Nashville Bits and Pieces

[MidTenn1]

The crown of the Paramount (505CST) will apparently look more like this, with its latest redesign. As best as I can tell.

[bigeasy]

Don't know if anyone saw this weeks episode of South Park, but it featured a pretty great send-up of the current gentrification/"urbanism" trend going on around the country. There were so many jokes people like us here can appreciate. Whether you agree or disagree with the spirit of the episode, I thought it was pretty accurate.

Historic South Park probably fought to keep Kenny's house there.

[titanhog]

The crown of the Paramount (505CST) will apparently look more like this, with its latest redesign. As best as I can tell.

Just that little change makes a world of difference in appearance.

[UTgrad09]

http://www.philly.com/philly/business/homepage/20151002_Nashville_developer_selected_to_build_first_UCity_Square_apartment_building.html

Not happening in Nashville...but a Nashville developer (Southern Land) developing an urban apartment building in Philadelphia...it also mentions they are planning a development near Rittenhouse Sq....(did a little digging, found this: http://www.phillymag.com/property/2015/09/03/southern-land-company-rittenhouse/)

Never really knew that Southern Land had projects outside of Nashville, much less in one of the nation's largest cities. That's pretty cool. It also makes me think they could become an even bigger player here, if they're paying $40 mil for a slice of urban pie in the NE.

[dmillsphoto]

http://www.philly.com/philly/business/homepage/20151002_Nashville_developer_selected_to_build_first_UCity_Square_apartment_building.html

Not happening in Nashville...but a Nashville developer (Southern Land) developing an urban apartment building in Philadelphia...it also mentions they are planning a development near Rittenhouse Sq....(did a little digging, found this: http://www.phillymag.com/property/2015/09/03/southern-land-company-rittenhouse/)

Never really knew that Southern Land had projects outside of Nashville, much less in one of the nation's largest cities. That's pretty cool. It also makes me think they could become an even bigger player here, if they're paying $40 mil for a slice of urban pie in the NE.

Go read the comments in that first link. A big difference than what you'd find here...

[UTgrad09]

Go read the comments in that first link. A big difference than what you'd find here...

New Nashville, who's gonna live there?, PARKING, TRAFFIC, OMGWTFWEAREN'TNYC!!!, where's the affordable housing???, Obama's fault.

[Nathan_in_DC]

http://www.philly.com/philly/business/homepage/20151002_Nashville_developer_selected_to_build_first_UCity_Square_apartment_building.html

Not happening in Nashville...but a Nashville developer (Southern Land) developing an urban apartment building in Philadelphia...it also mentions they are planning a development near Rittenhouse Sq....(did a little digging, found this: http://www.phillymag.com/property/2015/09/03/southern-land-company-rittenhouse/)

Never really knew that Southern Land had projects outside of Nashville, much less in one of the nation's largest cities. That's pretty cool. It also makes me think they could become an even bigger player here, if they're paying $40 mil for a slice of urban pie in the NE.

Wow! Those are both SUPER hot areas in the city. Rittenhouse has always been a hot spot (it's the old-money section of Center City...think a smaller version of the Upper East Side in NYC), but the new developments around University City are pretty interesting.

[NashRugger]

A comparable-sized metro, Jacksonville, is getting an IKEA. So, the whole philosophy of 2mil+ is a total farce. That said, Jax is a well-known test market for restaurants and retail. It'll be located on the Southside near St. Johns Town Center, which is The Avenue merged with The Mall at Green Hills and made massive in a Cool Springs-type office park mega area. 

http://www.news4jax.com/news/ikea-prepared-to-announce-jacksonville-location/35695714

[ariesjow]

I'm pretty sure I read that IKEA was in the process of tweaking their model and entering smaller markets with slightly smaller stores around the time of Memphis announcement. Regardless, it is a bit disappointing that we continue to be overlooked for smaller markets. It seems like it's primarily a matter of IKEA having difficulty finding the right location in the Nashville area for the right price.

[samsonh]

Why does everyone want an IKEA?? Is this some sort of bizarre status symbol that myself and everyone I know is unaware of?

[bhibbs]

Why does everyone want an IKEA?? Is this some sort of bizarre status symbol that myself and everyone I know is unaware of?

why do I want a Ferrari....because I don't have one.
I enjoy IKEA, it's decent furniture that does not kill my bank account....and, you must not have ever had their swedish meatballs

[bigeasy]

I don't think Ferrari and IKEA should ever be put in the same post. I also do not understand the infatuation with them. What is so amazing about particleboard furniture? Whoever does their marketing better be making lots of money because the hype is insane for their products. 

[bhibbs]

It works for me and my middle class budget, I would ope them with open arms.
and ill say this again....their meatball...shoooweee

[NashRugger]

IKEA is affordable in what they offer, sleek and modern looking furniture without the cost nearly all other companies and stores that sell the same design for ridiculous amounts of money. I have several pieces of their furniture that has lasted nearly a decade and still going strong. I can't afford to pay an arm and a leg for furniture at other stores, IKEA gives myself and countless others that option. Their marketing has been spot on for many years and it's clear that they're a highly desired retailer for any market. It is a sort of status symbol in a different regard to an overpriced car. 

[PruneTracy]

I don't think Ferrari and IKEA should ever be put in the same post. I also do not understand the infatuation with them. What is so amazing about particleboard furniture?

The funny ones are the "IKEA hack" blogs where people buy several kits and use different parts therefrom to assemble entirely original pieces. It's like a modern yuppie take on The New Yankee Workshop.

Now if only someone would open a store that just sold plain building materials like plywood and screws without the incomprehensible directions and outrageous markup, they could make millions.

And, I dunno, buy the Falcons.

[jmtunafish]

I don't think Ferrari and IKEA should ever be put in the same post. I also do not understand the infatuation with them. What is so amazing about particleboard furniture? Whoever does their marketing better be making lots of money because the hype is insane for their products. 

Not all IKEA furniture is particle board.  I have several pieces of furniture from IKEA, and not a one of them has a shred of particle board.  I have a bed, futon, bookshelves, dining room table and chairs, kitchen island, and a couple of nightstands from IKEA.  I have some food pantry shelves that are not only solid wood but are over 20 years old and are just as sturdy as the day I bought them, even after disassembling and reassembling them during five moves.  IKEA is well engineered stuff (unlike the crap at Walmart) that looks good and is priced within my budget.  And while it's a little annoying to have to assemble what I buy at IKEA, at least I can fit much of it in the trunk of my car.

IKEA also specializes in furnishing studio apartments with hyper efficient and stylish designs.  Take a walk through the Atlanta IKEA, located in an urban neighborhood with thousands of studio and efficiency apartments, and you'll see that it's easy to furnish a 200 square foot space and within a budget.  With the hundreds of such apartments being developed in Nashville, an IKEA would be a welcomed addition.

Plus, their meatballs (and everything else in their restaurant and food shop) really are good!

Edited October 7, 2015 by jmtunafish

[MLBrumby]

Colliers has released its latest quarterly office market report, and there is robust demand for space across the whole Nashville area.  Class A (New Construction) demand is off the charts and is commanding $38 p.s.f.  Y.T.D. net absorption is 1.3 million... and you might think that would spur some of the local yokels to build something really big downtown.  For all his bluster, Mr. Giarratana did get envision what was to become the Bridgestone building, although it took another developer to see it materialize.  Nevertheless, time to market being what it is and accounting for even the modest amount of space delivered with the Hines/Hayes building... the Eakin building... and a possible expansion of Cummins, there will be a shortage of office over the next two years.  And even when those projects open, the rate of office space being consumed will exceed what they deliver.  I have a feeling that Emery will be unable to get his office off the ground... but assuming he does... and assuming some out of town developer (they seem to be the ones who can actually get big things done), I see a market for two large 500,000 s.f. towers in the CBD.  Perhaps the California investors who bought the Lifeway "campus" will have enough gumption and financing to get something really big to rise in the Middle Gulch. http://nashvillepost.com/blogs/postbusiness/2015/10/7/report_class_a_office_space_demand_strong_could_spur_construction

https://www.nashvillepost.com/sites/default/files/attachments/91840/Colliers.pdf

 

[smeagolsfree]

Colliers has released its latest quarterly office market report, and there is robust demand for space across the whole Nashville area.  Class A (New Construction) demand is off the charts and is commanding $38 p.s.f.  Y.T.D. net absorption is 1.3 million... and you might think that would spur some of the local yokels to build something really big downtown.  For all his bluster, Mr. Giarratana did get envision what was to become the Bridgestone building, although it took another developer to see it materialize.  Nevertheless, time to market being what it is and accounting for even the modest amount of space delivered with the Hines/Hayes building... the Eakin building... and a possible expansion of Cummins, there will be a shortage of office over the next two years.  And even when those projects open, the rate of office space being consumed will exceed what they deliver.  I have a feeling that Emery will be unable to get his office off the ground... but assuming he does... and assuming some out of town developer (they seem to be the ones who can actually get big things done), I see a market for two large 500,000 s.f. towers in the CBD.  Perhaps the California investors who bought the Lifeway "campus" will have enough gumption and financing to get something really big to rise in the Middle Gulch. http://nashvillepost.com/blogs/postbusiness/2015/10/7/report_class_a_office_space_demand_strong_could_spur_construction

https://www.nashvillepost.com/sites/default/files/attachments/91840/Colliers.pdf

 

I saw the numbers yesterday and came to the same conclusion. I have heard Emory may not get the office portion done right away. I think if he gets a good anchor tenant, then he will be OK. I think Gulch Crossings may be 100% around the first of the year and 1201, I think is already 60 something, maybe more. That's only leaves the space at 222 and OneCity available as Class A goes and the Eakin project in the Vandy area.

[MLBrumby]

Yes... time for a developer with guts and money to come in and announce plans for that 50+ tower... and bring it on forthwith!  I know of three firms that will be in the market for over 200K s.f. in the next six months and I'm not even in the biz.

[HGMIII]

Colliers has released its latest quarterly office market report, and there is robust demand for space across the whole Nashville area.  Class A (New Construction) demand is off the charts and is commanding $38 p.s.f.  Y.T.D. net absorption is 1.3 million... and you might think that would spur some of the local yokels to build something really big downtown.  For all his bluster, Mr. Giarratana did get envision what was to become the Bridgestone building, although it took another developer to see it materialize.  Nevertheless, time to market being what it is and accounting for even the modest amount of space delivered with the Hines/Hayes building... the Eakin building... and a possible expansion of Cummins, there will be a shortage of office over the next two years.  And even when those projects open, the rate of office space being consumed will exceed what they deliver.  I have a feeling that Emery will be unable to get his office off the ground... but assuming he does... and assuming some out of town developer (they seem to be the ones who can actually get big things done), I see a market for two large 500,000 s.f. towers in the CBD.  Perhaps the California investors who bought the Lifeway "campus" will have enough gumption and financing to get something really big to rise in the Middle Gulch. http://nashvillepost.com/blogs/postbusiness/2015/10/7/report_class_a_office_space_demand_strong_could_spur_construction

https://www.nashvillepost.com/sites/default/files/attachments/91840/Colliers.pdf

 

I believe the developer of Life Way campus is from South Florida.  

EDIT: Thanks for the info, was getting it mixed with Turnberry 

Edited October 7, 2015 by HGMIII

[smeagolsfree]

LA. Fred Wehba.

Edited October 8, 2015 by smeagolsfree

[MLBrumby]

In the same vein... Where's the developer who will build that supertall with Lifeway as an anchor tenant?   From the Tennessean... they are considering staying on the site now... http://www.tennessean.com/story/money/real-estate/2015/10/07/lifeway-property-suitor-adds-another-california-investor/73515814/

[smeagolsfree]

In the same vein... Where's the developer who will build that supertall with Lifeway as an anchor tenant?   From the Tennessean... they are considering staying on the site now... http://www.tennessean.com/story/money/real-estate/2015/10/07/lifeway-property-suitor-adds-another-california-investor/73515814/

I have been hearing that too, but did not want to mention it unless it went public. I think all options are on the table. I do hope the SoBro location is built.

[Hey_Hey]

If they did stay on site that would give the developers an anchor tenant that could catapult the whole project.  If Lifeway is an anchor tenant for a building on site then the developers could leverage their early commitment and build a 35+ story tower with half the space being built on spec.   Lifeway moving to Sobro would guarantee a medium sized building gets built, but maybe the skyline would be better off if they stayed in a new development. 

[titanhog]

If they did stay on site that would give the developers an anchor tenant that could catapult the whole project.  If Lifeway is an anchor tenant for a building on site then the developers could leverage their early commitment and build a 35+ story tower with half the space being built on spec.   Lifeway moving to Sobro would guarantee a medium sized building gets built, but maybe the skyline would be better off if they stayed in a new development. 

I agree with that.  I would almost rather they stay on the current campus and let someone with with a more ambitious idea build in SoBro.