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Crescendo Apts, 6 stories, 210 units in Gulch (was proposed 23 stories 3 years ago)


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First article posted:

 

http://www.tennessean.com/story/money/real-estate/2014/05/29/gulch-nashville-apartments-crescendo-growth-development/9710153/

 

Developed by Travis Kelty (of Strings fame), this midrise will sit on the Meyer's Carpet property right next to the south loop.

 

Renderings anticipated within a month.

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This is a little odd to me. That tower is going to look really lonely, and it will be in a very prominent spot. I'm not saying I oppose it, but I think it will look out of place. It will be 1/3 of a mile from the nearest current highrise. But I suppose that it would also spur more highrise development along Division and maybe (eventually) south of Lafayette.


Also, will the rendering be on a bar napkin?

 

 

#strings

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When the rendering for this comes out, I'll definitely be looking at it nervously through the crack between the fingers I will no doubt have covering my eyes.

 

The location of this is about as goofy to me as the design of "Strings."  Is it possible to get anymore "middle of nowhere" within the 440 Loop? 

Edited by BnaBreaker
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The location of this is about as goofy to me as the design of "Strings."  Is it possible to get anymore "middle of nowhere" within the 440 Loop? 

At one time, I thought the same thing about the location of the Icon and Terazzo as well. At the time when those buildings were constructed there really wasn't much there. Well...we see now how that panned out. It sparked tons of development in that area and now is one of the hottest neighborhoods in Nashville. This building, along with the division street extension, could potentially have the same effect on that location. At least you would think anyway's. 

 

The only thing that kinda bothers me about the location is what others have already mentioned. It will totally block the view of downtown coming up I-65.  I guess at this point all we can hope for is a nice design. Keeping my fingers crossed!

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I'm going to be Debbie Downer here and say that we're at the end of the current bubble.  If you look at national economic figures, the economy flat-lined last quarter, and with the gridlock in Congress, the likelihood of any federal stimulus is remote.  More and more stories are appearing about the market for condos and homes slowing down after astounding growth during the last couple of years.  It really couldn't last forever.  So, this project will probably go the way of so many others - a splash of announcements and renderings, then nothing.  What other projects that we've discussed in the last 6 months are really going to be built?  Maybe 1 out of 4?

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I'm going to be Debbie Downer here and say that we're at the end of the current bubble.  If you look at national economic figures, the economy flat-lined last quarter, and with the gridlock in Congress, the likelihood of any federal stimulus is remote.  More and more stories are appearing about the market for condos and homes slowing down after astounding growth during the last couple of years.  It really couldn't last forever.  So, this project will probably go the way of so many others - a splash of announcements and renderings, then nothing.  What other projects that we've discussed in the last 6 months are really going to be built?  Maybe 1 out of 4?

 

The national outlook isn't as vibrant as the last few quarters, but I wouldn't hesitate for a second to think that Nashville will continue to buck any trend that the rest of the US goes through. The number of projects that we have discussed in this time frame, how may have been head-in-clouds proposals and how many are already seeing prep work? 1515 D, Gulch Crossings, Eakin Tower, SoBro (for all intents & purposes ((last six months is more like 3 years))). All are on their way. Not to mention Virgin, Westin, and Tony G's Marriott which is seeing more activity.

 

1/4 is not terrible, either, given the sheer quantity. but I think that number is still higher.

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The South is bucking the national trend. Several regions are doing better than others and the Nashville Metro is one of them. According to the so called experts, this trend will continue for the next two years. I will say there will be a number of projects that will not make it as that is always the case. There are some people that try and get in the development business that have no experience.

The projects I see as a better than 90% are as follows:
Eakin office tower
The Westin
SoBro
Buckingham project
NWMutual Sara Cannon and Parrallon
Vandy Children's Hosp expansion
Engineering building Vandy
One probably two buildings at One City
SESAC on music row
Lenar project on 19th is moving forward
Hill project on Charlotte

These I consider between 60 and 80% maybe a little higher
Virgin hotel
Tony G's Marriott
1818 Church
Lincoln project on Charlotte
Stonehenge project on Charlotte
Turnberry project
Sounds apartment project
Embrey project at the Ballpark
Fountains of Germantown
Core project in Wedgewood
There are more, but I will stop there. I think all of these have a real good chance of happening.

The 23 story announced today, I give a 50% or less

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I was watching channel 4 news @ 6 and they had a pretty big story about this announcement today. The developer Travis Kelty was interviewed and one of the comments he made was that the strings building was still happening, and that they were just searching for the right location... :rolleyes:  He went on to say that this new project is priority number one and what not and sounded very confident that this was happening. I gotta say, seeing this guy and listening to him, it's almost kind of hard to take him seriously. Does anybody know anything about this guy other than he wants to build a tower that looks like a guitar? He certainly didn't seem nor sound like the type of guy that could get a bank to loan him $75M to build a luxury high-rise apartment building, but what do I know...He's definitely no Ray Hensler or Tony Giarratana that's for sure. The guy looked like a tourist wearing a $5 t-shirt. Honestly, I'm very skeptical of this project now after seeing this. Did anybody else see this story?

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