Vandre Nouveau Hotel will open in the extensively renovated BB&T Bank building in Asheville, North Carolina."

[rookzie]

That's great. ThanX...

[Leif]

Gulch developer buys another property.

http://www.bizjournals.com/nashville/blog/real-estate/2015/04/chief-developer-of-nashvillesgulch-buys-another.html

I can't wait to see what sort of useless retail they find for this spot in the future.

[UTgrad09]

I have been saying it. I still have trouble seeing 1500+ units (or somewhere close to that number) filling up in the next 18 months in Germantown alone. I really hope I am wrong because I enjoy seeing all the development as much as everyone else here.

 

It is a very large number...I think that is something that all of us are trying to get used to. But developers keep throwing hundreds of units at a time into Nashville's urban neighborhoods, and they keep getting snatched up about as fast as they are built. 

 

I actually think Germantown might be able to absorb units better than somewhere like Midtown, because Germantown has more of the feel of a walkable residential neighborhood, and with less traffic (which makes sense, given Midtown's commercial/hospital density). IMO, it's one of the most attractive urban neighborhoods in the city. Probably second to downtown as far as places I would want to live.

 

 

 

I don't know if all of those units will be filled in 18 months, but they won't all be coming online at once. As long as the market keeps gobbling up new units, I think we are fine. If it starts to take longer to fill them, then I imagine rental rates would drop (which wouldn't be a bad thing) and land speculation & development will slow as well. I can't see it coming to a screeching halt, though, without some outside force (such as a major economic blow) happening. 

 

But as long as the downtown area's rental market remains about 98% leased, I can't see any reason for slowing down.

[smeagolsfree]

I think the row at Taylor Place or Lofts, can't remember, but they are 70% leased and just opened a few months ago.

[nashvillwill]

I can't wait to see what sort of useless retail they find for this spot in the future.

If I were a Gulch resident, I think I would be pretty fed up at this point by the lack of basic needs. Granted, I don't live there, so I may be missing something, but it seems to me that among the 20-30 businesses in the gulch, the Turnip Truck is the single business in the entire gulch which would help a resident get some of life's necessities. And they have a limited selection at that.

Maybe I'm just an old man at this point of my 30's, but I don't just don't see how having $40 lunches and King Baby clothes, but nowhere to buy a razor blade or a gallon of regular ol' purity milk could make for any kind of satisfying neighborhood.

FYI, I'm not trying to knock anyone for living there. I think it's a great place. I'm just saying I would be frustrated by it all.

[Hey_Hey]

I think that's the truth. The reality is that we don't shop in trendy, high fashion places most of the time.  Everyone, regardless of income, has to buy toothpaste, toilet paper, duct tape, envelopes, stamps, etc., etc., etc.  I live near Music Row in one of the most walkable (maybe the most) single family neighborhood in all of Nashville, and we really have just one place that is somewhat walkable (21st Ave CVS) to buy all of the unmentionables that everyone uses everyday. You won't get rid of the need for cars until you can buy everything you need within a 10 minute walk of home.  

[titanhog]

Gotta hope the Elmington guys actually do get that Publix behind Off Broadway Shoes at 16th and McGavock.

[FrankNash]

Which comes first the chicken or the egg when it comes to development. A food store requires a certain amount of roof tops before investing in a up and coming area. 

[nashvillwill]

Which comes first the chicken or the egg when it comes to development. A food store requires a certain amount of roof tops before investing in a up and coming area.

I understand that. I agree that the Gulch (music row, etc) may not be ready for a supermarket. But I sure think a corner grocer/bodega would be handy. Unfortunately, I think our society/city would see a bodega (especially in the flashy Gulch) as a slummy place to attract bums. The fact of the matter is that in more densely populated cities, these are the exact kinds of places that help a neighborhood survive. These kinds of places are smaller, so it will never provide a "one stop shop" type of experience that a super market provides, but they are good places to get toothpaste, a 4 pack of toilet paper, a six pack of beer, some fresh fruit, stamps, flour, flowers, a breakfast sandwich, etc.

Residents may still want to make a monthly trip to a suburban supermarket, but daily/weekly odds and ends could be picked up on foot.

I realize that the Turnip Truck provides some of that for the Gulch, but it seems that most neighborhoods in town are lacking such a place.

[Bezoar]

The reactivation of Buchanan continues to march forward.  New Meat & 3 to open at 12th and Buchanan:  http://www.bizjournals.com/nashville/blog/2015/04/creative-north-nashville-project-lands-new.html

[Bezoar]

Metro Plans North Gulch Redevelopment district

[Leif]

Yeah nashvillwill, I think it is definitely a downtown issue and not a Gulch issue per se (and with turnip truck we may be a bit better off than some areas of downtown). However since MarketStreet is oft named as the master planner of the area I'll blame them for the glaring omissions in retail. Maybe Crossings will remedy some of it but I'm not optimistic.

[MLBrumby]

Very crude "market research", but a/o this NBJ piece from last month, there are approximately 3800 apartments currently in various stages of development (I read that as beyond proposal) in the core and adjacent ring.  This article states that the "balance" of apartments in the metro is approximately 11% of the total population.  It also states that Nashville is currently growing by up to 37,000 people per year. True, these "in town" apartments don't constitute the whole area, but the current supply underway in those key high-growth areas would suggest a little over a year's demand for new apartments.  

 

Like I said, it is crude...  http://www.bizjournals.com/nashville/blog/real-estate/2015/03/new-studynashvilles-apartment-boom-economic-boon.html

Edited April 17, 2015 by MLBrumby

[Nashville Cliff]

Metro Plans North Gulch Redevelopment district

 

I hear the plan is to limit height in that district to four stories.  jk!

[MLBrumby]

I understand that. I agree that the Gulch (music row, etc) may not be ready for a supermarket. But I sure think a corner grocer/bodega would be handy. Unfortunately, I think our society/city would see a bodega (especially in the flashy Gulch) as a slummy place to attract bums. The fact of the matter is that in more densely populated cities, these are the exact kinds of places that help a neighborhood survive. These kinds of places are smaller, so it will never provide a "one stop shop" type of experience that a super market provides, but they are good places to get toothpaste, a 4 pack of toilet paper, a six pack of beer, some fresh fruit, stamps, flour, flowers, a breakfast sandwich, etc.

Residents may still want to make a monthly trip to a suburban supermarket, but daily/weekly odds and ends could be picked up on foot.

I realize that the Turnip Truck provides some of that for the Gulch, but it seems that most neighborhoods in town are lacking such a place.

 

 

Given the high, upscale tastes of the demographic moving into those areas, I'd agree with you about the general desire to patronize a traditional bodega as you've described. But of course, those bodegas in older cities are somewhat worn looking because they've been there for years.  Nashville's clean slate would require new facilities for such purposes.  Even Turnip Truck is seeing fit to go upscale with its new facility.  BTW... I've never been there, just my supposition. 

Edited April 17, 2015 by MLBrumby