Ritz Carlton Hotel /Residential (46 stories & 32 stories, 240 rooms, 150 condos, 185 apts,), 560 capacity garage

[MontanaGuy]

I just walked by the site and there's nothing going on. 

[jjbradleyBrooklyn]

1 hour ago, MontanaGuy said:

I just walked by the site and there's nothing going on. 

Looks like a nice cow grazing pasture for downtown. LOL

Hoping this one kicks off at least by summer, as we are all patiently awaiting the  ground breaking.

We shall see!

[FrankNash]

I feel like a real jerk for saying this, but at this red hot moment would anyone on this forum want to pay what they will ask for a apartment, condo or hotel room at this location?  When walking out into the neighborhood from the  towers  where the hell would you go?  I personally would rather be in the south gulch, near the river or Nashville Yards.  Sorry,  a little salty tonight

[Luvemtall]

Sorta on that idea, I would not be surprised at all if Ritz was considering a different location. Like the East Bank , Beaman, or Reed developments. Hey maybe even taking the place of office at the 1001 Church location ( A3) . Of coarse I still like my idea, that they team up with Tony G and resurrect Siggy as a slam dunk  1050 foot Ritz. 

[PaulChinetti]

1 hour ago, FrankNash said:

I feel like a real jerk for saying this, but at this red hot moment would anyone on this forum want to pay what they will ask for an apartment, condo or hotel room at this location?  When walking out into the neighborhood from the  towers  where the hell would you go?  I personally would rather be in the south gulch, near the river or Nashville Yards.  Sorry,  a little salty tonight

You are in the center of it all. Why would you not??

[FrankNash]

^^^For me this area right now is missing good retail and food choices.  I also don't feel safe here at night.

[UTgrad09]

45 minutes ago, FrankNash said:

^^^For me this area right now is missing good retail and food choices.  I also don't feel safe here at night.

If you live at the Ritz, someone is driving you to retail and food choices.

[donNdonelson2]

6 minutes ago, UTgrad09 said:

If you live at the Ritz, someone is driving you to retail and food choices.

And if you don’t have a limo, or a car service & driver, there’s always Uber.

[UTgrad09]

1 minute ago, donNdonelson2 said:

And if you don’t have a limo, or a car service & driver, there’s always Uber.

Uber is for the poors.

[donNdonelson2]

53 minutes ago, UTgrad09 said:

Uber is for the poors.

There’s Uber Black and Uber Black SUV for the upper crust

[Argo]

9 hours ago, FrankNash said:

I feel like a real jerk for saying this, but at this red hot moment would anyone on this forum want to pay what they will ask for a apartment, condo or hotel room at this location?  When walking out into the neighborhood from the  towers  where the hell would you go?  I personally would rather be in the south gulch, near the river or Nashville Yards.  Sorry,  a little salty tonight

What? You can say that about 1212, 1201 Demonbreun, One22One, Broadwest, 1200 Broadway, Grand Hyatt, The Sheraton, Doubletree, The Moore, The Graduate, Westin, JW Marriott, 222, Park Place, 2nd and Peabody, etc, etc.

[Luvemtall]

8 hours ago, FrankNash said:

^^^For me this area right now is missing good retail and food choices.  I also don't feel safe here at night.

But if the Ritz , Circle South and the numerous other announced developments take place that area WILL become vibrant. There definitely will be restaurant and retail establishments within these developments and many will pop up around them . And if all this takes place , I’m sure the idea of a bridge to connect to The Gulch will resurface. 

[smeagolsfree]

Remember you will be headed north and not south at this point in time to do what you need to do from that site. Remember when the Hilton Garden Inn on KVB was out in no man's land and still is to a certain degree as is Rolling Mill Hill. That has not stopped folks from staying at or moving into these locations. City Lights prime example. The block at night is surrounded by wondering homeless derelicts and drunks. Walk it sometime after dark and you will get the heebee jeebies. The streets are not well lit.

The entire area south of KVB is about to be in flux and it will take a good 5 or 6 years to transition if all of the projects around this are built. Someone has to be first to get a project done. Somera Road is the pioneer as is the 805 Lea project.

[Rick Dalton]

16 minutes ago, smeagolsfree said:

Remember you will be headed north and not south at this point in time to do what you need to do from that site. Remember when the Hilton Garden Inn on KVB was out in no man's land and still is to a certain degree as is Rolling Mill Hill. That has not stopped folks from staying at or moving into these locations. City Lights prime example. The block at night is surrounded by wondering homeless derelicts and drunks. Walk it sometime after dark and you will get the heebee jeebies. The streets are not well lit.

The entire area south of KVB is about to be in flux and it will take a good 5 or 6 years to transition if all of the projects around this are built. Someone has to be first to get a project done. Somera Road is the pioneer as is the 805 Lea project.

Precisely 

[PillowTalk4]

I would think that Marriott-International, which owns the Ritz-Carlton brand, has done an assessment of the areas current and future offerings.  The JW Marriott seems to be doing well as does the Westin, which is also a Marriott International property.  Both are in the same area.  So, one could argue that Marriott is committed to transforming the area to its own benefit and to the benefit of their customers and future residents.   Barring a major crash in the economy, SoBro is going to continue to develop with retail, entertainment and dinning options.  The properties owned by Marriott International will contribute to the creation of entertainment and dinning options in SoBro.   

You also have to factor in that people living in a city core area like SoBro typically have a mentality that they will walk several blocks to dine, shop and do other things.  Most also accept that there will be some risks associated with living is such an area.  I see that every time I drive into DC.  The route that I typically take to go into DC takes me through some "sketchy" areas.  Those areas also have luxury apartment buildings and a growing number of hotels (not luxury hotels like the Ritz, but not your bargain rate hotels either).   The neighborhoods I pass through are diverse in terms of race, ethnicity and socioeconomic status.  In addition you still have the presence of drugs, neighborhood drunks, etc.  I point that out to say that people are still choosing to buy, rent or stay in those areas and just deal with it.  They are cognizant of the elements around them but they choose to go about their everyday lives.   I suspect people living in downtown Nashville are of a similar mindset.

[jjbradleyBrooklyn]

47 minutes ago, smeagolsfree said:

Remember you will be headed north and not south at this point in time to do what you need to do from that site. Remember when the Hilton Garden Inn on KVB was out in no man's land and still is to a certain degree as is Rolling Mill Hill. That has not stopped folks from staying at or moving into these locations. City Lights prime example. The block at night is surrounded by wondering homeless derelicts and drunks. Walk it sometime after dark and you will get the heebee jeebies. The streets are not well lit.

The entire area south of KVB is about to be in flux and it will take a good 5 or 6 years to transition if all of the projects around this are built. Someone has to be first to get a project done. Somera Road is the pioneer as is the 805 Lea project.

Exactly! This area is " developing and in process" of transitioning into a much newer, nicer and amenity-full neighborhood of options. 

Give it 6-8 years, and this will be one of Nashville's best neighborhood options. It's already so much better than where it was a decade back.

[andywildman]

58 minutes ago, smeagolsfree said:

Remember you will be headed north and not south at this point in time to do what you need to do from that site. Remember when the Hilton Garden Inn on KVB was out in no man's land and still is to a certain degree as is Rolling Mill Hill. That has not stopped folks from staying at or moving into these locations. City Lights prime example. The block at night is surrounded by wondering homeless derelicts and drunks. Walk it sometime after dark and you will get the heebee jeebies. The streets are not well lit.

The entire area south of KVB is about to be in flux and it will take a good 5 or 6 years to transition if all of the projects around this are built. Someone has to be first to get a project done. Somera Road is the pioneer as is the 805 Lea project.

Was getting ready to echo the first sentence here. Yes, walking down 8th towards Party Fowl isn't ideal today, but the KVB-and-north area is just fine (police presence, MCC with its ambassadors, walk to Demonbreun and head west into the north end of the Gulch.

And in 5-7 years, totally different story on 8th.

[Rick Dalton]

Paseo will be transformative 

[downtownresident]

Per the NBJ, developer is now targeting a July start. Construction financing still not locked down, but being worked on. 
 

Project is now phased, 46 story tower with the hotel to be built first, 32 story tower will be a second phase. 

Total project now estimated to cost $720 million, with the first phase expected to come in at $540 million.

Link to article here: https://www.bizjournals.com/nashville/news/2023/02/15/ritz-carlton-development-update.html

Edited February 15, 2023 by downtownresident

[FrankNash]

Timely information!!!

[downtownresident]

6 minutes ago, FrankNash said:

Timely information!!!

My thought as well, lol. 

[jjbradleyBrooklyn]

This is big news--huge! 

Awesome, I hope the  financing is completely secured, and that indeed the construction does start, in July.

I think once this goes up, the other circle projects will very soon follow suit. With a Ritz-Carlton being built there, it makes the other developer decisions  to break ground a no brainer, if they are struggling to get financing, or on the fence.

[Rick Dalton]

We’ll see. I still think this developer has bit off more than they can chew. 

[smeagolsfree]

Don't be so quick to pop the champagne corks.

Let us dissect the message here.  This is far from a done deal and no firm date HAS YET to be announced. Remember this was to have started last year. I am just playing the devils advocated here. The only news here is that the project is further delayed.

Tim Morris, managing principal of M2 Development Partners, told the Business Journal that the $540 million first phase of the larger $720 million Ritz-Carlton project could break ground in July. The first tower is set to include the hotel itself, as well as condos.

 

While a construction loan has not been locked in, Morris says he’s currently reviewing term sheets — documents used as a basis for drafting a loan agreement —from potential lenders. The process to close on financing will likely take 60-90 days, the developer said.

The national lending landscape is shifty right now due to continued interest rate hikes — which raise the level of risk associated with funding a project — and recessionary concerns.

[jjbradleyBrooklyn]

24 minutes ago, smeagolsfree said:

Don't be so quick to pop the champagne corks.

Let us dissect the message here.  This is far from a done deal and no firm date HAS YET to be announced. Remember this was to have started last year. I am just playing the devils advocated here. The only news here is that the project is further delayed.

Tim Morris, managing principal of M2 Development Partners, told the Business Journal that the $540 million first phase of the larger $720 million Ritz-Carlton project could break ground in July. The first tower is set to include the hotel itself, as well as condos.

 

While a construction loan has not been locked in, Morris says he’s currently reviewing term sheets — documents used as a basis for drafting a loan agreement —from potential lenders. The process to close on financing will likely take 60-90 days, the developer said.

The national lending landscape is shifty right now due to continued interest rate hikes — which raise the level of risk associated with funding a project — and recessionary concerns.

Good point and call out. True, the development team might be in over their heads on this one. 

Will have to wait and see.

30 minutes ago, natethegreat said:

We’ll see. I still think this developer has bit off more than they can chew. 

Possibly so! You might be right.