markhollin

River North, Monroe Investment Partners 105-acre Cowan Street corridor mixed-use development

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Monroe Investment Partners, based out of Chicago, continues to expand the massive footprint of their planned mixed-use development on the NE side of the inner belt, covering 105 acres in the Cowan Street corridor along the eastern side of the Cumberland River.

Initial concepts include 2,000 apartments & town homes, 1.9 million sq. ft. of office space, a restaurant/entertainment zone, public green space along the riverfront, and docks for water taxis.  Approximately nine 12-story buildings, four 8-story buildings, six 10-story buildings, existing Soundcheck warehouse, and 5 ponds. Plans, however, are quite flexible.
 

http://www.tennessean.com/story/money/real-estate/2016/08/10/chicago-investor-buying-45-more-acres-near-topgolf-complex/88517932/

http://www.bizjournals.com/nashville/news/2016/08/10/chicago-investor-buying-another-swath-of-east-bank.html

http://www.bizjournals.com/nashville/blog/real-estate/2015/02/exclusive-massive-project-envisioned-for.html

http://www.nashvillepost.com/home/article/20481820/any-redevelopment-of-our-60-acres-will-happen-organically

http://www.tennessean.com/story/money/real-estate/2015/02/17/landowner-envisions-apartments-entertainment-zone-near-riverfront/23587743/

Monroe Investments map 1, Aug. 2016.png

Monroe Investments map 2, Aug. 2016.pdf

Monroe Investments map 2, Aug. 2016.png

Monroe Investments map 3, Aug. 2016.jpg

 

 

Monroe Investments map 2, Aug. 2016.pdf

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Cowan St?? Good luck finding flood insurance for that magnitude of risk.

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8 hours ago, claya91 said:

Cowan St?? Good luck finding flood insurance for that magnitude of risk.

As far as I know, I don't believe that area ever had substantive residential (let alone commercial) development (despite proximity to downtown) since the city was founded.

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Is it really true? I don't believe either. 

Edited by angelawitts

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4 minutes ago, Nashville Cliff said:

I'm almost as excited about the planned Cleveland and Grace Street connectors over I-24 and the planned pedestrian bridge across the river as I am about the mixed used aspect.

I know right? Having a second pedestrian-dedicated bridge would be awesome. That said, great vision. I'm not holding my breath on this coming to fruition any time soon.

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Just now, smeagolsfree said:

Told you all to stay tuned. I knew most all would like the proposal.

 

 

I guess the question I have is what parts are for sure happening soon...and what parts are just their vision of what they hope happens if businesses relocate...hotel developers want to build...or apartment / condo developers want to build?

Btw...I would think this could possibly give some businesses that are looking at Cool Springs a reason to think twice.

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Been awhile since we had a 20+ tower announcement...

 

But that bridge and riverfront tho :P

Edited by Nashtitans
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Now that everyone has had a chance to see this, let’s just talk reality. I do not mean to burst the bubble or ruin everyone’s high, but is this a feasible project?

 

What the rendering represents is just phase I which looks to have at least a dozen high-rise buildings. Can these be built and filled in a reasonable amount of time? The developers must get financing on each one of the towers, office tenants, hotel operators, etc. I have my doubts. Don’t get me wrong, I love the project, but this is ambitious even for a city like Dallas, Houston, or even Chicago.

 

The build out for a project would be multiple decades, IMO, even if everything is built.

 

Will this detract from Downtown, the Gulch, and Midtown?

 

I just want to play devil’s advocate and get some discussion going as this will be a huge topic on this board for years and years to come.

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^^That's my question, as well.  I don't see anything close to that density happening soon unless Nashville suddenly lights it up like Atlanta did in the past.  However...I think it's a good alternative to Cool Springs for some...but it certainly will take away from DT / Sobro that way, too.  As long as the city will allow some height there (more than the current 15 stories)...it's good to know we have another area ready to go for those looking at the inner loop.

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Humble opinion - no it's not feasible. Number one reason being this is all flood plane land. Number two is, as mentioned, the time to fill and overall scope. It's a lot.

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They said they're eyeing a spring start for construction??

 

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10 minutes ago, dmillsphoto said:

Humble opinion - no it's not feasible. Number one reason being this is all flood plane land. Number two is, as mentioned, the time to fill and overall scope. It's a lot.

I have a feeling it will be a development that starts with one "taker" in the beginning...and that first development will help drive the future "look" of the area.  In other words...let's say someone like Toyota said, "we want to place our new North American HQ in middle TN...and we're looking at Nashville or Cool Springs...and right now we're liking Cool Springs because of the campus-style structure we can build."  Well...the city and the developer may decide to allow Toyota to build their "Cool Springs" type development on this land (not that I would like a campus-style HQ built in the core...just sayin').  Something like that could totally change the way this development goes.

I have a feeling this is very similar to a developer just buying land and getting everything ready and then waiting for people to come along and either buy a plot of their land or have them build a structure on the land for them.

7 minutes ago, Nashtitans said:

They said they're eyeing a spring start for construction??

 

I'm thinking they're just talking about getting the land ready...and maybe making some early infrastructure changes.

Edited by titanhog
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Big dreams.

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I think it is feasible if only looked at over a very long term.  I'm pleased with the donation of 50 acres of land along the riverfront and a few other parkland/common areas as part of the initial plan. The marina will be a big plus as well with the start-up phase. It may only be a couple of more modest structures initially.  I'm thinking the roll-out will be similar to The Gulch with a primary developer, but many tracts developed by others within the overall footprint as time goes by over several decades. 

BTW, here's a pic I shot 9 months ago from where Cowan Street currently curves near the riverfront on what would be the northern third of the development.  This spot is where one of the planned vehicular bridges will head east over to G-Town river is in the plan. That hulking brick structure on the other side of the Cumberland is the Neuhoff Packing Plant, which will hopefully also be set for a wonderful redevelopment in the next several years, alongside the Hammer Mill mixed-use plan just to it's right. There will be some lovely views of downtown from all along these River North properties.

 

River North view April, 2016.JPG

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Re: River North - I think I expected a pseudo-suburban low/mid-rise office park kinda situation. Seems I was off a bit. 10-15 year vision with that kind of scale, I reckon. Wow, indeed. Rock on. 

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I share some of the sentiments of some on the board.  I am hopeful this will be a game changer, but the idea of doing 10+ 10-12 story buildings sounds incredibly ambitious for any city in America including NYC or LA.  I mean this is literally like building a whole downtown for almost any city in America, it's very very ambitious.  But who knows maybe I'm just wrong, and I hope I am.  

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