Peabody Union (27 story residential, 354 units, 251,000 sq. ft. office, 50,000 sq. ft. retail), Peabody Plaza (9-story, 280,000 sq. ft. office), & 4 smaller buildings, MDHA Trolley Barn sites

[TheRaglander]

Core drilling going on at site as we speak.

[VSRJ]

So it's 100% happening?

[Nashtitans]

Damn I thought this would get changed...Another architectural disaster being built..smh

[markhollin]

From Nashville Post:

Nashville-based developer Eakin Partners has requested an extension related to its planned $9.4 million purchase of Rolling Mill Hill property on which it eyes a mixed-use building. The Metro Development and Housing Agency will sell the site to the company, which had hoped to close on the purchased by June 30.

“Eakin has requested an extension for due diligence activities, and we are still negotiating the terms of the extension,” MDHA said in a statement.

Eakin Partners' officials deferred comments to MDHA.

As part of the purchase agreement, Eakin — which has created RMH-EP LLC to undertake the project — is seeking “up to” $7.9 million in tax increment financing. The 220,000-square-foot building will include retail, office and parking spaces. A “park area” would be included. The building would be constructed on a 2.8-acre site currently used as surface parking running along Hermitage Avenue at Peabody Street. The price is the equivalent of $77 per foot.

As previously reported, Eakin Partners can seek a monthly extension with a $15,500 payment. The closing can be extended through Feb. 28, 2018. If the deal materializes, Eakin would pave MDHA’s Lot J, located at the corner of the site and currently grass.

The building would include 165 parking spaces the general public could use for after hours and weekend parking, according to the document. MDHA would get 30 percent of those revenues.
 

A rendering of the 5 story structure from last year:

[BnaBreaker]

DENY! DENY!!

[troyboytn]

I think we would all be ecstatic if this future blight fell through...

[tragenvol]

16 hours ago, BnaBreaker said:

DENY! DENY!!

Exterminate!  Exterminate!

[Guest]

Wow...this thing could implode!

https://www.bizjournals.com/nashville/news/2017/08/03/scorecard-office-condo-developers-win-rights-to.html

Then: One of Nashville’s largest office developers and the creator of the city’s newest luxury condo high-rise won the right to develop a pair of high-profile sites at the southern edge of downtown. The Metropolitan Development and Housing Agency was negotiating to sell two parking lots that surround the Trolley Barns. MDHA selected a proposal John Eakin and Ray Hensler submitted in tandem. Eakin is chairman and co-founder of Eakin Partners LLC; Hensler most recently developed the Twelve

Enlarge

Nashville developers John Eakin and Ray Hensler beat eight competitors for the rights to… more

HASTINGS ARCHITECTURE ASSOCIATES

Twelve condo building in the Gulch. Eakin and Hensler were two of 10 bidders who vied for the Trolley Barns properties, which were among the last sizable development sites in the urban core that weren’t spoken for. The ensuing mixed-use development can reach as high as a skyline-altering 30 stories, by right of their current zoning.

Now: Eakin’s and Hensler’s plans called for a building with 180,000 square feet of office space, a residential high-rise with at least 300 units and as much as 100,000 square feet of retail. All told, it was a projected $265 million mixed-use development. Eakin was supposed to start his building first. A development agreement and purchase contract approved by MDHA’s board set a June 30 deadline for Eakin to buy a 2.8-acre parking lot or pay an installment fee to extend that closing date. Eakin made clear that he would not begin construction until he successfully recruits his initial tenants.

“For us to close on the land, we have to be ready to build the garage that replaces the parking. In order to do that, we need pre-leasing,” Eakin said in a February 2017 interview. “We’re not starting without tenants.”

Next: The June 30 deadline came and went without a land deal. “Eakin has requested an extension for due diligence activities, and we are still negotiating terms of the extension,” MDHA said in a July 17 statement. In a follow-up email on July 18, MDHA spokeswoman Jamie Berry clarified that the proposed contract and agreement were never signed.

“The agreements were not signed because there was time allowed for ‘process,’” Berry said. “That initial time has passed, and John Eakin has asked for more time, and we are considering that request.”

Eakin declined comment. Aside from tenants, another precursor to Eakin starting work is the paving of a nearby piece of MDHA property to create about 125 parking spaces. That new lot will allow MDHA to shift drivers who currently park on the parking lot Eakin plans to develop.

Paving was supposed to be done “no later than May 1,” according to MDHA’s proposed deal with Eakin. Paving has not yet started; it should be finished sometime next month, MDHA says.

[smeagolsfree]

I will say that Eakin is cautious to the point of overkill. The reason they have not gotten the 30th and Vanderbilt Place built is they do  not have a tenant. They are having real issues playing with all the big boys that have opened up shop in town. 

 

Hensler is a one project guy. He never starts on one till he has the other complete even with financial partners. These guys deserve one another and I think MDHA missed an opportunity here, like normal. Now they are competing with Nashville Yards, NW Mutual who has 100k sq. ft. of retail space for rent without having announced any tenants yet.

This is not to mention 5th + Broad.

 

All of these projects are basically competing for the same fish in the barrel. Office and Retail.

[titanhog]

I really hope this implodes.  It's the wrong development for this land.  Start over.

[LA_TN]

And while Eakin can't get a 180,000 5-story tower started, Endeavor is bullish on starting a 300,000 25-story tower in one year

Interesting

[NashvilleObserver]

I still dont' understand why MDHA has jurisdiction over parts of the downtown area. I though MDHA's main focus was to develop and manage government housing and low-rent buildings. Why do they have jurisdiction over a hotel being developed, or get to hand over city land to undeserving developers. 

[Pyramid Scheme]

2 hours ago, NashvilleObserver said:

I still dont' understand why MDHA has jurisdiction over parts of the downtown area. I though MDHA's main focus was to develop and manage government housing and low-rent buildings. Why do they have jurisdiction over a hotel being developed, or get to hand over city land to undeserving developers. 

Maybe they acquired it temporarily, but then didn't give it up. There's probably people on here who really know, I just have a strong distrust of government and assume that most everything they do has some dastardly agenda.

[markhollin]

The grading for the temporary parking lot at SE corner of KVB and Hermitage Ave. continues.

Looking NW from Peabody Street, just east of Hermitage Ave. intersection:
 

 

[smeagolsfree]

As for MDHA, there are what they call redevelopment districts.

 

Here is the website that give the redevelopment districts and most have maps.

http://www.nashville-mdha.org/redevelopment-districts/

 

As far as Rolling Mill Hill, the land the Hensler/Eakin want to purchase is actually owned by MDHA, so they have pretty much all control over the land.

There is no need for some of these redevelopment districts now as much as there once was. The redevelopment Districts give developers access to TIF to help with things such as infrastructure, therefore it is easier to get the project financed. The design guidelines IMO, are not nearly stringent enough after seeing all the stucco and hardy board used. In the case of design gridlines, it is a two edged sword as if they are too stringent, then it may become too expensive to do the project. In areas of town where the downtown code is in affect, the developers have to go in front of that committee as well.

I have sat in on a number of the MDHA meetings and some of the folks there are a little clueless, however many times their hands are tied by Metro codes and planning as they are right there making the decisions with them. They are not all powerful, but when it comes to property they own, they pretty much are. Members of the committee that are not Metro employees serve at the pleasure of the Mayor.

 

If I have misspoken, someone help me out. This is just how I understand things as an amateur flowerer of the built environment.

 

 

[WebberThomas4]

A little more from MDHA's website (http://www.nashville-mdha.org/wp-content/uploads/2015/02/tif-policy.pdf):

"In 1945, the Tennessee legislature enacted legislation that provided for the redevelopment of blighted areas by public housing authorities. That legislation, as it has been amended from time to time, is currently codified in TCA 13-20-201 ff. It defines blighted areas as “areas (including slum areas) with buildings or improvements that, by reason of dilapidation, obsolescence, overcrowding, lack of ventilation, light and sanitary facilities, deleterious land use, or any combination of these or other factors, are detrimental to the safety, health, morals, or welfare of the community.” The legislation goes on to establish procedures for establishing and approving redevelopment districts. The Metropolitan Development and Housing Agency (MDHA) is the state-chartered organization tasked with carrying out these redevelopment activities in Metropolitan Government of Nashville-Davidson County."

[markhollin]

Sept 30 closing (may be extended to Dec. 31) set for Hensler and Oct. 31 closing set for Eakin on on their parcels:

http://www.tennessean.com/story/money/real-estate/2017/08/29/eakin-partners-face-new-oct-31-deadline-buy-rolling-mill-hill-site/611083001/

[titanhog]

39 minutes ago, markhollin said:

Sept 30 closing (may be extended to Dec. 31) set for Hensler and Oct. 31 closing set for Eakin on on their parcels:

http://www.tennessean.com/story/money/real-estate/2017/08/29/eakin-partners-face-new-oct-31-deadline-buy-rolling-mill-hill-site/611083001/

I hope the city starts over again on the Rolling Mill Hill site.

[nashwatcher]

So do I. Something much taller and dynamic is called for on these prime lots

[MLBrumby]

Eakin gets funding for his suburban crap at Rolling Mill Hill "Trolley Barns". http://www.tennessean.com/story/money/real-estate/2017/09/05/developer-eakin-gets-approval-90-m-nine-story-rolling-mill-hill-office-tower/632521001/

So disappointing!  This could be anywhere in the suburbs, and is not something you'd find in an urban core. 

Just as ugly, only a few floors taller. 

I hope any would-be tenants will not be counting on that great view of downtown to last too long. That corner lot at KVB and Hermitage is zoned for up to 30 stories.

Eakin cited among appeals the building's efficient 31,750 square feet floor plate with columnless corners and great views of downtown, two points of entry and exit from the garage and access to the greenway along with restaurants and other planned amenities. Possibility exist for converting a covered entrance to the parking garage into a separate 5,000-square-feet of conference facility or other use. 

• The approval puts Eakin on track to close its purchase of the 2.76-acre site by the end of next month.
• Plans Eakin submitted to MDHA shows 1,000 parking spaces and a public park as part of the project
• The ground floor is targeted for two restaurants, perhaps a bank branch and other office-type uses.
• C.B. Ragland Co. is overseeing efforts to create 19,000 square feet of office space at 29 Hermitage Ave.

[wmaddbb2018]

This is one of the worst designs I've ever seen. This has no business in downtown area.

[BnaBreaker]

Well... at least its better than it was I guess.  This was formerly the little squatty four or five story building i believe, right?

[CenterHill]

Horrible.   Office park garbage.     You could not have come up with architecture more ill-suited for this location along the river and amidst the historic (and new) brick structures on Rolling Mill Hill and Rutledge Hill.  I'd rather have the parking lot back.         

[dmillsphoto]

This would look terrible in Cool Springs. Hell, this would look terrible in Crossville in 1995.

[FluffyP13]

is Eakin involved in some sort of dare to single handedly ruin our riverfront w crummy architecture? i mean have a little pride in your work. put some effort into it. is that too much to ask ?