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PHofKS

New Renasant Bank HQ in MidTown

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From the 'Tennessean'

Renasant plans to build a new building with roughly 25,000 square feet of office and retail space on the current branch site with parking in the back. The current building at 1820 West End Ave. housing the bank’s branch and executive offices and commercial lending operations has 7,500 square feet.

Construction could take a year, he said. In the interim, a mobile modular structure on part of the vacant lot will be the temporary branch housing the retail staff while the administrative and lending staffs with move elsewhere.

Sounds like plans are pretty far along. However, 25,000 sf sounds like not much more than a two story building. That's barely 3x the size of the current building. Still, is provides some low-rise density to the ever growing MidTown/west End section of Nashville.

A Google map view of the location...

RenasantBankHQLocation.jpg

And a street view looking toward the site which will be just this side of the Hutton Hotel....

August2012009.jpg

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That seems like a very valuable piece of property to have just 25,000 sq ft. Maybe they aren't interested in managing property, but they could surely make a good return on their investment if they doubled or tripled the size of the building and leased it for office and ground level retail.

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Don't know why they're not joining forces with someone like Alex Palmer, and sell this property...and move into office space put up by a developer. I guess Palmer is totally unpredictable.

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Don't know why they're not joining forces with someone like Alex Palmer, and sell this property...and move into office space put up by a developer. I guess Palmer is totally unpredictable.

What? Where did that last sentence come from? This is not a huge plot but a three story building will work well on this corner, especially one with ground floor retail.

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So if you owned prime corner property on West End, you'd choose to sell it over developing it yourself? I can't imagine reaching that decision.

Don't know why they're not joining forces with someone like Alex Palmer, and sell this property...and move into office space put up by a developer. I guess Palmer is totally unpredictable.

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Makes sense if you are not a developer... these folks are bankers. They lend to developers... they don't build office buildings. Makes perfect sense. It's the same old formula that's worked for hundreds of years... sell your property and get the cash now... then let someone else take the risk and tie up the capital to develop the office space. Plus, this building is not a very good use of that property... it's too small to get the optimal value out of that site.

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