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

[Paramount747]

I don't think it is. However, a lot of the buildings we look back on and wish were still here weren't "old" when they were razed either.

It was completed in 1990.

[bhibbs]

Apartment developer pays $15.5M for high-profile Gulch site

http://www.bizjournals.com/nashville/blog/real-estate/2015/05/apartment-developer-pays-15-5m-for-high-profile.html?ana=twt

[Bezoar]

Apartment developer pays $15.5M for high-profile Gulch site

http://www.bizjournals.com/nashville/blog/real-estate/2015/05/apartment-developer-pays-15-5m-for-high-profile.html?ana=twt

 

 

I have a hard time envisioning an adaptive reuse as an apartment building for the Gossett.  We may see this one demo'd.    

[CenterHill]

Florida investor pays record price for Lower Broad property

http://www.bizjournals.com/nashville/blog/real-estate/2015/05/wealthy-investor-pays-eyepopping-price-for.html

 

 

$815/sq. ft.!    This isn't even a particularly notable building.   A squat two stories and without the large double sash windows and ornamentation of neighboring buildings.        The article says it was built in 1900, but the front facade must have been rebuilt (cheaply) more recently.    

[smeagolsfree]

Tarver and Caden made a tidy profit for a little over a year holding the property. They paid 8.25 million for three parcels and sell for 15.5.

7.25 million for a year and a half.

[fieldmarshaldj]

I have a hard time envisioning an adaptive reuse as an apartment building for the Gossett.  We may see this one demo'd.    

 

I hope not. I like that building.

[volsfanwill]

any chance that Lea Ave ever gets straightened out. I seem to remember it was part of the sobro master plan, the stretch from 5th to 6th is just annoyingly out of place.

[MLBrumby]

Getahn Ward at Tennessean says 300 apartments... does not say whether Gossett will go or not. 

[rookzie]

any chance that Lea Ave ever gets straightened out. I seem to remember it was part of the sobro master plan, the stretch from 5th to 6th is just annoyingly out of place.

 

That entire sub-sector of the SoBro area north of I-40/Lafayette was all misaligned from the start.  At least KBV ironed out the former Shirley St. path, even though I probably had been able to travel along Shirley faster.  That area in general is probably the oldest portion of town near B'way untouched with redev over the centuries.  The now repurposed Sears had been the biggest thing to pop up over there until the last 25 years or so.  Otherwise most of it had been small industrial, constant flood-prone land well into my childhood, until the completion of the Cheatham dam, followed with the opening of the Old Hickory dam in '57.  So that area was simply one of the most undesired until relatively recently.

-==-

[Guest]

Getahn Ward at Tennessean says 300 apartments... does not say whether Gossett will go or not.

That site is pretty deep and has decent zoning. 300 units may be possible without razing the building.

[Guest]

For that money and prominent location, I think they will develop apartments and office space. I would place the office tower across from NES where the Gossett building is located and the apartments toward the former Signs Now location.

[smeagolsfree]

They will have to have more than just 300 apartments, IMO. That is a very high land price to pay unless they are going to go up and save the rest of the property for something else.

15.5 million for almost four acres and just 300 units will be hard to make work on paper if they don't.

[smeagolsfree]

After looking at the Pollock Shore website, I can say nothing possative. A lot of suburban crap, junk, whatever you want to call it. All mid rise urban projects they have which are few are very lack luster.

Nothing they have built seems to have retail and they are not a company that does office space.

My first guess is generic crap and don't get your hopes up for anything that would excite anything but a termite.

[Guest]

This seems to be the best of a bad lot....

http://steelhouseorlando.com

[UTgrad09]

Florida investor pays record price for Lower Broad property

http://www.bizjournals.com/nashville/blog/real-estate/2015/05/wealthy-investor-pays-eyepopping-price-for.html

 

 

$815/sq. ft.!    This isn't even a particularly notable building.   A squat two stories and without the large double sash windows and ornamentation of neighboring buildings.        The article says it was built in 1900, but the front facade must have been rebuilt (cheaply) more recently.

 

Sounds like the owner just through out an impossibly high price in the hopes that somebody would just take the bait. Or maybe there was something else at play with the property...

https://youtu.be/Ha1EcvliqZQ?t=1m3s

[FromParkAveToTN]

Maybe I'm missing it. When I walk down lower Broad, all I can think of is EW! Hurry up and get the heck out of here.

[UTgrad09]

Maybe I'm missing it. When I walk down lower Broad, all I can think of is EW! Hurry up and get the heck out of here.

 

It's fun to people-watch.

[titanhog]

Maybe I'm missing it. When I walk down lower Broad, all I can think of is EW! Hurry up and get the heck out of here.

I think the new development of the old CC is going to really help pull locals into downtown.  Right now, downtown is more for your tourist crowd, though I know a LOT of younger local residents spend some time in then non-country themed bars downtown, especially during hockey season.  Over time, with more and more residents moving into DT, there should be more and more things to attract locals.  It may not be specifically lower Broad (5th Ave to the river)...but west of there and into SoBro.

[MLBrumby]

Speaking of attracting residents... when, where, who with a movie theater(s)???   Chattanooga is on its second iteration of its downtown movie complex.  

[MLBrumby]

After looking at the Pollock Shore website, I can say nothing possative. A lot of suburban crap, junk, whatever you want to call it. All mid rise urban projects they have which are few are very lack luster.

Nothing they have built seems to have retail and they are not a company that does office space.

My first guess is generic crap and don't get your hopes up for anything that would excite anything but a termite.

 

 

"Crap" is absolutely correct.  A troubling thing to me is that they appear to be more investors than developers.  No doubt, looking for a quick roi... but be encouraged by how much they paid for that site.  They won't be able to get away with putting up crap and seeing too many of those hipsters want to live there.  A garden style complex will not fly at that site... because they are going to need Hensler type rents to pay back that $15 million. 

[Guest]

Speaking of attracting residents... when, where, who with a movie theater(s)??? Chattanooga is on its second iteration of its downtown movie complex.

The good and the bad of the boom town thing... Land in Nashville is harder to come by at a price that is even in the financial ballpark. Downtown dirt is now over $200 a foot. A movie theater is around 55,000 SF plus a huge parking load. That means a structured deck for 600-1000 spaces at $18,000 a space.

$75 MM for a theater is double what it costs to build in the suburbs. You can't charge double for the tickets.

[smeagolsfree]

This seems to be the best of a bad lot....http://steelhouseorlando.com

I concur Todd. It was OK at best.

"Crap" is absolutely correct.  A troubling thing to me is that they appear to be more investors than developers.  No doubt, looking for a quick roi... but be encouraged by how much they paid for that site.  They won't be able to get away with putting up crap and seeing too many of those hipsters want to live there.  A garden style complex will not fly at that site... because they are going to need Hensler type rents to pay back that $15 million.

The website of their management company had projects here that they have either bought or could be managing. They flip properties pretty often it seem.

[MLBrumby]

Lots of developers have to be kicking themselves that they did not move into Nashville 5 years ago. I'm sure lots of them passed on the city because it wasn't high profile enough. How things can change in five years!  

 

It takes a pioneer to do something like a theater... and if Patrick Emery/Spectrum aren't able to do that, then it's more likely to go into Midtown.  It will happen, as that's one of those lifestyle amenities, like a grocery.  Someone will find the right formula and will make a killing. I just don't know anyone who does that sort of thing... although I am an investor in a huge athletic complex north of Atlanta. They plan to put in a theater there... but emphasis on "athletic" complex. 

[MetropolitanNashville]

I think there is a theater planned for the Lifeway redevelopment.

[smeagolsfree]

I think there is a theater planned for the Lifeway redevelopment.

A few of us have heard the same thing, plus some other cool stuff.