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Got a good shot of the downtown core today.   

Somewhat strange looking condo project featured in today's Nashville Post by William:  https://www.nashvillepost.com/business/development/residential-real-estate/article/21143024/fall-start-eyed-for-p

Posted Images

Wait...I'm confused. So what's this article about from a week or so ago?

 

Developers buy land near MCC for Westin

http://www.tennessean.com/article/20131114/BUSINESS/311140090?nclick_check=1

The Developers mentioned in this article are the Fee Group, and their purchase is described thus:

 

"The group has already secured a Westin flag for what is expected to be a 30-story, 400-plus-room luxury hotel. The more than 30,000-square-foot site currently has the office building that houses Carpenter Wright Engineers at 304 Ninth Ave. S. and Bullock Smith & Partners architects at 300 Ninth Ave. S., plus the adjacent vacant building to the south at 312 Ninth Ave. S."  Those buildings all appear to be on 9th Ave South from Clark Street south toward Lea.

 

The article goes on to mention that Terra Verde has (had) a contract on the Cokesbury Bookstore and parking lot, and presumably the United Methodist Publishing House, and I believe that all of those are in the block north between Clark Pl and Demonbreun.  So those were separate deals, but I had inferred (always dangerous) that the combined deals were to go to the Westin project.

 

Perhaps the Fee group will purchase the sites that had been included in Terra Verde's contract?  Or find another partner?  The Fee Group apparently already has the land that is closer to the Roundabout, but does not control the land that is closer to Demonbreun.  It may be possible that the Westin could literally go on the Roundabout, but the the Methodist Publishing House site would remain undeveloped for a time since those sites are across the street from each other.

 

The Terra Verde group's failure to renew their contract would appear to be a setback, but not a cancellation of the Westin project just yet. 

Edited by bwithers1
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I like both designs but am more partial to the mixed-use, mostly because of the massing but either would work.

 

Now, as for the Terra Verde deal falling out, citing rising interest rates as their reasoning? I'm sorry, I smell something rotten if that's their sole reason. Plus, what is really their track record in urban developments of a large scale, besides CityPlace in Dallas, which they bought from a bankruptcy, none really. 

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I like both designs but am more partial to the mixed-use, mostly because of the massing but either would work.

 

Now, as for the Terra Verde deal falling out, citing rising interest rates as their reasoning? I'm sorry, I smell something rotten if that's their sole reason. Plus, what is really their track record in urban developments of a large scale, besides CityPlace in Dallas, which they bought from a bankruptcy, none really. 

 

What kind of 'something rotten' are you referring to here?  Just that they couldn't get their act together for some internal reason and blamed the interest rates or that there may be a problem with the sale/property/market, etc. that we don't know about yet?

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Both of the new designs for 505 are great, and if it increases the chances of something being built, I'm all for it. 

 

On the other hand, the Terra Verde news is very perplexing. Does this mean that the 30-story Westin is scrapped? It just seems really abrupt. 

Edited by henburg
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Honestly, I am getting kind of tired of this crap.
 
I didn't realize that the 1232842344 design of "505" had a hotel and conference center...
 

Giarratana’s most recent plans had called for the office tower 505 CST to feature a five-star hotel and conference center.

 
Nor did I realize that the max height was now at 750 instead of the 1000 Siggy design...
 

Chicago-based Adrian Smith + Gordon Gill Architecture presented two alternate designs last week at the Nashville Civic Design Center’s urban design forum. Both buildings are 750 feet tall — the maximum height the Federal Aviation Administration approved in July for that site.

 
 
Thought this was an interesting quote.
 

“I’m leaning toward one of the two most recent options,” said Giarratana, who asked the architects for the alternate designs. “The mixed-used tower would require a significant corporate lease, while the residential-only tower could proceed without the need for that lease.”

 
Along with this quote.
 

The project that developer Tony Giarratana plans for the prime downtown site at Fifth Avenue North and Church Street is now more likely to have a residential component.

 

The first alternate design is a mixed-use tower with corporate office space in the middle and residential at the top, with parking and street-level retail at the base. The second is an all-residential tower, with parking and street-level retail at the base.

 
505_redesign_1.jpg
 
505_redesign_2.jpg

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What kind of 'something rotten' are you referring to here?  Just that they couldn't get their act together for some internal reason and blamed the interest rates or that there may be a problem with the sale/property/market, etc. that we don't know about yet?

Me personally, I believe it's something behind the scenes and possibly within the company. Nashville is white hot, it's a hotly contested property, about as prime a location you can find, and not even 6 months after announcing this that they're pulling out? That simply doesn't add up and their portfolio, as I alluded to earlier, isn't exactly in the urban development business. 

 

Blaming rising interest rates is about as vague and puzzling reason I've heard yet. They probably were, pure speculation on my part, wanting to go with a cheap development to turn a quick profit and realized they can't do that and needed to invest more than they're willing to. Again, that part is speculation to me but seems to make a ton of sense.

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I like both of these.   Wish they weren't necessarily flat tops, but such is the Nashville way.    I'd like to see the mixed use version for what it would contribute to the business district.   Now, where to find a major office tenant    Let's see.   Gosh, who could use that much space?    It would be great if there were a major local company, like say in healthcare, looking for, oh I don't know, around 475,000 sq ft in or around downtown to house a couple of growing divisions, but where would you find....oh, wait. 

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CHS just acquired a Florida hospital corporation that has 70 plus properties. Along with the 120 that CHS already own makes them the largest number of hospitals owned by one company. The headquarter building in coolsprings is already 100% occupied and part of a separate building behind them. Wayne Smith likes the staff all in one building per a insider in said company. So this could be a way for a developer to entice a downtown building to fit everyone together and make it a easier commute for all!   

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