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

[PillowTalk4]

While I'd prefer to Hermitage Lighting relocate (I guess it's unreasonable to expect all the mundane one and two story buildings will disappear), I'm glad to see they are re-cladding the exterior of the building.  I always hated they way that building looked.  I wish they would add more windows to the upper portion or do some other type of design element.  I also wish there was a way to shift parking from being in front of the building.  I hope other remaining buildings in that area that are just bland light industrial properties will either follow suit Hermitage Lighting or sell.

Edited August 6, 2019 by PillowTalk4

[markhollin]

M Cubed has its 4 building/3 &4 story/34 unit residential project for 810 Jefferson St. (on former site of Church's Chicken) approved by MDHA. Architect is Powell Architecture Studio + Building.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21081236/hotel-indigo-addition-plan-approved

And the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/08/06/plans-surface-for-jefferson-street-project-with.html?iana=hpmvp_nsh_news_headline

 

This screen shot from Smeagolsfree's excellent development map shows the site highlighted in teal at the center of the frame:

[markhollin]

The Hampton Inn on KVB has just sold for...$101.5 million (that's nearly $500,00 per ROOM!) to the Nakash family, who owns Jordache Jeans.  This is the family's first foray into Nashville real estate.  They bought it from SEDCO Capital, which had bought the Hampton in 2016 for $57.8 million. 50 more rooms have been added since then, bringing the total to 2014 units.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/08/06/for-101m-saudis-sell-downtown-hotel-to-jordache.html?ana=twt

[MLBrumby]

Cha-ching! What a cash cow! Yes, it's dumpy but a very expensive one. 

[Sean blackdog]

Today evening. Tower crane up for the 4 story First Baptist Church expansion.  

[nashvylle]

Thanks @Sean blackdog your pics are great 

[markhollin]

Some updates coming to the 5-story, 112,000 sq. ft. Metro Center building at 2 Vantage Way. It was built in 1976, and has had other renovations in '98 and '12. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21081475/metrocenter-building-to-land-update

 

[markhollin]

First Baptist Church addition (4 & 5 stories) update.  Crane fully erected and functional. Kind of surprising how tall they have it set for a 5 story project. 

Looking NW from 6th Ave. South, 1/2 block north of Demonbruen St:

Looking south from Broadway, 1/2 block west of 6th Ave. South:

Ground work a few days before the crane was raised. rebar being set for some footings. 

Looking east from intersection of Broadway and 6th Ave. South:

Looking south from intersection of Broadway and 6th Ave. South:

[markhollin]

Accent Cumberland (two 4 story buildings with 282 residential units) has landed permits totaling $33.5 million for continued construction at the 7.9 acre site . at 541 Great Circle Rd. in Metro Center.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21081475/metrocenter-building-to-land-update

[nashvylle]

great infill. 

[RonCamp]

Anyone know what is going in next to Scout's on 5th Ave in Salemtown?  Looks like food (there's a hood inside and a service window on the patio).

[smeagolsfree]

Glen Campbell museum to open downtown. 

https://www.nashvillepost.com/business/music-business/article/21081672/glen-campbell-museum-to-open-in-early-2020

"An early 2020 opening is slated for The Glen Campbell Museum and Rhinestone Stage, to be located in downtown’s The District at the intersection of Broadway and Second Avenue.

Nashville-based Clearbrook Hospitality LLC, a subsidiary of Clearbrook Holdings Corp, will own and operate the museum, it announced Thursday in a release. The address was not disclosed in the release"

[CenterHill]

4 minutes ago, smeagolsfree said:

to be located in downtown’s The District at the intersection of Broadway and Second Avenue.

Huh?     Where exactly is that?      There are 3 buildings at that intersection - Cotton Eyed Joe's, Silver Dollar Saloon and Rock Bottom Brewing. 

[smeagolsfree]

They have not released the location yet.

[markhollin]

Some more info on the Glen Campbell Museum and Rhinestone Stage.

- It will cover 4,000 sq. ft. 

- Will feature immersive, interactive displays showcasing different stages of Campbell's career.showcase never-before-seen artifacts from Campbell's early years on a farm in Arkansas, through his climb to stardom. Displays will include many of his guitars and instruments, golf paraphernalia, intimate family photos, stage clothing and more.

- In the evenings, the museum will transform into live music venue The Rhinestone Stage, where national and local touring acts can perform intimate shows.

- By process of elimination, the locale will be at 200 Broadway (former Cotton-Eyed Joe building), probably taking up a portion of the first floor.

More at The Tennessean here:

https://www.tennessean.com/story/money/2019/08/08/glen-campbell-museum-venue-coming-nashville-lower-broadway/1953274001/

[markhollin]

The Nakash Holdings Company, a private investment fund of Jordache Fashion (who just bought the KVB Hampton Inn for $101.5 million earlier in the week), is bullish on more Nashville development.

In an interview with NBJ, Rick Bennett, who is managing director for Nakash, says they will be involved with another NEW development downtown.  No more info given at this time. Nakash's multi-billion dollar portfolio includes commercial real estate of all stripes, so it could be another hotel, or office, or residential.  

Additionally, they are looking at some projects outside of downtown as well--but no specifics yet.

Here is a quote from him on why they are so excited about Nashville:

"There's just such an authenticity. It's real Americana. This isn't some made-up Disney World: This is the real thing, the real Music City. … There's a long, long runway for tourism. The risk is keeping it secure and clean. When we walk around Broadway, it feels clean and safe. So it's about making sure they don't change the DNA of that area. Keep it the way it is, because it's so attractive. I'm in other markets where a city does a poor job of dealing with growth. Have a plan, and don't lose the fabric of the place."

 More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/08/09/exclusive-jordache-jeans-family-already-pursuing.html?iana=hpmvp_nsh_news_headline

[downtownresident]

Just now, markhollin said:

The Nakash Holdings Company, a private investment fund of Jordache Fashion (who just bought the KVB Hampton Inn for $101.5 million earlier in the week), is bullish on more Nashville development.

In an interview with NBJ, Rick Bennett, who is managing director for Nakash, says they will be involved with another NEW development downtown.  No more info given at this time. Nakash's multi-billion dollar portfolio includes commercial real estate of all stripes, so it could be another hotel, or office, or residential.  

Additionally, they are looking at some projects outside of downtown as well--but no specifics yet.

Here is a quote from him on why they are so excited about Nashville:

"There's just such an authenticity. It's real Americana. This isn't some made-up Disney World: This is the real thing, the real Music City. … There's a long, long runway for tourism. The risk is keeping it secure and clean. When we walk around Broadway, it feels clean and safe. So it's about making sure they don't change the DNA of that area. Keep it the way it is, because it's so attractive. I'm in other markets where a city does a poor job of dealing with growth. Have a plan, and don't lose the fabric of the place."

 More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/08/09/exclusive-jordache-jeans-family-already-pursuing.html?iana=hpmvp_nsh_news_headline

To his point, the city needs to fast track the upgraded barriers and widened sidewalks along Broadway. Those areas are much easier to walk through and feel safer/less crowded. 

[downtownresident]

iPhone pano from the Library Garage:

[markhollin]

Cloudkitchens, a conglomerate of 42 commercial kitchens, is being planned for a adaptive re-use of the 18,000 sq. ft.  warehouse space at 614-700 18th Ave. North, just north of the Martin Luther King Jr. Hight School on the near north side. Diego Berdakin, the founder of CloudKitchens, bought the property in May for $1.6 million.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/08/09/investors-think-this-could-be-the-future-of.html?iana=hpmvp_nsh_news_headline
 

This screen shot from Googlmaps shows the site highlighted with a an orange pin at the center of the frame:

[markhollin]

Another interesting purchase: an unknown LLC has purchased the L&C Garage at 144-148 5th Ave. North (6 stories, 291 spots, some ground level retail) for $17 million.  Elmington Capital had acquired the .47 acre property in 2015 for $7 million. 

This prime location is certainly a money-maker as a garage...but could be even more of a golden goose if it were replaced by a 50-70 story tower with a new inclusive 10 level garage (5 below grade).   Who knows, perhaps the same folks are negotiating for the narrow surface lot just to the south that borders on Commerce Street for an even more substantial footprint. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/commercial-real-estate/article/21081839/downtown-parking-garage-changes-ownership-hands

 

[markhollin]

Ludlow Row (3 stories, 26 townhomes) update.  Final phase finished.

Looking NE from Scovel St., 1/2 block east of 11th Ave. North:


 

[smeagolsfree]

Goodluck on that as it is owned by the Central Church of Christ who dont seem to be willing to sell any of their property.

[markhollin]

1 hour ago, smeagolsfree said:

Goodluck on that as it is owned by the Central Church of Christ who dont seem to be willing to sell any of their property.

As the old saying goes, "Everybody and everything has a price."  No one thought that First Baptist would ever sell off some of its properties, either....but they did to Embassy Suites and 1 Hotel.   My guess is that within the next decade all of FB's other surface lot tracts will be sold or leased, with them getting a significant piece of the parking revenue as part of the deal(s).  And I predict the same for Central Church of Christ and their two lots.  It's really poor stewardship otherwise on their part. 

[smeagolsfree]

They make a ton of money off parking at that lot and Tony and others have tried to buy them out and they said they are not going anywhere for what its worth.

Just like the Lutheran church that bought the credit union on 8th. It was an investment for the church so they dont have to worry about financing. At some point they may put that property up for sale, but again that is another building I would hate to see demolished. 

[chris holman]

5 hours ago, markhollin said:

Another interesting purchase: an unknown LLC has purchased the L&C Garage at 144-148 5th Ave. North (6 stories, 291 spots, some ground level retail) for $17 million.  Elmington Capital had acquired the .47 acre property in 2015 for $7 million. 

This prime location is certainly a money-maker as a garage...but could be even more of a golden goose if it were replaced by a 50-70 story tower with a new inclusive 10 level garage (5 below grade).   Who knows, perhaps the same folks are negotiating for the narrow surface lot just to the south that borders on Commerce Street for an even more substantial footprint. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/commercial-real-estate/article/21081839/downtown-parking-garage-changes-ownership-hands

 

Such a prime location