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Charlotte Ave/Charlotte Park/Sylvan Park/Bellevue/West Nash./Nations

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Well, it may not be just grandma's and grandpa's in poverty, it may be people like you and me. Example;

I have friends that were early adopters in a hip nashville neighborhood. They bought their house for X dollars and their house is now worth Y dollars. Their direct quote:

"Sure, it's nice to have $100k (in equity) in my pocket, but my family is growing and I need to expand. But while my house raised in value, so did all the others around me. We can't afford the mortgage on a $xxx house. So now, our choice is to stay where we are (and be cramped), or give up on the neighborhood entirely."

It happens even to us hard working folk. I'm not saying I'm against it, it's just an illustration that it can be a problem for some people.

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Well, it may not be just grandma's and grandpa's in poverty, it may be people like you and me. Example;

I have friends that were early adopters in a hip nashville neighborhood. They bought their house for X dollars and their house is now worth Y dollars. Their direct quote:

"Sure, it's nice to have $100k (in equity) in my pocket, but my family is growing and I need to expand. But while my house raised in value, so did all the others around me. We can't afford the mortgage on a $xxx house. So now, our choice is to stay where we are (and be cramped), or give up on the neighborhood entirely."

It happens even to us hard working folk. I'm not saying I'm against it, it's just an illustration that it can be a problem for some people.

 

I can highly relate to your friends predicament. All your equity cancels out looking in the same neighborhood and the the orginal larger houses near the urban core have really appreciated. Let's not even talk about the new builds. There is an option of adding on I suppose. But then you might have to manuever through zoning if it applies. We'd be sitting pretty if we decided to move to LaVergne. lol

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What your friends are forgetting is that the added equity will provide a much larger down payment which allows more leverage with their future mortgage.

For example (with rough estimates and round numbers):

If they paid $200,000 including a $20,000 down payment for a house 5 years ago they started out with $180,000 in debt and $20,000 of equity. Over that 5 years they paid down their mortgage so that they now owe $150,000. Real estate prices have increased for the neighborhood by 50% so now their house is worth $300,000. They now have $150,000 in equity.

They need to move up to a 4 bedroom house from their 3 bedroom which costs $350,000 in their neighborhood. They can then use the $150,000 of equity to put toward their new house which gives them a mortgage of $200,000 which is slightly more than before but they also will qualify for the best interest rates since they are putting a huge chunk of money down and no longer paying PMI.

The other option would be to add on which they could do with a home equit line of credit. With $150,000 of equity they would qualify for a line of credit of $60,000 which would likely provide enough to add on a room or two. As long as you don't sit in an overlay you can add on without any zoning interference (assuming your addition will be less than 73 ft tall and you aren't adding a second kitchen).

Edited by Hey_Hey

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. As long as you don't sit in an overlay you can add on without any zoning interference (assuming your addition will be less than 73 ft tall and you aren't adding a second kitchen).

Even in a conservation overlay, an addition is generally approved as long as it is in the rear of the house and not visible from the street.  Attic build-outs can be done but generally cannot involve adding dormers to the front of the house (although shed-style rear dormers are usually fine).  In some cases, the MHZC can even administratively approve setback reductions at no fee, whereas the process of going through Planning or the Board of Zoning Appeals for that approval would cost over $1000.  Also, depending on the base zoning density, the MHZC can approve a detached accessory dwelling unit of up to 700SF for properties in conservation overlays.  This allows one to construct a "mother-in-law apartment" over a garage space which can be a great living arrangement for a parent, live-at-home child or other family member, or it can be used as a rental property to generate additional income, which can in turn be used to save cash for a remodel/addition to the house itself.  This flexibility is a positive aspect to conservation overlay zoning that doesn't get a lot of press. 

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Someone told me that Nuvo Burrito was closing both west and east locations..Can anyone here confirm this?

 

Yes, they decided to keep their downtown location only.

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Someone told me that Nuvo Burrito was closing both west and east locations..Can anyone here confirm this?

 

Yes. I heard the West Nashville location is already closed. While I'm excited about Hattie B's on Charlotte, I'm really saddened about the loss of Nuvo. We ate there almost every week. I'm a bit shocked they are closing the original Five Points location as well. 

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HCA drops West End site...to anchor mixed use project in North Gulch - Charlotte at 11th...

 

http://www.wsmv.com/story/24245943/hca-shifts-plan-for-200-million-development-to-charlotte-ave

 

 

HCA will investicon1.png about $200 million and will still plan to relocate about 2,000 jobs to downtown Nashville.

The project, for now, is expected to take about three years to complete and will be part of a larger 32-acre development called Capitol View that will eventually include offices, residential space and other developments.

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Okay, maybe not just in...ha...I see it was posted on the West End Summit thread...I'll get the hang of this one day!

Edited by TnNative

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If I'm an office worker in the new buildings, I'm not happy. There are no places to eat within blocks. But hopefully, some of the proposed mixed use development will provide some of that.

 

And traffic will be awful. The I-40/Charlotte interchange is one of the worst in the City.

 

Other than that, it should encourage northward development of the Gulch and stretch the skyline out somewhat.

 

PS; With this news, it may be time to start a separate "Capitol View/HCA" thread.

Edited by PHofKS

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Not to burst anyone's bubble, but Blue Cross Blue Shield built their complex on about the same amount of acreage, and the result was a hideous collection of five five-story glass boxes (Duda-Paine) atop Cameron Hill.  They spent even more than $200 million over seven years ago. 

Edited by MLBrumby

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If I'm an office worker in the new buildings, I'm not happy. There are no places to eat within blocks. But hopefully, some of the proposed mixed use development will provide some of that.

 

 

Music City Pizza and Jack's are pretty close.  The M-Street restaurants in The Gulch and The Farmers Market will be a 10 minute or so walk depending on exactly where in the parcel the buildings are going to be located.  I do understand that 10 minutes is a long walk in Nashville terms but that slowly changing.  I would also think that the anticipation of 2,000 employes will speed up the rest of the development.

 

One would hope that as The Gulch becomes more dense that there will be a green circuit (which is almost always empty) type trolley or bus that runs from The Farmers Market through Capitol View, up 11th, left on Division to 8th and then back to The Farmers Market.

 

Not to burst anyone's bubble, but Blue Cross Blue Shield built their complex on about the same amount of acreage, and the result was a hideous collection of five five-story glass boxes (Duda-Paine) atop Cameron Hill.  They spent even more than $200 million over seven years ago. 

 

I agree, 11 acres is a large parcel.  I really hope this is not the case here but I wouldn't hold my breath.  I just hope its well placed within the development and doesn't look suburban.  Either way 2000 more employees in the area is going to be huge for The Gulch.

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As of right now, 11th is a very easy street to navigate. I imagine that will somewhat change with the NW Mutual development. But for right now, the Gulch offerings will be pretty easy to access for North Gulch workers. I would guess that would be a great site to put one of the bike rental racks, too. 

 

Also, the aforementioned Farmer's Market won't be far...and I would guess the North Gulch site will get its own share of restaurants, simply based on demand. I strongly doubt there will be a dearth of lunch places by the time the development is finished.

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More from today's NBJ on development and timing:

 

Quote:

 

Jeff Haynes, managing partner with Boyle Nashville LLC, which is developing a 32-acre area of land in the North Gulch with Northwestern Mutual, said 10 acres of the land would be sold [to HCA]. But his group will continue to develop the remaining 22 acres into a mixed-use project alongside HCA’s Parallon Business Solutions and Sarah Cannon Research Institute subsidiaries.

 

“Our master plan will include restaurants, retail, office and multifamily in an urban, dense mixed-use project,” Haynes said. “We will be in a position to make a further announcement in mid-to-late January."

 

Haynes guessed that construction would begin in the fourth quarter of 2014 and be complete by 2016.

 

 

That's encouraging.     I'm all for "restaurants, retail, office and multifamily in an urban, dense mixed-use project." 

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We live on Ireland Street, behind US Tobacco, and have never noticed any bad smells, so I wouldn't be too concerned about impending nausea  :)

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I am excited with the north Gulch location selection. It will be interested to see how the project develops. There are several outstanding questions….

1) Boyle??? I am surprised by their selection. I have been on the web but I have yet to find a similar urban mixed-used corp. HQ development. In fact. all of their stuff (that I can find) seems small-time and suburban.

2) Originally there was to be a new I-40 on and off ramp configuration but I have not hear that mentions in the revision.

 

3) Also there was to be a street-car/trolly system throughout the development. I would love of this to be implemented and even expanded into the south Gulch area.

4) I am also interested in how they tie this into Jefferson Street/Farmer's Market/Sulfur Dell/Capital area.

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A Gulch streetcar running down 11th would be sublime.

Start somewhere downtown, go west on Demonbreun, south on 8th, east on Division ("the Brewery District"), north on 12th/11th across Charlotte, west on Clinton to Marathon Village, north on 18th to Fisk/Meharry, east on Jefferson coming back downtown, stop near the Farmer's Market, continue through to the ballpark, return to downtown.  Repeat.

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A small tid bit for you guys on the west side of 440. They are renovating the building at 3307 Charlotte for a Calypso cafe. This was in the Charlotte sylvan blog a while back as a rumor, but the work is under way. This would be the first building on the left going out of town just past 440.

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Okay, maybe not just in...ha...I see it was posted on the West End Summit thread...I'll get the hang of this one day!

No problems! Things are going to overlap like crazy here.

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We live on Ireland Street, behind US Tobacco, and have never noticed any bad smells, so I wouldn't be too concerned about impending nausea  :)

I get lunch at the Farmer's Market 1-2 times a week. Most days there is some sort of flavoring smell emanating from the snuff factory. On Tuesday it was mint, other times bubblegum (which is just awful) or others. Maybe you've grown accustom to the smells?

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prevailing winds usually take the eau de Copenhagen over Farmer's Market and Bicentennial Mall.    NW Mutual should be safe from the miasma on most days. 

Edited by CenterHill

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It could be that we are used to it - But CenterHill is right, too, the "Nashville Tradewinds", as we call them, do blow to the East, so that could account for it too..  

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prevailing winds usually take the eau de Copenhagen over Farmer's Market and Bicentennial Mall. NW Mutual should be safe from the miasma on most days.

I'll be honest, I had to look "miasma" up in the dictionary.

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