Nashville Bits and Pieces

[Rick Dalton]

That Buckingham lot is so good. I’d love to be investor for a condo / hotel project on that site. 

[smeagolsfree]

We will see what happens with that lot. Buckingham owns it and they have missed out on two financial windows to me. I think now is the time they either need to sell it or develop it. It is probably getting a little expensive paying the taxes on the land now. They bought it for 850k, and it is now appraising for 6.3 million. It will probably sell for closer to 11 to 12 IMO, maybe for a little more. The fact that it is on a corner jacks the price up.

[donNdonelson2]

My favorite unbuilt proposal

[smeagolsfree]

Everyone should have access to the list. I thought I had it set up with anyone who had a link, but now it is set up that way.

[downtownresident]

Saw this on twitter. I wonder where TPAC ends up: 

 

[lmc123]

Also in the budget... TSU: a new residence hall ($157M), hale stadium upgrades ($2.2M) and new football operations building ($41.5M). 

A more detailed breakdown found here: 

 

Edited February 7, 2023 by lmc123

[chc3]

12 hours ago, downtownresident said:

Saw this on twitter. I wonder where TPAC ends up: 

 

I still hope they build on the SE quadrant of Bicentennial Mall.

[markhollin]

Civic Design Center is partnering with the Frist Art Museum, NOMA Nashville, and AIA Middle Tennessee to present an architecture tour Saturday, Feb. 25 from 10 AM to noon.  Attendees will meet at the Frist Art Museum to embark on a trip to see the historic and remarkable architecture of McKissack & McKissack. Stops begin in Downtown Nashville taking us through North Nashville’s Fisk and TSU campuses then down to Edgehill to view the home of Moses McKissack III.

https://www.civicdesigncenter.org/all-events/mckissack-trolley-tour?utm_campaign=daily-newsletter&utm_medium=newsletter&utm_source=nashtoday&utm_content=nashtoday&utm_term=NASHtoday: Subscribers - MASTER

[jjbradleyBrooklyn]

Giarratana has 2 under construction projects, The Alcove and Prime, right now in Nashville. With a 3rd -- the YMCA Tower -- soon to be Nashville's tallest, starting construction once demo is completed in spring this year, as well.

Also, on the proposed docket next is the beautifully planned curved residential tower by the Westin and the Stix circle.

Where and what does everyone think Giarratana builds next in Nashville?

[Luvemtall]

He also has the tower at the TSU Avon campus on the corner of MLK Blvd . I would put my bet on him building on the parking lot at Rosa L Parks and Church St in the near future. Maybe a tower similar to his Paramount tower he had planned for Church St Park. 

[smeagolsfree]

13 hours ago, jjbradleyBrooklyn said:

Giarratana has 2 under construction projects, The Alcove and Prime, right now in Nashville. With a 3rd -- the YMCA Tower -- soon to be Nashville's tallest, starting construction once demo is completed in spring this year, as well.

Also, on the proposed docket next is the beautifully planned curved residential tower by the Westin and the Stix circle.

Where and what does everyone think Giarratana builds next in Nashville?

Don't ask me because I sort of know where Tony has his eyes set. There could be almost a half dozen locations in the next year or so he could start on, but think about where he has already announced, and you will probably get your answer. Too much work goes into these projects to just announce and start. Which ones are farther along than others? The round-about project will not start until the Ritz starts, so that leaves us with 901. You forgot to mention that he is also working on Rock Block Flats as well.

We talked about this Saturday, and I think it is 901 MLK and everyone said oh there are worker cars parked there. Where will they park?  Cars are the easiest thing in the world to move. There one day, gone the next! I know where they can park in about a minute of thought and that is in the new Prime building as the garage is finished. It is a common practice for worker to park in the garages of unfinished buildings and to stage work areas in those areas while other buildings are under construction. The other reason that 901 is a good bet is that it does not compete with any of the markets of any of the other towers under construction.

[downtownresident]

43 minutes ago, smeagolsfree said:

Don't ask me because I sort of know where Tony has his eyes set. There could be almost a half dozen locations in the next year or so he could start on, but think about where he has already announced, and you will probably get your answer. Too much work goes into these projects to just announce and start. Which ones are farther along than others? The round-about project will not start until the Ritz starts, so that leaves us with 901. You forgot to mention that he is also working on Rock Block Flats as well.

We talked about this Saturday, and I think it is 901 MLK and everyone said oh there are worker cars parked there. Where will they park?  Cars are the easiest thing in the world to move. There one day, gone the next! I know where they can park in about a minute of thought and that is in the new Prime building as the garage is finished. It is a common practice for worker to park in the garages of unfinished buildings and to stage work areas in those areas while other buildings are under construction. The other reason that 901 is a good bet is that it does not compete with any of the markets of any of the other towers under construction.

He also recently applied for a W/S Capacity study at 901. 

Edited February 8, 2023 by downtownresident

[PaulChinetti]

https://www.nashvilletreeconservationcorps.org/bl20221409-cta
 

Reading through this. Going to email the committee when I’m done. 

[Rick Dalton]

https://www.wsj.com/articles/chicago-property-developer-scores-with-audacious-interest-rate-bet-b96edbe2
 

what property is this in reference to?

[MagicPotato]

https://www.commercialcafe.com/blog/office-pipeline-report/

Office pipeline ranking for each city by 2023. Interesting that Nashville is almost on par with Houston, with Houston being near 4 times the size of the Nashville metro.  I'm not sure if this data is reflecting the entire MSA or just the urban areas, but regardless that's still a fairly impressive feat by Nashville.  Especially by reflecting the size of Harris County in comparison to Nashville's.

Edited February 18, 2023 by MagicPotato

[markhollin]

Nashville has jumped to #4 on the national list of high-income renters ($150,000 or higher).  Between 2015 and 2020, high-income renter households in Nashville increased 140% to 5,935, according to internet listing service RentCafé's analysis of census and survey data from IMPUS.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2023/02/21/nashville-surge-high-income-rent-cafe.html

[MLBrumby]

1 hour ago, markhollin said:

Nashville has jumped to #4 on the national list of high-income renters ($150,000 or higher).  Between 2015 and 2020, high-income renter households in Nashville increased 140% to 5,935, according to internet listing service RentCafé's analysis of census and survey data from IMPUS.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2023/02/21/nashville-surge-high-income-rent-cafe.html

This bodes well for the Ritz construction. However, overall I don't think this is a good thing with a lot of younger, non-high earners who need housing.  Lately they've been priced out of buying homes in Davidson. So if Nashville can continue to bring "market rate" (still don't really know what that means) housing, then that will lessen the impact. Presumably Nashville has seen an influx of wealthy retirees and those who are mature in their careers (so called "expats from blue states").  Nashville c.o.l. is still low compared to a lot of other places where people are moving from.  Somewhat related, I have a friend who is an actuary and focuses on demographic figures/projections.  He has done work for a client recently that shows the Nashville MSA has averaged 42,500 increase in population for each year since 2020, and that number has increased. His projection for 2023 is a net increase of 45,000.  I've known him for years, and he's very conservative in his estimates. 

Edited February 21, 2023 by MLBrumby

[KJHburg]

Planning a trip to Kentucky via Nashville and noticed where Kentucky dips into Tennessee and instead of following a straight line right where I-65 crosses the state line. 

The Triangular Jog as Kentucky calls it was from some inaccurate surveying.   I look forward to visiting this notch of KY into Tennessee.  The history of it is interesting. 

https://explorekyhistory.ky.gov/items/show/751

Heading to Nashville late April. 

[UTgrad09]

3 minutes ago, KJHburg said:

Planning a trip to Kentucky via Nashville and noticed where Kentucky dips into Tennessee and instead of following a straight line right where I-65 crosses the state line. 

The Triangular Jog as Kentucky calls it was from some inaccurate surveying.   I look forward to visiting this notch of KY into Tennessee.  The history of it is interesting. 

https://explorekyhistory.ky.gov/items/show/751

Heading to Nashville late April. 

I've noticed that for a long time. It's one of the more interesting features of the  TN/KY border that most people don't seem to know about. The notch around Land Between The Lakes is probably the most prominent feature on the map...but if you look closely at the TN/KY border, almost none of it is straight. It gently wanders back and forth off of the center line.

 

I'm pretty sure it wasn't "imperfect astronomy measurements." They were probably just drunk on some shine.

[PaulChinetti]

When I tell people I’m from Clarksville and they aren’t familiar with it I always tell them it’s by the little hiccup on the northern border of Tennessee lol. 

[markhollin]

Experts and business owners in Nashville's hospitality industry weighed in last week on the city's tourism prospects during a panel hosted by Colliers, a commercial real estate services firm.

Researchers at Colliers said there is good reason to continue betting on the health of Nashville's real estate and tourism industries.

Colliers researcher Katie Lester said the local multi-family market is one to watch in the coming years as Nashville is poised to grow in population by 20% through 2025.

"The multi-family market is on fire with demand," Lester said. And while the Nashville market has seen a short-term slowdown in commercial real estate permitting, Lester noted, the lineup of new restaurants and hotels on the horizon bodes well for growth in the city's entertainment and hospitality industries.

The hospitality industry boom has resulted in increased national and international investors interested in the Nashville area, according to Jan Freitag, a top hospitality industry analyst.

"It's been an amazing success story," Freitag said during the panel discussion. "We are not normal; we are way above trends."

Those trends have sparked interest from real estate and hospitality asset investors across the globe, Frietag said. The region's tourism economy looks good due to the three-legged stool of demand: corporate group, corporate transient and leisure travel.

More behind The Tennessean paywall here:

https://www.tennessean.com/story/money/2023/02/27/what-to-expect-from-nashvilles-hospitality-and-tourism-industry/69937343007/

[smeagolsfree]

12 hours ago, KJHburg said:

Planning a trip to Kentucky via Nashville and noticed where Kentucky dips into Tennessee and instead of following a straight line right where I-65 crosses the state line. 

The Triangular Jog as Kentucky calls it was from some inaccurate surveying.   I look forward to visiting this notch of KY into Tennessee.  The history of it is interesting. 

https://explorekyhistory.ky.gov/items/show/751

Heading to Nashville late April. 

There are a number of areas just north of Paducah into Illinois that are rather cool too, like Cave In Rock State Park, Garden of the Gods, and Kincade Mounds State Historic site all on the Illinois side of the Ohio you would probably enjoy Kevin.

[FrankNash]

In and around Paducah.  The murals on the flood wall are some of the best I've seen.  Kirchhoff's Bakery in city market is the best place for lunch.  The National Quilt Museum sounds boring but is worth seeing for sure.  If you head north a visit to New Harmony for it's outdoor sculpture art is over the top.  Their welcome center looks like  The High Museum in Atlanta.

[Baronakim]

45 minutes ago, FrankNash said:

In and around Paducah.  The murals on the flood wall are some of the best I've seen.  Kirchhoff's Bakery in city market is the best place for lunch.  The National Quilt Museum sounds boring but is worth seeing for sure.  If you head north a visit to New Harmony for it's outdoor sculpture art is over the top.  Their welcome center looks like  The High Museum in Atlanta.

The murals are awesome.  For an intimate dinner, i suggest Cynthia's.  There is also a relly good coffee shop over on 6th in the Arts District.  lots of shops worth visiting.  I was up there this week for a chai latte.

[markhollin]

This year, Nashville’s hotel occupancy is expected to rise slightly, and average daily rates are expected to grow more than expected.

Nashville hotels’ average daily rate is expected to sit around $175.54 in 2023, which would mark a year-over-year increase of 3.5%, according to a new forecast from CBRE Inc. Another key metric, revenue per available room, known as RevPAR, is also expected to increase, at 6%.

Occupancy is also forecasted to increase 2.4% this year, even as recession fears permeate the country, CBRE says.

Currently, 56 Nashville hotels comprising 7,698 rooms are in the planning stages, according to CoStar Group and the Nashville Convention & Visitors Corp. Around 2,000 hotel rooms are scheduled to open by the end of 2024.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2023/03/01/nashville-hotel-market.html