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Davidson West: Bellevue, Bordeaux, Green Hills, MetroCenter, Nations, N Nashville


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Neighbors divided over Jefferson Street Interstate Cap Project.

https://www.newschannel5.com/news/community-divided-over-initial-plans-for-cap-over-i-40-in-north-nashville

I see the dilemma here as you are darned if you do and darned if you don’t. The area wants something nice, but it will invite gentrification and there is no way you can stop folks from selling their homes and businesses if someone comes in and makes you an offer you can’t refuse.

I am sort of a realist here, as this is like a 140 million dollar project to cap the interstate and the Federal government is in debt over a giraffe’s eyeballs. Maybe if you have the extra money, yes, but 140 million could be used in that community for a lot of other things. Not to mention what they could do with those funds to help affordable housing and the homeless situation in Nashville. A cap is sort of silly in the grand scheme of things IMO.

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On 10/9/2021 at 10:37 PM, smeagolsfree said:

Neighbors divided over Jefferson Street Interstate Cap Project.

https://www.newschannel5.com/news/community-divided-over-initial-plans-for-cap-over-i-40-in-north-nashville

I see the dilemma here as you are darned if you do and darned if you don’t. The area wants something nice, but it will invite gentrification and there is no way you can stop folks from selling their homes and businesses if someone comes in and makes you an offer you can’t refuse.

Absolutely there will be unintended consequences like displacement, residents leaving etc. What is Councilperson Hurt expecting? A beautification process occurs and the status quo is also maintained? That is just not how things work. That being said, being involved (because this thing hasn't been designed yet, not really) is the best way to get folks to buy in and want to stay in the area. Looking at Google Maps we can see that there will be a number of residential units facing the cap along the northern border of it. Along the southern border of the cap I would expect some redevelopment because those structures cannot relate to the cap. Hopefully that redevelopment can be done with local businesses, but my guess that may be hard pressed.

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On 10/9/2021 at 10:37 PM, smeagolsfree said:

I am sort of a realist here, as this is like a 140 million dollar project to cap the interstate and the Federal government is in debt over a giraffe’s eyeballs. Maybe if you have the extra money, yes, but 140 million could be used in that community for a lot of other things. Not to mention what they could do with those funds to help affordable housing and the homeless situation in Nashville. A cap is sort of silly in the grand scheme of things IMO.

The 140 million is unfortunately earmarked for a project very specific to this though. That kind of money could totally be used elsewhere, but IIRC it was applied for and approved specifically for an interstate cap in an area that the interstate tore up neighborhoods. I'm not 100% sold on this location, but looking at google maps and understanding the intent of this specific cap, I do think this makes the most sense. Additionally if this interstate cap can be executed properly it could potentially be a catalyst for future interstate capping such as the one to connect downtown to midtown.

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1 hour ago, smeagolsfree said:

The price is 120 million. I knew it was a pretty hefty price tag.

Any form of air rights project is going to carry a hefty price tag. Just look at the Gulch Pedestrian Bridge (RIP), wasn't that a crazy price tag to get up an over the CSX tracks?  

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A flurry of apartment complexes being bought-up this week.  The most significant is The Knox (eleven 4 story buildings, 300 units more than 90% leased) in MetroCenter, which was just opened earlier this year.  G.W. Williams Co. has purchased it for $119.9 million, which works out to $372,000 per unit---the highest ever recorded for the Nashville area. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/metrocenter-apartments-complex-sells-for-119-9m/article_d174745a-2c44-11ec-8653-c72981523b25.html

Screen Shot 2021-10-13 at 1.08.21 PM.png

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At some point things are going to have to come to a head as far as some of these price points go. Just saying things can’t just continue to go up, up, and up.

Sort of like the hotel valet rates. Most of the hotel rates are like 40 a night. Those are not too far off NYC prices. At some point folks will say thats just too much and the same goes for rents.

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