Nashville Bits and Pieces

[markhollin]

Nashville investment property sales top $3.5 billion in 2015. Another new record high. 

http://www.tennessean.com/story/money/real-estate/2015/12/31/nashville-investment-property-sales-top-35b-2015/78019530/

[markhollin]

NBJ REPORTERS PREDICT NASHVILLE HEADLINES YOU WILL READ IN 2016:

 

The crane craze continues, and so does rampant growth in rents

"Talk to me again a year from now, and this will be much harder to forecast. But for this year, it’s an easy call: You can expect Nashville’s building boom to intensify — and rents to keep accelerating.
Our interactive Crane Watch development map ( shameless plug) now tallies more than 130 projects around the city, about equally split between those under construction and proposals in the pipeline. Many of those proposals should begin to materialize this year. A litany of projects are already underway, from Bridgestone’s skyscraper and Boyle Investment Co.’s Capitol View project in the North Gulch, to Tony Giarratana’s 45-story apartment tower on Church Street and hotels aplenty in SoBro.
In other words, expect more construction-related traffic snags that even mass transit can’t solve (unless Nashville builds a monorail).

The dynamics driving the building bonanza will remain unchanged. Supply will remain at or near historic lows and demand will remain high. As construction pushes top-end rent to extremes that are new to Nashville, that creates ample room for many other landlords to boost rent.
In 2012, 2013 and 2014, Nashville’s economy ranked among the top 10 nationwide that boasted the strongest job gains. That’s giving banks confidence to approve loans for apartment and condo developers who keep forecasting record-highs in rent and sales prices.
The numbers say Nashville still is playing catch-up to peer Southeast cities, who have far more residential units in their urban cores. That said, rent growth should slow down sooner rather than later. The dirty little secret is that there’s been a spike of co-signers on those new apartment leases, which means Mom and Dad are helping subsidize some of these big-city rents." – Adam Sichko

Edited January 17, 2016 by UTgrad09
help with mobile viewing

[volsfanwill]

On 12/31/2015 at 5:10 PM, titanhog said:

Nashville is WAY more than country music.  Lower Broad is nearly 100% geared towards tourism, which is basically country music...and even the honky tonks are more about old-time country...whereas today's country music is more closely related to hip hop  and pop than the "whiney twang."

There are tons of venues around town that cater to music other than country music.

Yall need to go to one of the bars down there, all of the large ones that cater to young tourists play mostly modern country with a few 80s rock anthems thrown in.  the smaller bars are the only ones that play old country, and people like my dad, who kis here multiple times a year and has been coming for decades, are the people in those. 

[BnaBreaker]

I'm not really a country music fan, but I'll take the old country and bluegrass over that modern "country" that's trying to be anything but, any day of the week.  It doesn't have to be something I'd listen to on the train for me to enjoy and appreciate live renditions of old Patsy Cline or Hank Williams tunes, or respect the musicianship and tradition of it as something that has a legitimate place in this country's history.  I also respect and appreciate some newer groups/artists like Chris Stapleton, Nickel Creek, Union Station, and Zac Brown Band who keep the tradition of musicianship alive.  This new 'bro' country, though, that is about nothing but getting hammered and using "hip" slang (from ten years ago), is just absolute throw-away trash, in my opinion. 

Edited January 5, 2016 by BnaBreaker

[Titans10]

1 hour ago, BnaBreaker said:

I'm not really a country music fan, but I'll take the old country and bluegrass over that modern "country" that's trying to be anything but, any day of the week.  It doesn't have to be something I'd listen to on the train for me to enjoy live some old Patsy Cline or Hank Williams, or respect the musicianship and tradition of it as a legitimate cultural movement.  I also respect and appreciate some newer groups/artists like Nickel Creek, Union Station, and Zac Brown Band who keep the tradition of musicianship alive.  This new 'bro' country, though, that is about nothing but getting hammered and using "hip" slang (from 2002), is just absolute throw-away trash, in my opinion. 

Love Nickel Creek, saw them at Bonnaroo 2006, they killed it, been a fan since!

[MLBrumby]

For the first time ever... the Nashville office absorption was 1.5 million sf, courtesy of Cushman & Wakefield, by way of the Post:  http://nashvillepost.com/blogs/postbusiness/2016/1/5/report_market_sets_annual_record_for_office_space_absorption

A close friend who is a developer tells me that Nashville's absorption was constrained by a shortage of product, that he believes it would be closer to 2 million sf if that much Class A had been available. When asked about the situation, Alex S. Palmer said, "No comment." 

Edited January 5, 2016 by MLBrumby

[Nathan_in_DC]

19 hours ago, BnaBreaker said:

I'm not really a country music fan, but I'll take the old country and bluegrass over that modern "country" that's trying to be anything but, any day of the week.  It doesn't have to be something I'd listen to on the train for me to enjoy and appreciate live renditions of old Patsy Cline or Hank Williams tunes, or respect the musicianship and tradition of it as something that has a legitimate place in this country's history.  I also respect and appreciate some newer groups/artists like Chris Stapleton, Nickel Creek, Union Station, and Zac Brown Band who keep the tradition of musicianship alive.  This new 'bro' country, though, that is about nothing but getting hammered and using "hip" slang (from ten years ago), is just absolute throw-away trash, in my opinion. 

Couldn't have said it any better myself. Modern pop country is just plain forgettable on it's good days and horribly, embarrassingly annoying on its bad.

[Nathan_in_DC]

Just got back to DC after two weeks home in Tennessee. Sad that I didn't make any meetups (again...).

Some thoughts:

- I continue to be shocked by the ongoing construction. New stuff going up in all parts of town. It has its concentration in the CBD, Gulch, and Midtown areas, but it is by no means contained there. I wish I had bought stock in crane companies in the Nashville area 10 years ago.

- The hotel stock seems like it is set to double from just a couple of years ago. The Westin and Thompson projects seem to be the most visible, and what people are talking about, but it's incredible just how much it's grown since the completion of the MCC.

- The KVB/8th South/Lafayette roundabout is set to become a focal point of the city, I think. Unfortunately we're stuck with Stix. I know I've harped on it enough, but having seen it up close and personal in its almost-complete state, I still am extremely underwhelmed. No, not underwhelmed...angered. Huge opportunity that was lost to some New Age design-by-committee crap.

- Very impressed with how the Gulch is filling in. Not necessarily my cup of tea to hang out at, but it has its moments.

- Hipsters are EVERYWHERE. I seriously felt like I was in Portland or Williamsburg, Brooklyn in a few places. Not that it's a bad thing...I tend to like things that come out of hipster-dom.

- Speaking of which, bring on the Bongo Java and Barista Parlor! Over priced, sure, but damn fine coffee that beats anything I can find in DC.

- Even if the city is getting a major infusion of hip-ness, it still has a lot of Old South vibe, especially out in the western parts of town, and is keeping the traditional country scene front and center. I don't think Nashville is about to lose its soul any time soon. It will continue to evolve, but it'll remain recognizable.

- Apartments may be expensive, but the beer is still cheap. I can get a Yazoo at a restaurant or bar for $4 and it isn't Happy Hour? The PBR is still $2.50 in a lot of places? Sign me up.

- Transit, transit, transit! I hope that Mayor Berry will attempt something useful in that regard. By all accounts, NYE was a nightmare trying to get out of the CBD and beyond. Tried getting an Uber and a Lyft in the vicinity of 14th Ave and South St., gave up and walked. Having a reasonable bus system, or, *gasp*, a fixed route service, would just make Nashville a better place to live, work, and visit. It's reaching its carrying capacity and without something soon, people are going to start giving up on living any semblance of an urban lifestyle.

[BnaBreaker]

1 hour ago, Nathan_in_DC said:

- Even if the city is getting a major infusion of hip-ness, it still has a lot of Old South vibe, especially out in the western parts of town, and is keeping the traditional country scene front and center. I don't think Nashville is about to lose its soul any time soon. It will continue to evolve, but it'll remain recognizable.

 

I couldn't agree more.  It seems that all the things that make Nashville what it is today are a vital part of that new 'hip' persona it has.  The honky-tonks, the Arnold's Country Kitchens, the hot chicken, the guitar shops etc. etc. all seem to be something people are enthusiastically building upon, not trying to bury in the past, and I couldn't be more thrilled about that.

[Nashville Cliff]

1 hour ago, Nathan_in_DC said:

Just got back to DC after two weeks home in Tennessee. Sad that I didn't make any meetups (again...).

Agree with you on all points except for Stix.  But I can agree to disagree.

[Nathan_in_DC]

1 hour ago, Nashville Cliff said:

Agree with you on all points except for Stix.  But I can agree to disagree.

Haha, agreed then.

[MLBrumby]

Tennessee is a top-10 "inbound" states, according to Atlas van lines.  Courtesy of NBJ:  http://www.bizjournals.com/nashville/blog/2016/01/truckin-moving-vans-arriving-in-tennesseein-bigger.html

"Williamson County ranks as the 17th fastest-growing county in the entire nation, and the population of the entire metro region is growing by an average net gain of almost 100 people every day."

 

[Vrtigo]

Kinda neat: Lyft has published their most popular destinations in Nashville, as well as a bunch of other major cities.

The Lyftie Awards

[markhollin]

After 4 months of work, Metro planners reveal proposal for affordable housing (currently behind the paywall at NBJ)

http://www.bizjournals.com/nashville/blog/2016/01/after-4-months-of-work-metro-planners-reveal.html

[titanhog]

Anyone else spoiled like me and itching for another big proposal to hit the pipeline?!  It's like I'm hooked on crack. 

[dmillsphoto]

1 minute ago, titanhog said:

Anyone else spoiled like me and itching for another big proposal to hit the pipeline?!  It's like I'm hooked on crack. 

We discussed this a bit at the meeting on Saturday, and decided the likelihood of announcements is going to slow down a bit. I am, however, hopeful that one or two things comes along...

[smeagolsfree]

Things are slowing a bit just based On what I am seeing on development tracker. Not many things happening as far as new proposals. 

I think 2016 may be a see what happens year. A lot of projects due to start and a lot more proposed right now. My guess is there will be a number of infill projects like the BWSC project at 3rd and Lea with some big projects like the old CC starting.  I really think the pipeline may be stopped up and we really need to absorb what is being and will be built. 

 

There red are only two other cities in the tier two and three bracket with as many mid rise and highrise projects and those are Austin and Honolulu.

[NashvilleTaylor]

22 hours ago, smeagolsfree said:

Things are slowing a bit just based On what I am seeing on development tracker. Not many things happening as far as new proposals. 

I think 2016 may be a see what happens year. A lot of projects due to start and a lot more proposed right now. My guess is there will be a number of infill projects like the BWSC project at 3rd and Lea with some big projects like the old CC starting.  I really think the pipeline may be stopped up and we really need to absorb what is being and will be built. 

 

There red are only two other cities in the tier two and three bracket with as many mid rise and highrise projects and those are Austin and Honolulu.

Well the progress of all of the projects in development is extremely exciting.  I think once the Division st connector and Gulch pedestrian bridge are finished we will see a ton of new proposals for SoBro.  

[titanhog]

Sounds like residential building may slow a bit...but we still need office space.

Currently, 14,738 apartment units are under construction in the region, with an additional 9,103 in the pipeline , the trade group's data show. Over the next two to three years, the association expects roughly 25,000 units will be added to the current inventory.

With only a 2.7 percent overall Class A office vacancy and rising rents on top of Nashville's growth prospects, office developers have a bullish outlook for this year and probably beyond.

At least 68 hotels are under construction or planned in the Nashville area, with an additional nine not yet confirmed, according to lodging industry tracker STR's pipeline report. If all are eventually built over time, that would add as many as 9,600 rooms to the existing inventory.

http://www.tennessean.com/story/money/real-estate/2016/01/15/nashvilles-real-estate-market-overheating/76626128/

[MLBrumby]

I believe that will put Nashville at around the 50,000-rooms mark, and that's nudging large metro numbers.

Edited January 16, 2016 by MLBrumby

[BnaBreaker]

Just heard that KFC is introducing "Nashville" hot chicken to their menus nationwide.  Ugh...thanks for potentially ruining a great thing, giant committee run conglomerate. 

[titanhog]

3 hours ago, BnaBreaker said:

Just heard that KFC is introducing "Nashville" hot chicken to their menus nationwide.  Ugh...thanks for potentially ruining a great thing, giant committee run conglomerate. 

Yeah...people all over the world will eat the KFC version and then wonder what the fuss is all about.

[MLBrumby]

Aren't they owned by some company with a stupid name like.. DUM! or some such? 

At least they did one thing smart... and did NOT come to Nashville when they rolled out their "Nashville" hot chicken promo. 

[titanhog]

Just drove by a KFC and noticed they're already selling Nashville Hot Chicken...so I got some.  I must say, I was pleasantly surprised (I was expecting it to be really bad...like regular KFC with a little bit of spice poured on).  I can tell they at least took the process of creating NHC seriously by using the greasy paste over fried chicken instead of just adding some spice to their fry batter.  The chicken has that orange, greasy residue that NHC has.

It looks similar to NHC...but still has that KFC extra-crispy look because they obviously don't leave all the skin on their chicken, which is why real NHC is so good.  So...that's a negative.

It has a similar taste to NHC...but a bit too sweet for me.  I like NHC to have a sweet and spicy flavor...but this was just a bit too sweet and not enough flavor.

They do use the dill pickle slices, which is a nice touch...but no white bread, which would really help bring it home.

All in all...if you don't live in Nashville and have never tried NHC, you may like this and actually long to one day come to Nashville and try the real thing.  I give it a 5.5 on a scale of 10.

[MLBrumby]

 

17 minutes ago, titanhog said:

Just drove by a KFC and noticed they're already selling Nashville Hot Chicken...so I got some.  I must say, I was pleasantly surprised (I was expecting it to be really bad...like regular KFC with a little bit of spice poured on).  I can tell they at least took the process of creating NHC seriously by using the greasy paste over fried chicken instead of just adding some spice to their fry batter.  The chicken has that orange, greasy residue that NHC has.

It looks similar to NHC...but still has that KFC extra-crispy look because they obviously don't leave all the skin on their chicken, which is why real NHC is so good.  So...that's a negative.

It has a similar taste to NHC...but a bit too sweet for me.  I like NHC to have a sweet and spicy flavor...but this was just a bit too sweet and not enough flavor.

They do use the dill pickle slices, which is a nice touch...but no white bread, which would really help bring it home.

All in all...if you don't live in Nashville and have never tried NHC, you may like this and actually long to one day come to Nashville and try the real thing.  I give it a 5.5 on a scale of 10.

Mmmm.... greasy paste. Yum!