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SKYHOUSE NASHVILLE | 25 stories/289' + 7 & 70' | 10,708sqft Retail |


smeagolsfree

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25 stories (immediately behind the Metropolitan Bank) will be massive. Just imagine what it could look like if someone develops WES (fencing to the left of the first pic).

 

My wife and I do lunch at Golden Coast almost every Saturday. It will be fun to watch the progress on this from week to week, especially considering how fast these buildings are known to rise.

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There are only so may surface lots downtown and many with height restrictions. The ones on Second and Third come to mind. They have to get the land they can afford and right now downtown does not have affordable real estate prices. Midtown is where the action is and where it will stay for a while. SoBro prices are not much better than downtown and the owners are hanging on to the properties there for the right project or to make a ton of money when they flip it.

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Wish this was downtown on an empty surface lot.

 

Not sure what happened to the magnificent rant I read earlier today on my phone haha, but I'll just say that I don't understand how on earth you could consider a skyscraper being built in Midtown to be 'suburban sprawl.'  There is nothing in the urban development guidebook that says all highrise development must be in the CBD.  Personally, I love the fact that there are multiple neighborhoods around the city enjoying dense urban development, and not just almost everything concentrated downtown like in Charlotte. 

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I have to say this about the Skyhouse design.  It may be your typical Nashville glass box...but something as simple as changing up the top, as they have done with this design, is enough to keep all of the structures from looking the same.  I wish more Nashville designs would make some simple changes like this just to give us something...anything...to make each building a bit different from the next one.

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I'm guessing a little higher. Of course we won't know for sure until some official data is released.

 

From a post I made elsewhere; Based on other Skyhouses (Austin's 23 stories at 264' & Dallas' 24 stories at 274 ft), I think we can reasonably compute the Nashville Skyhouse to be 284 ft (10 ft/floor + 34').

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I'm guessing a little higher. Of course we won't know for sure until some official data is released.

 

From a post I made elsewhere; Based on other Skyhouses (Austin's 23 stories at 264' & Dallas' 24 stories at 274 ft), I think we can reasonably compute the Nashville Skyhouse to be 284 ft (10 ft/floor + 34').

That's ludicrous!... :stop: 

 

Nashville can't possible have a Skyhouse taller than Austin, Dallas or Charlotte. We always get shorter buildings than other cities! This ain't no skyscrapercity.... :silly:

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That's ludicrous!... :stop:

 

Nashville can't possible have a Skyhouse taller than Austin, Dallas or Charlotte. We always get shorter buildings than other cities! This ain't no skyscrapercity.... :silly:

Nashville was never designed to be a skyscraper city. We are not Austin, Charlotte, Atlanta, or Dallas. Nowhere near. Those cities have embraced urban living more than Nashville. The market has told developers that there are still not many people who

 

A) Want to live 10+ stories up.

 

B) Are willing to pay $2000-$5000 a month for it.

 

Tall and gleaming skyscrapers are beautiful, but in the end the developer has to find people who can afford it. 

 

 

Nashville-Davidson--Murfreesboro-Franklin Tennessee Household Income

The Census ACS 1-year survey reports that the median household income for the Nashville-Davidson--Murfreesboro-Franklin Tennessee metro area was $51,500 in 2012, the latest figures available. Nashville median household income is $8,736 higher than the median Tennessee household income and $129 greater than the US median household income. 2013 metro income data (including Nashville median household income) will be released in September of 2014. Median familyand per capita income for Nashville-Davidson--Murfreesboro-Franklin are shown below.

Real Median Household Income for Nashville Tennessee   2012 1 Year Change 3 Year Change US $51,371 -0.36% -4.44% Tennessee $42,764 +0.47% -4.26% Nashville $51,500 +0.91% -5.79%

 

Who making $51,000 can afford $25,000-$60,000 a year rent?

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My neighborhood in Chicago has MAYBE two highrises, at most.  Does that mean the people in my neighborhood haven't embraced urban living?  :dontknow:

No it does not.  Nashville has 2000 living in the core. Chicago probably has 100 times that without high rises. Urban living in Nashville is going to have to involve building high rises, unless somewhere they can build 10,000 town homes in the core, and those high rises are out of reach for 90% of Davidson County residents.

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Who making $51,000 can afford $25,000-$60,000 a year rent?

Not many, but that's not who is being targeted. Households making that money can't afford to live in Brentwood, Green Hills, or Belle Meade either, but those places obviously have no problems filling up. 10% of the households probably make >$100,000 which could afford to live downtown, and 10% of households would equate to roughly 50,000 households.

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Downtown should not be just for the top ten percent of households. And high rises do not equal urban living. Not every new residential building in Austin is a high rise, just a handful out of the dozens scattered around town are.  

 

Exactly.  Even in cities like DC, Philadelphia, and New York, there are a variety of housing options that are affordable enough for a single person in their 20s or 30s who is making $40k a year to have a decent one bedroom apartment.  Everything can't be a luxury high rise that has a $2000/month rent.

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Nashville was never designed to be a skyscraper city. We are not Austin, Charlotte, Atlanta, or Dallas. Nowhere near. Those cities have embraced urban living more than Nashville. The market has told developers that there are still not many people who

 

A) Want to live 10+ stories up.

 

B) Are willing to pay $2000-$5000 a month for it.

 

Tall and gleaming skyscrapers are beautiful, but in the end the developer has to find people who can afford it. 

 

 

Nashville-Davidson--Murfreesboro-Franklin Tennessee Household Income

The Census ACS 1-year survey reports that the median household income for the Nashville-Davidson--Murfreesboro-Franklin Tennessee metro area was $51,500 in 2012, the latest figures available. Nashville median household income is $8,736 higher than the median Tennessee household income and $129 greater than the US median household income. 2013 metro income data (including Nashville median household income) will be released in September of 2014. Median familyand per capita income for Nashville-Davidson--Murfreesboro-Franklin are shown below.

Real Median Household Income for Nashville Tennessee   2012 1 Year Change 3 Year Change US $51,371 -0.36% -4.44% Tennessee $42,764 +0.47% -4.26% Nashville $51,500 +0.91% -5.79%

 

Who making $51,000 can afford $25,000-$60,000 a year rent?

John,

 

You are preaching against your own message you have been preaching since I met you. Median income folks are not the ones that will be living downtown in high-rises. Young urbanites, empty nesters, and those with a roommate that can together afford the higher living expense. Those would not have kids of course. As more of the projects get built, the rents will eventually stabilize. Demand is high right now and will be for some time to come. These folks want to be in the middle of the action.

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I would LOVE to live in the core if it was affordable for me. But I can't justify the mortgage price for what I make. Maybe all urban living is expensive, but it seems like Nashville is pricing itself out of lots of people. I love that we are getting lots of new apartments/condos downtown, but why must they only market to the luxury/high-end segment? Would it be that difficult to build units that could be priced under 200k? I looked for months for something in the 150-180K range, and nothing in the core comes close to what I can buy in the burbs. Maybe I looked in the wrong places though. 

 

So for now I will sadly stick to Lenox Village. 

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John,

 

You are preaching against your own message you have been preaching since I met you. Median income folks are not the ones that will be living downtown in high-rises. Young urbanites, empty nesters, and those with a roommate that can together afford the higher living expense. Those would not have kids of course. As more of the projects get built, the rents will eventually stabilize. Demand is high right now and will be for some time to come. These folks want to be in the middle of the action.

Not preaching against anything Ron. To the contrary. I am just stating that with the median family income for Nashville, these properties are going to struggle to find tenants. I hope they build 100 of them, it is just going to be tough. When a 5th floor 800 square foot 1 bedroom in ICON sold for $585,000.00, that is pretty steep. That is a $3000 a month mortgage minimum. If the average mortgage is 3 times income, that person is making almost $200,000 which is $150,000 above the Nashville Median Income scale.

I would LOVE to live in the core if it was affordable for me. But I can't justify the mortgage price for what I make. Maybe all urban living is expensive, but it seems like Nashville is pricing itself out of lots of people. I love that we are getting lots of new apartments/condos downtown, but why must they only market to the luxury/high-end segment? Would it be that difficult to build units that could be priced under 200k? I looked for months for something in the 150-180K range, and nothing in the core comes close to what I can buy in the burbs. Maybe I looked in the wrong places though. 

 

So for now I will sadly stick to Lenox Village. 

Excellent Post Big Easy! My wife and I got very lucky with the auction prices at 5th and Main, or we would still be in Bellevue. That either proves urban condo buildings are either over priced, or mine was undervalued.

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