Four Seasons Hotel and Residences, 40 stories, 542', $400 million

[chris holman]

4 hours ago, nashvylle said:

@chris holman

Nothing. That is the sliver of land that would not sell. 

So it will remain a parking lot for all time 

[Salbato]

That lot would be perfect for a tall skinny skyscraper similar to the 111 West 57th Street in New York. 

Steinway Tower

 

[markhollin]

Pouring more of the first level (courtesy of REI Concrete):

 

[Bark At The Sun]

15 hours ago, chris holman said:

What going into the small parking lot next to the bridge 

Hopefully something like this....

[MLBrumby]

Does anyone here know if that sliver of property was bought/sold to anyone in the time since the Four Seasons project was first proposed? I know the Bass firm was associated with the fight against the project but don't recall if someone went as far as to buy it, or if the owner simply refused to sell to anyone. 

[Nash_12South]

6 minutes ago, MLBrumby said:

Does anyone here know if that sliver of property was bought/sold to anyone in the time since the Four Seasons project was first proposed? I know the Bass firm was associated with the fight against the project but don't recall if someone went as far as to buy it, or if the owner simply refused to sell to anyone. 

It was last sold 1/5/2012 to Belle Meade Investments, LLC. Mailing address Atlanta....Prior to that was 1994.

 

[smeagolsfree]

It is owned by a man out of Atlanta. He also just bought the corner property at 6th & Lea in front of the Beach company project. Parking only. He evidently makes a ton of money from parking.

[Nash_12South]

2 minutes ago, smeagolsfree said:

It is owned by a man out of Atlanta. He also just bought the corner property at 6th & Lea in front of the Beach company project. Parking only. He evidently makes a ton of money from parking.

With a recorded sale price of $900,000, he needs to park a lot of cars......I wonder what he worked out during this construction project?

Edited December 11, 2019 by Nash_12South

[L'burgnative]

52 minutes ago, Nash_12South said:

With a recorded sale price of $900,000, he needs to park a lot of cars......I wonder what he worked out during this construction project?

From how this guy comes across from this whole project probably a "STAY OFF MY LAWN" agreement.

[bigeasy]

1 hour ago, Nash_12South said:

With a recorded sale price of $900,000, he needs to park a lot of cars......I wonder what he worked out during this construction project?

Not really. The lot easily could make $1,000 a day at a very modest hourly rate. Sure he probably didn't make money in year 1 or 2, but it is probably just printing cash at this point.

[titanhog]

7 minutes ago, bigeasy said:

Not really. The lot easily could make $1,000 a day at a very modest hourly rate. Sure he probably didn't make money in year 1 or 2, but it is probably just printing cash at this point.

There's 20 spots...so that would be $50 per spot / per day.

[Armacing]

34 minutes ago, titanhog said:

There's 20 spots...so that would be $50 per spot / per day.

Less operating costs.  How much to you think he has to pay someone to patrol that lot and enforce payment?

[PruneTracy]

I stand by my proposal for a six-story Waffle House at this location.

 

[AronG]

On 12/11/2019 at 9:14 AM, Armacing said:

Less operating costs.  How much to you think he has to pay someone to patrol that lot and enforce payment?

Yeah, I bet it's less than $1K/day, but it's all gravy anyway, because he can still sell the land for more than the original price. Nashville should apply a higher property tax rate on downtown surface parking lots to discourage land speculation/banking.

[PaulChinetti]

11 minutes ago, AronG said:

Yeah, I bet it's less than $1K/day, but it's all gravy anyway, because he can still sell the land for more than the original price. Nashville should apply a higher property tax rate on downtown surface parking lots to discourage land speculation/banking.

It would definitely encourage people to do something with them, then the lots just sitting there taking of valuable space in the inner core. 

[titanhog]

16 minutes ago, AronG said:

Yeah, I bet it's less than $1K/day, but it's all gravy anyway, because he can still sell the land for more than the original price. Nashville should apply a higher property tax rate on downtown surface parking lots to discourage land speculation/banking.

But what would someone do with such a small piece of land?

[PaulChinetti]

Just now, titanhog said:

But what would someone do with such a small piece of land?

Sold it to the developer that I'm sure offered them many times. 

The blue parrot bar is on a tiny piece of land, so is the Diner.

 

It'll end up one of those silly pieces of land that every city has. 
 

https://www.mentalfloss.com/article/49039/9-houses-built-just-spite

[AronG]

1 hour ago, titanhog said:

But what would someone do with such a small piece of land?

I mean, who knows, but these people paid $5 million for a similar size parking lot at 2nd & Broadway, and that was 4 years ago: https://www.bizjournals.com/nashville/blog/real-estate/2015/05/downtown-nashvileland-prices-just-hit-a-crazy-high.html.  I think they were going to use it to stage trolley bus tours or something?

Point is, sticking a bunch of money into urban parking lots is an easy investment strategy for rich people who don't want to have to pay any attention to it. But it's not beneficial for the city, so it seems like tax policy should discourage it. One could also apply the higher rate to under-utilized land (e.g. giant car lots across from skyscrapers).

[chris holman]

On 12/10/2019 at 3:40 PM, nashvylle said:

@chris holmanholma

 

26 minutes ago, AronG said:

I mean, who knows, but these people paid $5 million for a similar size parking lot at 2nd & Broadway, and that was 4 years ago: https://www.bizjournals.com/nashville/blog/real-estate/2015/05/downtown-nashvileland-prices-just-hit-a-crazy-high.html.  I think they were going to use it to stage trolley bus tours or something?

Point is, sticking a bunch of money into urban parking lots is an easy investment strategy for rich people who don't want to have to pay any attention to it. But it's not beneficial for the city, so it seems like tax policy should discourage it. One could also apply the higher rate to under-utilized land (e.g. giant car lots across from skyscrapers).

 

skinny_house.webp

[Jarno]

1 hour ago, AronG said:

I mean, who knows, but these people paid $5 million for a similar size parking lot at 2nd & Broadway, and that was 4 years ago: https://www.bizjournals.com/nashville/blog/real-estate/2015/05/downtown-nashvileland-prices-just-hit-a-crazy-high.html.  I think they were going to use it to stage trolley bus tours or something?

Point is, sticking a bunch of money into urban parking lots is an easy investment strategy for rich people who don't want to have to pay any attention to it. But it's not beneficial for the city, so it seems like tax policy should discourage it. One could also apply the higher rate to under-utilized land (e.g. giant car lots across from skyscrapers).

The free market will take care of the problem soon enough.  Not sure you really want the government setting tax rates as punishment for how you use your own property.    That could get out of hand in a hurry.  If the Four Seasons wanted that land they would have bought it.  They simply decided they could do without it based on the asking price.

[chris holman]

[NashvilleObserver]

On 12/11/2019 at 8:10 AM, L'burgnative said:

From how this guy comes across from this whole project probably a "STAY OFF MY LAWN" agreement.

I'm pretty sure some "incentive" ($$$) from the law offices in the Pinnacle convinced him not to sell......

[MLBrumby]

33 minutes ago, NashvilleObserver said:

I'm pretty sure some "incentive" ($$$) from the law offices in the Pinnacle convinced him not to sell......

Hmmm... Really? I bet William Williams (WW) would love to know a bit about that. 

[Bark At The Sun]

[DDIG]

21 hours ago, NashvilleObserver said:

I'm pretty sure some "incentive" ($$$) from the law offices in the Pinnacle convinced him not to sell......

That land was not necessary for the two tower design. They submitted plans for the two tower design that didn't include the small parking lot.