5th & Broadway | 501 Commerce | NMAAM | 34 story apt, 26 story office, + 183,000 sq. ft. of Retail

[titanhog]

13 minutes ago, MLBrumby said:

Developers Patrick Emery & OliverMcMillan are asking Metro for $25 in Tax Increment (revenue bonds). 

The $25 million in question comes in the form of tax-increment financing approved by the Metropolitan Development and Housing Agency. It's intended for parking, demolition and other costs associated with the development.

It would be an unprecedented arrangement for a Nashville redevelopment project, and may be a sign of trouble for the delayed high-profile development, now five years in the making. Nashville taxpayers have a large stake in the success of the $450 million office, retail and residential development at the corner of Fifth Avenue and Broadway, considered the city's most prime commercial real estate. City leaders targeted the site for development after the 2013 opening of Music City Center.

https://www.tennessean.com/story/money/2018/08/20/fifth-broadway-old-nashville-convention-center/993281002/

Hmmmm...will be interesting to see what comes of this.

[samsonh]

1 hour ago, titanhog said:

Hmmmm...will be interesting to see what comes of this.

I would guess input costs have risen and they do not have the equity to easily handle it. Also I would assume more equity is needed for the apartment tower considering the current glut. Seems a bad omen for projects just starting or about to start. I would vote no to giving them this money. 

[titanhog]

I'm thinking these have all been posted...but maybe there's one or two that are different...

 

[markhollin]

Some new shots from The Tennessean:

 

[DDIG]

8 hours ago, samsonh said:

I would guess input costs have risen and they do not have the equity to easily handle it. Also I would assume more equity is needed for the apartment tower considering the current glut. Seems a bad omen for projects just starting or about to start. I would vote no to giving them this money. 

That $25 million TIF has been part of the deal that was approved three years ago or whatever.  I don't think this project isn't going to have a hard time getting funded at the end of the day especially if they really do have Alliance Bernstein as has been reported.  The market expert quoted sounded like he was speculating with little to no real insight.

[samsonh]

1 hour ago, DDIG said:

That $25 million TIF has been part of the deal that was approved three years ago or whatever.  I don't think this project isn't going to have a hard time getting funded at the end of the day especially if they really do have Alliance Bernstein as has been reported.  The market expert quoted sounded like he was speculating with little to no real insight.

Is this the same 25 million or new money? From the way the article read it seemed like new money. 

[DDIG]

9 minutes ago, samsonh said:

Is this the same 25 million or new money? From the way the article read it seemed like new money. 

Biz journal reporter says the same $25 mil since the beginning:

 

[samsonh]

31 minutes ago, DDIG said:

Biz journal reporter says the same $25 mil since the beginning:

Ahhh, This makes more sense then. The Tennessean article as misleading. 

[satalac]

2 hours ago, samsonh said:

Ahhh, This makes more sense then. The Tennessean article as misleading. 

The Tennessean would never do that...

[Mr_Bond]

4 hours ago, DDIG said:

That $25 million TIF has been part of the deal that was approved three years ago or whatever.  I don't think this project isn't going to have a hard time getting funded at the end of the day especially if they really do have Alliance Bernstein as has been reported.  The market expert quoted sounded like he was speculating with little to no real insight.

Has anyone said what % of the commercial building will be occupied by Alliance Bernstein?

[markhollin]

More details on the National Museum of African American Music at 5th & Broadway:

- Aiming at 200,000 visitors per year, with $10 million annual economic impact, and 100 full time jobs created.

- Have raised $35 million of the $48 million needed.

- Hope to open by the end of 2019.

-Still collecting artifacts.  Have 1,400 so far, mostly from legacy artists---want another 800--mostly from more contemporary acts.

-Technology set-up well under way.

-Estimate 70% of the audience will be non-African American.
 

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/08/20/q-a-how-this-long-awaited-nashville-attraction.html

[bigeasy]

How does 200K a year compare to like the Frist or Adventure Science?

[Guest]

[Pdt2f]

To be honest I think visitorship will be comparable to the Cash museum, if not more. I think they’re lowballing estimates, considering the location of the NMAAM and the presumed quality of the museum itself. I myself can’t wait to go. 

Edited August 21, 2018 by Pdt2f

[titanhog]

4 hours ago, Pdt2f said:

To be honest I think visitorship will be comparable to the Cash museum, if not more. I think they’re lowballing estimates, considering the location of the NMAAM and the presumed quality of the museum itself. I myself can’t wait to go. 

I work in the country music industry and I think I would rather go to the NMAAM than the CMHoF.

[markhollin]

Some new renderings of the interior of National Museum of African American Music at 5th & Broadway.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/08/21/sneak-peek-take-a-look-inside-this-future.html

 

[NashvilleObserver]

51 minutes ago, markhollin said:

Some new renderings of the interior of National Museum of African American Music at 5th & Broadway.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/08/21/sneak-peek-take-a-look-inside-this-future.html

Wow.... That lady in blue needs to take her sunglasses off and stop taking so many pictures....

[titanhog]

30 minutes ago, NashvilleObserver said:

Wow.... That lady in blue needs to take her sunglasses off and stop taking so many pictures....

She's actually just taking selfies and posting them to Instagram. 

[markhollin]

Slideshow on some of the items that will be on display at the National Museum of African American Music:

https://www.tennessean.com/story/entertainment/music/2018/08/21/nashville-national-museum-african-american-music-artifacts-first-look/1051498002/

 

[Pdt2f]

There was work going on on-site again tonight. I don’t think they were just pouring concrete, as far as I could see. The work seemed to be going on on the Broadway-side of the apartment tower. 

[markhollin]

Up to 5th floor of apartment tower (Courtesy of Fox 17).

Looking NE from Broadway near intersection with 7th Ave:

[TNinVB]

They left a part of the old CC?

[markhollin]

^ ^ ^ Yes---for the trucks to load-in to the ballroom/exhibit area that was retained for Renaissance Hotel to operate.

[DDIG]

12 minutes ago, TNinVB said:

They left a part of the old CC?

 

That's an entry to pre-existing underground parking / tunnel. I assume they are either tearing it down later or maybe keeping the foundation and reskinning it at some point?

 

[CenterHill]

I think that’s the delivery entrance to the Renaissance Hotel.