Hey_Hey

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Hey_Hey last won the day on September 20 2015

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About Hey_Hey

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    Nashville, TN

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  1. The problem I have with the affordable housing crusaders isn't that they want affordable housing, it's that they go about it in a backwards manner. The typical strategy is by mandating inclusion of affordable housing in new developments (inclusionary zoning) or through rent controls. Neither of those strategies work for the majority of residents. Those strategies will offer affordable housing to a very small number of people who are fortunate enough to live in one of those units, but it doesn't result in a change in affordability for the other 99% who aren't able to live in these new developments. Interestingly, these strategies of bringing affordable housing may actually backfire and cause rent increases because developers are less likely to invest in new projects. Affordable housing advocates need to do one thing: INCREASE THE NUMBER OF UNITS AVAILABLE That's the only thing that is going to work for everyone and be sustainable. The primary means of doing this is by welcoming developers into the city and allowing them to build units, as many as we can reasonably build. This means instead of becoming NIMBYs, we need YIMBYs. We need to invest in the codes department to allow for a streamlined construction approval/permitting process, we need to increase height restrictions, and we need to increase density by changing zoning. Our affordable housing advocates need to be going to Planning Commission meetings and encouraging increased scale when a project comes up and challenge neighborhoods when they try to push new projects out of their neighborhoods.
  2. Hey_Hey

    MSA South - Williamson & Rutherford Counties

    If everyone lived in Spring Hill that might be the case, but that’s not reality. The reality is that the offices there would employ people from Murfreesboro, Brentwood, Spring Hill, Nashville, and Bellevue (amongst others) creating more traffic everywhere because the average miles driven increases. Sprawl never improves traffic. It creates more traffic because the same number of people are driving a further distance (on average).
  3. Hey_Hey

    MSA South - Williamson & Rutherford Counties

    That too. I was speaking of induced traffic demand. Bigger road/More interchanges ------> More development ------> more auto traffic for everyone by inducing demand
  4. It's primarily residential with prices starting above $1 million. There is some commercial space available as well, although I don't know how much.
  5. I just think the marginal costs of anything over 30-35 floors in Nashville don't make sense. Statement pieces built because of ego are rarely built at this point (Devon Tower is a good example) because the same square footage could be developed and occupied for less money. It would likely take a private company awash in cash with an ego-driven owner to build a true statement piece. Publicly traded companies have a legal responsibility to use shareholder cash in the most efficient manner possible, and as a shareholder in a company I wouldn't be very happy if they took some of that money and spent it to satisfy someone's ego. IMO, residential is still the most likely target as our new tallest because people are willing to higher prices for higher floors. The marginal costs increase as the number of floors increase but so does the marginal revenue. This is true even in a really expensive office market like NYC. The tallest buildings being built in Manhattan now are all residential, not office.
  6. Hey_Hey

    MSA South - Williamson & Rutherford Counties

    This will create a new interchange roughly halfway between the 840 and Saturn Parkway interchanges on I-65. It will help support a 775 acre mixed use project with ~3000 homes, 3.9 million sq ft of office, 1.3 million sq ft of retail, and 400 hotel rooms. I think this is the poster child of a road project creating induced demand.
  7. I am torn by this. I would have loved to have a another tower in the 600-700 ft range, but I also love the fact that we now have two relative tall buildings adjacent to each other that will activate the street better than a single tall boy. 700 footers look good from a distance but they don't change the pedestrian's experience at all. I would also think there is going to be a healthy amount of foot traffic between the buildings. That, in and of itself, will make this part of downtown feel very vibrant.
  8. The issue with STRs (and to a lesser extent long term rentals) is that funding becomes an issue. Traditional lending by way of FHA, Fannie, and Freddie won't give mortgage financing to people looking to purchase these. That means these purchases need to be financed through in-house loans from a local bank, via credit line, or with cash. Obviously, that significantly limits the pool of buyers. Contralto in Midtown on Church street is currently targeting this group of buyers. Their sales seem to be fairly strong so far, but it seems to me that it wouldn't take much to saturate that market.
  9. Hey_Hey

    Nashville Bits and Pieces

    Poor Memphis. This made me think of the article in the NBJ this week regarding Cook Systems opening a software development training program in Nashville. The founder also said the Cook Systems headquarters may move from Memphis to Nashville in the future saying, “half the people in the Memphis market want to move here,” Ouch. https://www.bizjournals.com/nashville/news/2018/11/28/memphis-company-launches-tech-program-in-nashville.html
  10. Hey_Hey

    MSA South - Williamson & Rutherford Counties

    That’s density that is found in urban neighborhoods like Edgehill, 12South, and Edgefield (amongst others). They are generally built on 1/6 acre lots with an alleyway in back and street parking in front.
  11. Hey_Hey

    The Gulch Projects

    Full Autonomy is still a ways out (although it is progressing rapidly), but that's only one piece of the puzzle. Once legit autonomy gets here then I do think individual car ownership will phase out because of the economics of car ownership. In the meantime, however, ride sharing companies have taken a bite out of a parking revenues. This year several large airports have seen their revenues fall as ride sharing becomes more and more common. I think the same thing is happening in downtowns and entertainment districts throughout the country as well. It is probably tough to pick up any changes in Nashville since downtown Nashville is growing so rapidly, but I would be willing to bet that if we could somehow normalize the number of needed parking spaces to leaseable square feet then we would see a falling number. In addition to ride sharing we now have scooter rentals that are becoming quite common as well. They may seem gimmicky, but I suspect they will have a growing effect on parking and the necessity of cars in the urban core moving forward.
  12. Hey_Hey

    DOWNTOWN RETAIL WISHLIST

    I would second everyone's opinion about convenience stores and reasonably priced restaurants. With Whole Foods and Publix coming in we should be set for a while from a grocery perspective. A few additional thoughts: A good, local bookstore. A good sized furniture/home furnishings store. A good sized men's store (ideally something reasonably priced but not low end). Two or Three Dunkin Donuts (I really love the one on Elliston) or something similar. I also would be curious to see if Nashville is at the point of supporting an ongoing performers in residence similar to what is in Vegas. Could Nashville support a theater seating 1000 people 5 night per week? Either a Cirque-type show or a highly produced concert. We already do this to some degree with the Grand Old Opry and with the Christmas show, but I do wonder if it could be expanded to a theater downtime as well.
  13. Hey_Hey

    Buckingham Gulch Tower 38 Floors|450+ Feet |Proposed 2019

    I would think most of those direct spinoff jobs aren’t going to be downtown, though. These are the extra attorneys, accountants, nurses, car mechanics, real estate agents, physicians, hair stylists, Uber drivers, and dentists (along with several others) needed to serve the additional 5000 employees and their families.
  14. I think you're both right. I don't like tax breaks for individual corporations by any government entity. Instead, I would rather lower everyone's taxes by the total of the incentives to spread the benefit to everyone. However, that is in an ideal world in which no one offers tax incentives. We clearly don't live in an ideal world, so we are stuck giving incentives to generate jobs and investment. I think it is entirely consistent to actively support tax incentives for proposed projects on order to bring in additional investment and jobs while simultaneously wishing or lobbying for some type of federal intervention that stops the incentives arms race that is ongoing.