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

[markhollin]

The Nell (5-8 stories, 78 condos, internal garage) update.

Looking NW from 7th Ave. South at Fogg St:

[markhollin]

A couple of historic structures downtown have sold for large sums:

1)  209 Broadway (2 stories, 11,000 sq. ft., built in 1948) currently home to Trail West clothing store has sold for $20 million (works out to $1,818 per square foot--which appears to be a new recored for downtown) to unnamed investors.  The sellers was Karen and Edward Smith, who purchased the structure in 2014 for $2.75 million.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/lower-broadway-building-sells-for-record-sum/article_1b5e7ab8-673a-11ec-91d0-df58f9115937.html

2) 128 2nd Ave. North (3 stories, 42,520 sq. ft. , built in 1900) most recently home to the just-closed George Jones Museum/Restaurant/Bar has sold for $21 million to unnamed investors.  Possum Real Estate had purchased it most recently in 2018 for $18 million.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/investors-pay-21m-for-george-jones-museum-building/article_2f8523ce-674f-11ec-918a-3f7ec6126408.html

209 Broadway:

128 2nd Ave. North:

[Mr_Bond]

On 12/24/2021 at 7:58 AM, markhollin said:

907 Gleaves  St. (1 story, 15,000 sq. ft. of commercial/office space on .83 acre) has sold for $10.6 million  to an LLC related to MarketStreet Enterprises (the primary developer of the majority of the Lower Gulch area).  A John Ingram-affiliated LLC was the previous owner, having spent $2.1 million to buy in 2015.  This large purchase price  brings to question whether this current structure has a future on this site. One could easily see something of at least a 10 story nature being developed here. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/gulch-building-near-peg-leg-porker-sells-for-10-6m/article_baca639a-6376-11ec-805b-e32341e6c282.html
 

This is fascinating.  Ingram makes 5X in six years, so that's a win, especially since this building hasn't been used that much (based on my limited knowledge).  MarketStreet just sold the 915 Division parcel and has now invested those dollars into this location.  I wonder why.  Does it have anything to do with the developer who is building the dual brand Hilton?  Does this have anything to do with the Pine Street Parking Lot on the map?  I'm just throwing out ideas here hoping something makes the Magic 8 Ball say "Maybe."

[smeagolsfree]

No clues as to what is going on.

[markhollin]

C.B. Ragland has purchased the .3 acre surface lot in the NW corner of 12th Ave. South and McGavock St. (109 12th Ave. South) for $4 million. This is immediately to the east of Adele's Restaurant.  The sellers, Robert Baker and Alice Taber) had last bought the site in 1993 for $30,600.

Michael Hayes, CBR president, told the Post the company wanted the surface lot, which offers 36 spaces, to accommodate vehicles of the office tenants at its 1101 McGavock during the day and patrons visiting Kayne Prime and Whiskey Kitchen at night. Previously, the company had a ground lease for the property, he said.

Ultimately, this site has much more value than just a surface lot.  Will be interesting to see what unfolds. 

 More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/local-developer-buys-gulch-parking-lot-for-4m/article_1066240a-6823-11ec-a2d9-9fa5b6e2d063.html

[smeagolsfree]

Right now, no more than parking is planned per Michael Hayes. I suspect this may be the staging area for the hotel planned at the Whiskey Row Kitchen site!

[markhollin]

The 300 Jefferson St./1121 3rd Ave. North site has changed hands one again, this time for a record price for Germantown: $12.95 million ($258 per sq. ft.).  Front Four Real Ventures LLC, which paid $3.7million for the site in Jan. 2020, has sold to an unnamed entity. Previously Front Four had planned a 5-7 story mixed-use structure.  No word on what the new owners are planning, but one would suspect something similar in nature. 

More behind the Nashville Post paywall here;

https://www.nashvillepost.com/business/development/germantown-site-eyed-for-project-sells-for-record-sum/article_69bd1ff4-682d-11ec-ab9a-d70974372fdd.html
 

Looking north from Jefferson St. and 3rd Ave. North:

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

[markhollin]

Bottled Blonde will be a new 5 story, 25,000 sq. ft. $45 million bar/entertainment facility at 209-211 Broadway. Evening Entertainment Group just bought the 2 story (circa 1948) building for $20 million earlier this week. Negotiations are underway for a country music star to be the face of the location. There will be multiple levels of live music, a private club overlooking Broadway, and a rooftop adult games bar. The primary food offered will be pizza. Tuck Hinton will be the architect, and it is expected to be open by late 2023. No renderings yet. 

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/29/bottled-blonde-planned-for-lower-broadway.html

This. is the structure that will be razed to make way for the 5 story entertainment complex:

[markhollin]

Fire Station #2 demo underway.

Looking NE from intersection of Gay St. and 2nd Ave. North:

[Bos2Nash]

17 hours ago, markhollin said:

Bottled Blonde will be a new 5 story, 25,000 sq. ft. $45 million bar/entertainment facility at 209-211 Broadway. Evening Entertainment Group just bought the 2 story (circa 1948) building for $20 million earlier this week. Negotiations are underway for a country music star to be the face of the location. There will be multiple levels of live music, a private club overlooking Broadway, and a rooftop adult games bar. The primary food offered will be pizza. Tuck Hinton will be the architect, and it is expected to be open by late 2023. No renderings yet. 

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/29/bottled-blonde-planned-for-lower-broadway.html

This. is the structure that will be razed to make way for the 5 story entertainment complex:

Interesting that they just plan on demolishing this entire building. It is certainly nothing to look at, but it is a step up on the historic scale as it is eligible for national preservation and also falls within the Broadway Historic Overlay District. I will say I do not believe this structure contributes at all to the architectural vernacular of Lower Broadway and I believe a new structure will contribute better. This will create an odd canyon for the "finger" portion of the Moxy which went the route of maintaining the existing frontage along Broadway while now both sides will go higher. 

The last time we saw a complete teardown was Steve Smith at Kid Rock's title bar and there was a massive lawsuit with the Moxy Hotel because many of these buildings share party walls and the Kid Rock team pulled down the wall for the Moxy.

Also, "Bottled Blonde"? There is only a handful of country music singers that I feel like would entertain this. Carrie Underwood is my leading contender.

[markhollin]

Capitol Hotel expansion (5 stories, 29 rooms) update.

Looking NE from Polk Ave., 1/4 block south of Union St:
 

[MLBrumby]

What is the corporate flag for that hotel?  Or are they planning to be a boutique when this gets finished? 

[markhollin]

125 3rd Ave. South expansion (adding 3rd level to a restaurant complex) update.

Looking west from Seigenthaler Pedestrian Bridge where it crosses over 2nd Ave. South:

[markhollin]

411 Broadway (3 stories, 42,394 sq. ft.)  has sold for $47.9 million, which works out to $1,129 per sq. ft.---another very high level for downtown.  It was previously purchased for $27 million just 4 years ago. Downtown Sporting Club will close immediately.  No word on who the new owner is, or what their plans will be.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/lower-broadway-bar-building-sells-for-47-9m/article_bb1f5c1a-6a7e-11ec-9fd0-b7703f92c58a.html
 

[Archibum]

1 hour ago, markhollin said:

411 Broadway (3 stories, 42,394 sq. ft.)  has sold for $47.9 million, which works out to $1,129 per sq. ft.---another very high level for downtown.  It was previously purchased for $27 million just 4 years ago. Downtown Sporting Club will close immediately.  No word on who the new owner is, or what their plans will be.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/lower-broadway-bar-building-sells-for-47-9m/article_bb1f5c1a-6a7e-11ec-9fd0-b7703f92c58a.html
 

My brother was a bartender at Paradise Park and is suddenly out of a job before one of the biggest paydays of the year. Sucks

[markhollin]

Commerce Street Center's white pain job appears complete on all sides now.

Looking north from Seigenthaler Pedestrian Bridge where it crosses over 2nd Ave. South:

[Rick Dalton]

That’s a shame, Downtown Sporting Club was actually a good time. It was a bit dated but I liked that it had a different vibe.

[markhollin]

Rutledge Flats (8 stories, 174 units) update: topped-out.

Looking SE from 3rd Ave. South, 1/2 block north of Elm St:

Looking north from 3rd Ave. South at Elm St:

[markhollin]

Nice feature on the history of The Gulch in The Tennessean. It includes lots of photos from the year 2000 onward (samples below).

"20 years later, theGulch's makeover is a blueprint for bold transformation in Nashville."

https://www.tennessean.com/in-depth/money/2022/01/02/the-gulch-nashville-tennessee-developments-blueprint-riverfront-transformation/8889668002/

2000:

2004:

2005:

2006:

2007:

2008:

2009:

2012:

2016:

[markhollin]

609 9th Ave. South (.4 acre including a 1 story, non-historically-significant structure) has sold for $4.97 million to an unknown LLC.  A similar sized lot bordering on this one just to the south sold last year to a different entity.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/gulch-commercial-building-sells-for-4-97m/article_2619b546-6cd3-11ec-bba0-cbe5190551c9.html

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

[andywildman]

3 hours ago, markhollin said:

2006:

Apparently the Demonbreun viaduct replacement in 2006 took 2 years and 7 months.

It's crazy that less than 20 years later, the Broadway Viaduct replacement is expected to take less than a year (using a similar method to the Fast Fix 8 interstate bridges back in 2015).

[Bos2Nash]

On 1/1/2022 at 7:07 AM, markhollin said:

411 Broadway (3 stories, 42,394 sq. ft.)  has sold for $47.9 million, which works out to $1,129 per sq. ft.---another very high level for downtown.  It was previously purchased for $27 million just 4 years ago. Downtown Sporting Club will close immediately.  No word on who the new owner is, or what their plans will be.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/lower-broadway-bar-building-sells-for-47-9m/article_bb1f5c1a-6a7e-11ec-9fd0-b7703f92c58a.html
 

Immediately?? That is wild. Seems like interesting timing with the Bastion fire happening a couple weeks ago. If I remember correctly the ownership of Bastion and Downtown Sporting Club are/were one in the same.

[Luvemtall]

4 minutes ago, Bos2Nash said:

Immediately?? That is wild. Seems like interesting timing with the Bastion fire happening a couple weeks ago. If I remember correctly the ownership of Bastion and Downtown Sporting Club are/were one in the same.

I smell something fishy!! 

[Melrose]

2 hours ago, Bos2Nash said:

Immediately?? That is wild. Seems like interesting timing with the Bastion fire happening a couple weeks ago. If I remember correctly the ownership of Bastion and Downtown Sporting Club are/were one in the same.

Not correct. 

[MLBrumby]

Pardon my ignorance guys, but what was the Bastion fire and how is that linked to the Sporting Club?