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

[Luvemtall]

9 minutes ago, MLBrumby said:

I'd imagine the City Lights folks feel like they're sucking on lemons. 

Let’s all send them some sugar , so they can make some lemonade while they sit and watch all these new towers going up. They have a great view of it all 

[Brichar4]

So rough estimate of perspective this is about the size of 1200 broadway? Same floors and a few more units. Will be a great addition to widen the skyline even at only 27 of the 32 floors approved! 

[UrbanWes03]

It is disappointing the height was reduced but I think they made it up in design! Looks great IMO, the brown colors, the angles, and those smaller buildings that compliment the tower look great as well, especially with the little rooftops they have. Can’t wait for this one to finally break ground

[nashville born]

Really nice design.  Agree with MLB that it's a nice contrast to the all glass look nearby.  Helps it pop nicely.  And I'm really digging the slanted roof lines to lessen a boxy appearance.

[smeagolsfree]

16 hours ago, Luvemtall said:

 

I’m with you on that, Tishman has the potential to become Nashville’s new iconic tower. They have the knowledge, experience and financial to knock it out of the park. If they so choose. 

All I will say is maybe, maybe not!

[thenorthchannel]

When Hensler built 1212 he started with a plan for apartments and switched to condos.  I think we are all hoping these are condos.  I know I am.  Any insights about that yet?

[nashvylle]

I could see a complete or partial switch to condos here, especially at the top. 

[Luvemtall]

54 minutes ago, smeagolsfree said:

All I will say is maybe, maybe not!

Oh no, sounds like the 8 ball has revealed something. Please don’t break our hearts, let us down easy.

[NissanvilleTitans]

2 hours ago, smeagolsfree said:

All I will say is maybe, maybe not!

When will we know if it's maybe or maybe not? You don't have to give us a specific date. Just a season is fine, lol

[jjbradleyBrooklyn]

Beautiful design with this tower. Love the aesthetic and color. 

Wondering why they didn't go higher with the office/commercial component? Thinking a 16-18 story commercial component would have complimented the 27 story tower nicely. 

Either way though, adds to the growing boom in that area of Nashville. 

[nashvylle]

On 1/28/2022 at 3:17 PM, markhollin said:

Ray Hensler says he will finalize the $16 million purchase of the 4.47 acre Peabody Union site from MDHA by late February. 

https://www.nashvillepost.com/business/development/images-released-for-soon-to-start-tower-overlooking-river/article_5053d85e-8066-11ec-966a-57b1734b6568.html
 

 

$16mm for 4.5 acres when 1 acre is going for more than that in today’s market. That seems almost criminal. 

[MLBrumby]

1 hour ago, nashvylle said:

$16mm for 4.5 acres when 1 acre is going for more than that in today’s market. That seems almost criminal. 

I'm guessing that's the 'benefit' of having MDHA as your broker. 

[Flatrock]

On 1/29/2022 at 8:17 PM, nashvylle said:

$16mm for 4.5 acres when 1 acre is going for more than that in today’s market. That seems almost criminal. 

Agreed!! That appears to be incredibly  poor stewardship of (our) prime resources. Good thing our city doesn't need the money...  Bureaucracy without accountability.

[TheSound]

Not totally sure, but I would guess that the land prices were agreed to 5 years ago, when Hensler and Eakin were chosen to develop these lots.  

[Flatrock]

40 minutes ago, TheSound said:

Not totally sure, but I would guess that the land prices were agreed to 5 years ago, when Hensler and Eakin were chosen to develop these lots.  

Yep, absolutely that was agreed 5 years ago. That's the point.  So, no reasonable contract provision clause for market/price adjustment. Pretty sweet deal for the buyer (who I'm not blaming). I'll shut up now. Sorry.

[Luvemtall]

34 minutes ago, Flatrock said:

Yep, absolutely that was agreed 5 years ago. That's the point.  So, no reasonable contract provision clause for market/price adjustment. Pretty sweet deal for the buyer (who I'm not blaming). I'll shut up now. Sorry.

Yeah, I hear your point. But in reality, if you paid 250,000 for your house 5 years ago and now the people you purchased it from want another 250,000 from you for market/ price adjustments, what would be your answer?

[subkyle]

I think the more important question is how much the property was worth 5 years ago. 16 million seems really low for back then. I’m not sure why we subsidize developers like this

[Licec]

On 1/29/2022 at 8:17 PM, nashvylle said:

$16mm for 4.5 acres when 1 acre is going for more than that in today’s market. That seems almost criminal. 

How? 

Apparently that's what the land was worth back in 2016/2017 when they made the deal.

Edited January 31, 2022 by Licec

[Luvemtall]

I have a question, maybe someone with knowledge on municipal finance can answer. When it’s city owned land and they sell it off, does it have to sell at assessed value or can they sell at market rates? 

[nashvylle]

3 hours ago, Luvemtall said:

Yeah, I hear your point. But in reality, if you paid 250,000 for your house 5 years ago and now the people you purchased it from want another 250,000 from you for market/ price adjustments, what would be your answer?

You usually move into your home after you purchase it... not five years later. 

[MLBrumby]

Groundbreaking "scheduled" for April per the NBJ:  https://www.bizjournals.com/nashville/news/2022/01/31/peabody-union-to-break-ground.html

[markhollin]

From the NBJ article referenced above:

A central theme of Peabody Union is its interaction with the Cumberland River. In addition to its waterfront project site, the development features a river overlook and a pedestrian pathway along the water. The looming construction start comes in the midst of Mayor John Cooper’s initiative to take better advantage of the Cumberland in future downtown development.

A rendering:

[VSRJ]

^ Hopefully it will take advantage of and incorporate the greenway.

[chris holman]

Another rendering. This along with the other towers going up on the other side of City Lights will be a gamechanger 

Edited January 31, 2022 by chris holman

[Flatrock]

5 hours ago, Luvemtall said:

Yeah, I hear your point. But in reality, if you paid 250,000 for your house 5 years ago and now the people you purchased it from want another 250,000 from you for market/ price adjustments, what would be your answer?

@nashvylleresponded appropriately. Most of us don't get to put things under contract with a static strike price for 5 years - while we use our money for other things. A very sweet deal. Hope that makes sense, my friend. 

Love the project, though. New renderings look fantastic!