Nashville Bits and Pieces

[jmtunafish]

1 hour ago, KJHburg said:

Apartment rental rates in Nashville have declined as they have in many southeast markets.   From Yardi Matrix here are some regional comparisons.  Austin has the highest year-over-year decline in the country. 

Columns from Left to Right.  
1. Year over Year Rent growth March '24
2. Forecast at year end of 2024 rent growth
3. year over year job growth last 6 months Dec 2023
4. completions as a percentage of stock March  '24

Charlotte -0.8% 0.1% 3.1% 5.5%

Dallas -1.6% -1.0% 3.7% 2.6%

Orlando -2.0% -1.5% 2.2% 4.2%

Raleigh -2.2% -0.6% 3.7% 5.0%

Portland -2.2% -1.6% 2.1% 3.1%

Nashville -2.4% -0.6% 2.7% 4.8%

Phoenix -2.6% -1.4% 1.9% 3.4%

Atlanta -2.8% -0.9% 2.2% 3.4%

Austin -5.9% -3.5% 2.8% 5.0%

 

As for income comparisons between Charlotte and Nashville the Charlotte area is slightly ahead.   

U.S. Census Bureau QuickFacts: Davidson County, Tennessee

 

 

 

Why did you limit the income comparisons to just the city limits?  By metro area, Nashville is considerably wealthier than Charlotte.

Personal income for the Nashville MSA in 2022 (the most recent year available):  $74,035.  Charlotte MSA:  $65,156.

https://www.bea.gov/data/income-saving/personal-income-county-metro-and-other-areas

[KJHburg]

15 minutes ago, jmtunafish said:

Why did you limit the income comparisons to just the city limits?  By metro area, Nashville is considerably wealthier than Charlotte.

Personal income for the Nashville MSA in 2022 (the most recent year available):  $74,035.  Charlotte MSA:  $65,156.

https://www.bea.gov/data/income-saving/personal-income-county-metro-and-other-areas

I was looking at the core most populous counties in either metro Davidson for Nashville metro and Mecklenburg for Charlotte metro.   So the personal median income in metro Nashville  is 13.6% higher than Charlotte's metro with the BEA data above as you found the metro data  and if you look at the housing costs from the study I mentioned before your median list price in Nashville is 26.2% higher ($504,900 vs $399,900).  

[jmtunafish]

18 minutes ago, KJHburg said:

I was looking at the core most populous counties in either metro Davidson for Nashville metro and Mecklenburg for Charlotte metro.   So the personal median income in metro Nashville  is 13.6% higher than Charlotte's metro with the BEA data above as you found the metro data  and if you look at the housing costs from the study I mentioned before your median list price in Nashville is 26.2% higher ($504,900 vs $399,900).  

Hmm, yet according to the National Association of Realtors the average home in Charlotte sold for $398k in 2023 compared to $401.5k in Nashville.  Not much of a difference, particularly considering the wide income gap between the two MSAs.

https://www.nar.realtor/research-and-statistics/housing-statistics/metropolitan-median-area-prices-and-affordability

[Bos2Nash]

14 hours ago, samsonh said:

This is the real reason for the slowdown in construction. Rent concessions are huge right now, we are oversupplied and will be through at least mid 2025. 

To me, this is why the Supply/Demand arguement is so hard to justify as the sole solution to housing affordability. The money begins to dry when we hit a certain "over supply" threshold that is well below the actual threshold for affordable housing. Multi-family housing - as I have been told - has very tight margins and when we see a dip in revenue such as rent it gets even tighter. Coupled with higher interested rates and higher labor costs, housing becomes harder and harder to build. While we can flood the market with top-of-the-market housing that pushes some of the older housing back down to the middle class levels, there is only so much top-of-the-market housing that can be financed before the money dries up.

Alot of folks talk a bunch about zoning reform (I gladly participate alot in those conversations), but some of the biggest reform is needed at the financing level. No matter how much zoning reform occurs, if the financing isn't there the project ain't getting built.

A perfect example of this is the parking discussion. While we have reformed parking minimums, financing models still call for parking to be built. So parking is still getting built at 1.0+ (spots per unit) factors. I heard awhile back that even with all the parking Nashville Yards has built, it is still MASSIVELY under parked from a financing model perspective. 

[markhollin]

The Tennessee Legislature passed a bill today providing support for the state’s live music ecosystem.

The legislation, which is headed to Gov. Bill Lee's desk for signature, creates the structure for a Live Music Fund that will give grants to venues themselves as well as promoters and performers. 

The Live Music Fund, to be administered by the Tennessee Entertainment Commission, under the Department of Economic and Community Development, is set up to receive funds from both the private sector and public sector, however the bill does not allocate any money during this fiscal year.

“The Live Music & Performance Venue Fund creates a massive opportunity for us to protect and preserve Tennessee’s live music industry for years to come,” said Bob Raines, executive director of the Tennessee Entertainment Commission, in a release. “Independent venues and performers … are the foundation of our complex and vibrant ecosystem and we know their success is directly tied to the vibrancy and growth of our communities across the state.” 

The bill also defines different aspects of the live music industry, making Tennessee the second state to do so, laying the groundwork for future support.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2024/04/16/live-music-fund-tn-legislature-pass-bill-governor.html

[chris holman]

https://skyscraperpage.com/diagrams/?cityID=107

It's been awhile but they have updated  the diagram of towers

In Nashville On Skyscraper Page 

[BnaBreaker]

1 hour ago, chris holman said:

https://skyscraperpage.com/diagrams/?cityID=107

It's been awhile but they have updated  the diagram of towers

In Nashville On Skyscraper Page 

Just to clarify how it works, it's not the website group that does the updating, it all just comes down to independent illustrators doing the work on their own accord, so much of the recent update can be attributed to the Illustrator known as Firestar2323.  Not sure what inspired this person to do it, but I appreciate the work they put in as I'm sure we all do! 

For the record, I actually have a couple very basic simple MS Paint illustrations I did way back in the day myself!  It was probably more than fifteen years or more by now, but for whatever reason I made my illustrator name Rubbadub (lol... think it was just one of those spur of the moment things) and I stuck to fairly basic buildings because, well, I sucked.    I believe they still use my illustration for The Renaissance Hotel as the primary one though!  Woohoo!

Edited April 20 by BnaBreaker

[downtownresident]

10 minutes ago, BnaBreaker said:

Just to clarify how it works, it's not the website group that does the updating, it all just comes down to independent illustrators doing the work on their own accord, so much of the recent update can be attributed to the Illustrator known as Firestar2323.  Not sure what inspired this person to do it, but I appreciate the work they put in as I'm sure we all do! 

For the record, I actually have a couple very basic simple MS Paint illustrations I did way back in the day myself!  It was probably more than fifteen years or more by now, but for whatever reason I made my illustrator name Rubbadub (lol... think it was just one of those spur of the moment things) and I stuck to fairly basic buildings because, well, I sucked.    I believe they still use my illustration for The Renaissance Hotel as the primary one though!  Woohoo!

I was about to say, kudos to Firestar2323 for the updates. He/She hit almost all of the major buildings that have gone up during the latest boom. 

Edited April 20 by downtownresident

[Bos2Nash]

2 hours ago, chris holman said:

Wasn't there a discussion last week about the name of 1010. Where did "The Paramount" come from?

[Skyscrapergeek]

Tony’s old project from the Church Street Park. Old illustration and incorrect height. 

[jjbradleyBrooklyn]

I wish Amazon Tower 3 was 'under construction,' as depicted in this updated diagram.

Maybe it will actually be built sooner than later? But I can't see it being built as "office-only," unless the market picks up dramatically soon.

I hope that patch doesn't just become a park or a vacant concrete lot, to sit and sit for decades.  

Hoping it will be built by 2030, at least!

[NissanvilleTitans]

Are any of you guys Supercross fans? I was watching the race in Nashville last night and they showed this outdated drone footage followed by a more up to date image. 

https://youtu.be/Gmmm-pfFTx8?si=JV_3ATb7moXi9LjA

[nashville born]

On 4/20/2024 at 12:14 PM, jjbradleyBrooklyn said:

I wish Amazon Tower 3 was 'under construction,' as depicted in this updated diagram.

Maybe it will actually be built sooner than later? But I can't see it being built as "office-only," unless the market picks up dramatically soon.

I hope that patch doesn't just become a park or a vacant concrete lot, to sit and sit for decades.  

Hoping it will be built by 2030, at least!

I'm thinking the illustrator is confusing 1001 Church (Amazon 3) and Pinnacle, which as we know is both under construction and has a slant.  Given that they put it to the left of Batman, it hints at 1010, yet I'm still wondering...

Edited April 23 by nashville born

[KJHburg]

Not sure if this is good news bad news sad news or just weird news.....

""Get ready, "Jersey Shore" fans.

The Snooki Shop will soon be opening in Music City.

Nicole "Snooki" Polizzi announced in an Instagram post she will be opening her retail shop in Nashville this summer, marking the fourth location and the first outside of New Jersey and New York

The Snookie Shop offers clothing, accessories and beauty products, all curated by Polizzi.

The post did not share a location or exact opening date.""

from the Biz Journal today 

 

[Crucial_Infra]

Came over here to get the skinny on the Oracle news and apparently I’m the first to post about it? Anyway, congrats on the new world headquarters, Nashville! What a huge get.

 

 

 

 

[subkyle]

2 hours ago, Crucial_Infra said:

Came over here to get the skinny on the Oracle news and apparently I’m the first to post about it? Anyway, congrats on the new world headquarters, Nashville! What a huge get.

 

 

 

 

There is a Oracle thread if you scroll down

[smeagolsfree]

Best stated to do business in rankings from Top Chief Executive Magazine survey 2024. This at least has a little more clout behind it.

Texas and Florida Top Chief Executive Magazine's 2024 CEO Survey of Best & Worst States for Business (prnewswire.com)

[Argo]

On 4/20/2024 at 11:14 AM, jjbradleyBrooklyn said:

I wish Amazon Tower 3 was 'under construction,' as depicted in this updated diagram.

Maybe it will actually be built sooner than later? But I can't see it being built as "office-only," unless the market picks up dramatically soon.

I hope that patch doesn't just become a park or a vacant concrete lot, to sit and sit for decades.  

Hoping it will be built by 2030, at least!

That is not Amazon's tower. If a significant company will sign a lease commitment it will get built. Amazon has the rights to be offered the first leasing opportunity. This has been said a million times already but for some reason it's hard for some people to grasp. Some people have this need for it to be Amazon's building.

Edited April 24 by Argo

[KJHburg]

Nashville has one of the highest shares of new homes builts based on market size in the last few years.  Note median prices of other cities on the list.

Metros With Largest Share of Recently Built Homes | LendingTree

[markhollin]

Friday is going to be one of those crazy days for activity in the downtown core:

- Morgan Wallen concert at Nissan Stadium (65,000)
- Predators Stanley Cup Playoff Game 6 at Bridgestone Arena (18,000)
- Nashville Sounds game at First Horizon Ballpark (10,000)
- Ryman Aud. Concert (2,200)
- Schemerhorn Symphony Concert  (1,800)
- CMA theater concert (800)
- Brooklyn Bowl concert (600)

Add that in with the normal 20,000 or so tourists that are wandering around  downtown on any given springtime Friday evening.

Will have around 118,400 people coming in to downtown Friday evening. 

 

[BnaBreaker]

9 hours ago, markhollin said:

Friday is going to be one of those crazy days for activity in the downtown core:

- Morgan Wallen concert at Nissan Stadium (65,000)
- Predators Stanley Cup Playoff Game 6 at Bridgestone Arena (18,000)
- Nashville Sounds game at First Horizon Ballpark (10,000)
- Ryman Aud. Concert (2,200)
- Schemerhorn Symphony Concert  (1,800)
- CMA theater concert (800)
- Brooklyn Bowl concert (600)

Add that in with the normal 20,000 or so tourists that are wandering around  downtown on any given springtime Friday evening.

Will have around 118,400 people coming in to downtown Friday evening. 

 

Seeing hockey fans briefly mix with those there to watch the Beethoven Violin Concerto next door will be an interesting juxtaposition to be witness to.  

Edited May 2 by BnaBreaker

[nashmoney]

I was in Nashville last week for a conference at the Renaissance and training at my company's Lavergne plant. Me and my coworkers stayed in Smyrna Sam Ridley Parkway area. 

I was born and raised in Nashville, but have not lived in the city since 2019. I visit often for work and family. 

Here are my observations from my trip:

- coworkers were visiting from all over the country, California, Seattle, Florida, Philly, Ohio, Chicago. Out of the 12 people that visited, 9 of them had never been to Nashville before. 

- We went to 5th and and Broad for the assembly hall. This was my first time visiting the development. Man they were impressed with that development. Loved the atmosphere and variety of restaurants. Everyone got something different and loved their food. This place is a home run and was full of downtown workers, convention attendees, and tourist. 

- They were surprised that downtown was jumping at 12 noon on a Monday. Lots of people out. They loved all of the rooftops and commented on how a lot of famous people have bars here. 

- The Renaissance hotel did a great job with their renovation of their ballrooms and connectivity to 5th and broad. You could basically walk from the inside of the hotel directly into assembly Food hall. Definitely a plus for hotel and convention guest. There were also signs in the meeting space areas directing folks to 5th and broad 

- I was surprised to find parking at the library garage at $20 flat rate for 24hrs! 

- I took some of them down Broadway to West End and Vandy and showed them midtown, vandy, and centennial park. They all loved the Parthenon and didn't know a full scale replica existed. 

- It took me 1.5hrs to go 24 miles from Smyrna exit 66a Sam Ridley to the Renaissance on Tues morning leaving out at 7am. I-24 was a mess. My coworkers commented that the road seemed like it was paved with gravel. The signs that tell you the lanes and speed limits were stupid. OK the current rate of speed is 35mph excellent. Not sure how that helps traffic. Potholes were terrible. Someone mentioned it looked like the roads up in Ohio. 

On the way back to Smyrna from downtown, we went some back roads through cane ridge. New subdivisions being built on both sides of a 2 lane road, which will add to the already crowded streets and interstate. 

- Overall everyone enjoyed their visit to Nashville. Only complaints I heard was that downtown didn't seem as diverse as other cities they have visited. And of course the traffic was a complaint, especially with the lack of mass transit. They loved the food, atmosphere and overall big city vibe of Nashville. They did point all of the construction and new towers being built. 

The pictures were taken from the 31st and 15th floor of Bridgestone tower 

 

Edited May 3 by nashmoney

[nashville born]

Excellent summary Nashmoney.  The part about riding on gravel made me think of my most recent stay.  Stayed in the very same SjR Parkway area in Smyrna and traveling down I-24 made me so disappointed for Nashville.  Kinda like a beautiful prom queen with a stunning dress and jewelry, but with no shoes, scaly feet, and long toenails.  

I wish your coworkers comments about the "lack of mass transit" could somehow be echoed to the powers that be.  IMO, adding true mass transit would help attract even bigger and better conventions and events.

[smeagolsfree]

10 hours ago, nashmoney said:

I was in Nashville last week for a conference at the Renaissance and training at my company's Lavergne plant. Me and my coworkers stayed in Smyrna Sam Ridley Parkway area. 

I was born and raised in Nashville, but have not lived in the city since 2019. I visit often for work and family. 

Here are my observations from my trip:

- coworkers were visiting from all over the country, California, Seattle, Florida, Philly, Ohio, Chicago. Out of the 12 people that visited, 9 of them had never been to Nashville before. 

- We went to 5th and and Broad for the assembly hall. This was my first time visiting the development. Man they were impressed with that development. Loved the atmosphere and variety of restaurants. Everyone got something different and loved their food. This place is a home run and was full of downtown workers, convention attendees, and tourist. 

- They were surprised that downtown was jumping at 12 noon on a Monday. Lots of people out. They loved all of the rooftops and commented on how a lot of famous people have bars here. 

- The Renaissance hotel did a great job with their renovation of their ballrooms and connectivity to 5th and broad. You could basically walk from the inside of the hotel directly into assembly Food hall. Definitely a plus for hotel and convention guest. There were also signs in the meeting space areas directing folks to 5th and broad 

- I was surprised to find parking at the library garage at $20 flat rate for 24hrs! 

- I took some of them down Broadway to West End and Vandy and showed them midtown, vandy, and centennial park. They all loved the Parthenon and didn't know a full scale replica existed. 

- It took me 1.5hrs to go 24 miles from Smyrna exit 66a Sam Ridley to the Renaissance on Tues morning leaving out at 7am. I-24 was a mess. My coworkers commented that the road seemed like it was paved with gravel. The signs that tell you the lanes and speed limits were stupid. OK the current rate of speed is 35mph excellent. Not sure how that helps traffic. Potholes were terrible. Someone mentioned it looked like the roads up in Ohio. 

On the way back to Smyrna from downtown, we went some back roads through cane ridge. New subdivisions being built on both sides of a 2 lane road, which will add to the already crowded streets and interstate. 

- Overall everyone enjoyed their visit to Nashville. Only complaints I heard was that downtown didn't seem as diverse as other cities they have visited. And of course the traffic was a complaint, especially with the lack of mass transit. They loved the food, atmosphere and overall big city vibe of Nashville. They did point all of the construction and new towers being built. 

The pictures were taken from the 31st and 15th floor of Bridgestone tower 

 

Not diverse in what ways? I have a good idea what they were talking about, but I want to hear it from their POV. My guess is that the DT shopping sort of sucks. No large, big box stores like you would find in a traditional large downtown. Downtown also lacks a diversity of other types of services type stores to fill the needs of the residents downtown. That will have to come sooner or later.

 

 

[Argo]

49 minutes ago, smeagolsfree said:

Not diverse in what ways? I have a good idea what they were talking about, but I want to hear it from their POV. My guess is that the DT shopping sort of sucks. No large, big box stores like you would find in a traditional large downtown. Downtown also lacks a diversity of other types of services type stores to fill the needs of the residents downtown. That will have to come sooner or later.

 

 

Well that's the wrong guess.