Inner Loop - CBD, Downtown, East Bank, Germantown, Gulch, Rutledge

[markhollin]

The Arcade (119 years old--one of the earliest shopping malls in U.S.) will have a major facelift from new owner Rob Lowe, who paid $28 million for the block long facility in April. Dryden Architecture +Design is in charge of the designs. The team will go before MDHA's Design Review Committee tomorrow (Dec. 21st) for approval for the exterior upgrades, and RC Mathews is the contractor.  Interior work is already underway. Renderings of entrances along 4th and 5th Avenues North are below.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/the-arcade-slated-for-major-facelift/article_108822a2-5f7d-11ec-93dc-2331e3bbecff.html

And at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/20/arcade-renovation-plans-up-for-review.html

[natethegreat]

That’s great news, the arcade has massive potential but has been underdeveloped 

[Bos2Nash]

LOVE THIS! Let's just hope that some of the Mom & Pop shops that are still in the Arcade can remain. It's only been a couple weeks since I am close enough for an everyday stroll, but every time I walk through there I need extra napkins because of the excited drool that manifests with the smells and wonders of delicious, hole-in-the-wall eateries (and a very convenient post office haha).

[markhollin]

Eve Condos (previously known as Water Tower Condos, 5 stories, 37 units) has signage up.

Looking  east from 1st AVe. North, 1/4 block north of CSX overpass:

[markhollin]

MDHA Design Review Committee approves the exterior update designs for The Arcade this morning.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/mdha-oks-updates-to-the-arcade/article_244fa316-6282-11ec-ad6a-43a9f0ec35eb.html

[markhollin]

Another vintage structure (circa 1871) at 221 4th Ave. North, immediately next to The Arcade's eastern entrance, has sold for $6.8 million to Newco ARC LLC, who is partnering with Rob Low on the renovations of The Arcade (which they purchased last year for $28 million).  Some folks know it as the Tennessee Bar Assoc. building, which had purchased it in 1999 for $1.35 million. The TBA will be relocating to a new office on West End Ave. sometime next year. No word on what will become of the Collins & Company Barber Shop on the first floor, or what Newco's plans are for the entire 3 story, 25,000 sq. ft. structure.

Newco has also purchased the 3 story, approx. 4,500 sq. ft. circa 1900 structure at 224 Rep. John Lewis Way (5th AVe. North) for $4.6 million. It currently houses Santorini Greek Restaurant of the first floor, and 2 condos on the 2nd and 3rd floors. It also sits adjacent to western entrance of The Arcade.

Additionally, they purchased 233 5th Ave. North (circa 1890, 3 stories, 4,500 sq. ft.) for $1.75 million.

One would hope that they will be a further tie-in with the re-imagining of The Arcade, and the whole revitalization of the Printer's Alley District.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/21/arcade-building-buys.html

And behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/tennessee-bar-association-building-sells-for-6-8m/article_bb48dd30-627f-11ec-b41f-07a2a876c832.html

https://www.nashvillepost.com/business/development/downtown-building-gallery-space-sell-for-combined-6-35m/article_f9495150-6347-11ec-b037-234a97bb069b.html

221 4th Ave. North:

224 Rep. John Lewis Way (5th Ave. North):

233 Rep. John Lewis Way (5th Ave. North):

[markhollin]

Downtown Courtyard by Marriott at 170 4th Ave. North has sold for $99.6 million to Blackstone Group, Inc. out of New York. Watermark Lodging was the seller, and they paid $56.5 million for the 12 story structure in 2015.  With 192 rooms, the sale today works out to $518,000 per room, a new Nashville record. 
 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/downtown-hotel-building-sells-for-99-6m/article_52ba4c96-628d-11ec-a6d8-232418e0f574.html

 And at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/21/downtown-hotel-sells-for-996m.html

 

[natethegreat]

The development around the arcade is exciting stuff 

[markhollin]

Something is going on with the site of the Fire Station #2, which takes up most of the block on the NE corner of Gay St. and 2nd Ave. North.  The northern 1/4 of the lot will be the new Metro Supportive Housing/Homeless Center (announced on Monday), but the remaining 3/4 is fenced off and apparently being prepped for demo.  

Looking NE from intersection of 2nd Ave. North and Gay St:
 

Looking NW from intersection of 1st Ave. North and Gay St:

[markhollin]

Douglas Development has finalized the purchase of 522 and 524 4th Ave. South  (.38 acre) for $7 million.  They already own 532 4th Ave. South, so now have a contiguous .8 acre total. The current structures on the site are low-grade industrial with no historic significance. The land is zoned to accommodate buildings of eight stories by right and 11 stories with bonus height. No word on Douglas' plans yet, but most of their work in the NE U.S. has been hotel, office, and residential. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/out-of-town-company-pays-7m-for-sobro-parcels/article_6bd782d6-62a4-11ec-ae16-5b7737a4fbdb.html
 

This screen shot from Smeagolsfree's excellent development map shows the full site highlighted in teal at the center of the frame:

[smeagolsfree]

My guess is residential and not hotel at this point but both possibilities remain with Douglass Development. They already own the Hampton Inn along with the Jordache Family.

[Bos2Nash]

1 hour ago, markhollin said:

Something is going on with the site of the Fire Station #2, which takes up most of the block on the NE corner of Gay St. and 2nd Ave. North.  The northern 1/4 of the lot will be the new Metro Supportive Housing/Homeless Center (announced on Monday), but the remaining 3/4 is fenced off and apparently being prepped for demo.  

Looking NE from intersection of 2nd Ave. North and Gay St:
 

Looking NW from intersection of 1st Ave. North and Gay St:

I actually meant to walk over and snap a picture the other day as demo was occurring last Wednesday (11/15). I believe it will be a rebuild of the fire station to modern standards, but I am not really sure. The demolition permit (being handled by Tiny's Demolition – what a shock lol) states that all concrete will be crushed up and remain on site.

[smeagolsfree]

I think the new location will be at 1st & Stockyard.

 

They may rebuild on site.

[markhollin]

More renderings for the massive upgrades to The Arcade are now available. Includes will be a new outdoor courtyard along Union Street /Arcade Alley (currently a surface lot between Fairlane Hotel and 417 Union building) that will serve a 3rd entrance into the 1890-era mall. Dryden Architecture + Design is providing all of the concepts. Besides the $28 million spent for the mall itself and another $13.15 million invested in neighboring historic structures near each entrance on 4th and 5th Avenues, there has been no word on what the actual renovations will cost by developers Newco Arc LLC and Rob Lowe, or a timetable for their completion.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/22/the-arcade-renderings.html

[UrbanWes03]

Wow looks great! 

[downtownresident]

Looks great! Hopefully the long term tenants will be able to stay within the upgraded Arcade. 

[TheSound]

What an amazing addition to that area of downtown.  I always envisioned the Arcade being renovated into something like this but never thought it would actually happened.  Has the potential to be a real gem if done correctly.

[CenterHill]

3 hours ago, downtownresident said:

Looks great! Hopefully the long term tenants will be able to stay within the upgraded Arcade. 

It’s an amazing upgrade that will transform the current rusting, peeling Arcade.   But no way the new owners can make this level of investment without rents going up.   The Arcade today, on the ground floor, is primarily a beloved lunch destination for downtown office workers with limited daytime hours.  I don’t see Walgreens moving, but will the Arcade be the Arcade if Percy’s Shoe Shine, Manny’s House of Pizza, the Peanut Shop, Monty’s Barbershop, J Gumbo’s, Oriental Lunch, Jimbo’s Sushi, the Post Office and other long time tenants can’t afford to stay?   

[markhollin]

1723 6th Ave. North (3 stories? 8 units?) update:  land prepped for construction.

Looking west from 6th Ave. North, 1/3 block south of Buchanan St:

[Nash_12South]

8 hours ago, CenterHill said:

It’s an amazing upgrade that will transform the current rusting, peeling Arcade.   But no way the new owners can make this level of investment without rents going up.   The Arcade today, on the ground floor, is primarily a beloved lunch destination for downtown office workers with limited daytime hours.  I don’t see Walgreens moving, but will the Arcade be the Arcade if Percy’s Shoe Shine, Manny’s House of Pizza, the Peanut Shop, Monty’s Barbershop, J Gumbo’s, Oriental Lunch, Jimbo’s Sushi, the Post Office and other long time tenants can’t afford to stay?   

The Arcade will undergo it’s own form of “gentrification” like many areas of Nashville, I’m thinking. Rents have to go up to support the renovations everyone has been wanting for years. I’m guessing we will see many of the smaller spots merged into larger footprints to make them viable. Hopefully locals (like Edley’s or Five Point pizza) could be enticed to come in. 

[Luvemtall]

Hopefully with these new renovations, it becomes more inviting. Then maybe our longtime favorites, will get more patrons and make enough to succeed and pay the new rents. I really wish them the best, as much as I like new flashy development , I still fight for the little mom & pop’s. In a city this size , there’s room for everyone. 

[Bark At The Sun]

I like that someone is putting money into this place.   Have eaten hundreds of lunches here over the 21 years ive worked downtown..........most at The Greek Touch, Manny's or Maggies.   It looks like they are doing away with the loading dock for the post office in that rendering......Newco Arc LLC owns that lot as well.........good luck getting their mail moving forward.   I think the pictures look nice, but if they expect people to be sitting and congregating in that alleyway behind the post office, they may want to fix the surface drainage.    Trash bins in the alley's behind the business' drain that direction and it can get pretty stinky over there.

[markhollin]

907 Gleaves  St. (1 story, 15,000 sq. ft. of commercial/office space on .83 acre) has sold for $10.6 million  to an LLC related to MarketStreet Enterprises (the primary developer of the majority of the Lower Gulch area).  A John Ingram-affiliated LLC was the previous owner, having spent $2.1 million to buy in 2015.  This large purchase price  brings to question whether this current structure has a future on this site. One could easily see something of at least a 10 story nature being developed here. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/gulch-building-near-peg-leg-porker-sells-for-10-6m/article_baca639a-6376-11ec-805b-e32341e6c282.html

This screen shot from Smeagolsfree's excellent development map shows the site highlighted in yellow at the center of the frame:

[markhollin]

Rutledge Flats (8 stories,  174 units) update: starting 8th floor.

Looking SE from 3rd Ave. South, 1/2 block north of Elm St:

Looking north from 3rd Ave. South at Elm St:

[markhollin]

Church of the Assumption (circa 1858) in Germantown is another sanctuary that has had its steeple rebuilt after the March, 2020 tornado.