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Modera McGavock (formerly Hotel Broadway plan), 29 stories/325', 400 residential units, 16,000 sq. ft. restaurant/retail


markhollin

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14 hours ago, smeagolsfree said:

I was talking to WW yesterday about Rajesh Aggarwal, and it is very strange that he bought, then resold, the bought the property back. I have reservations about this but I do hope it happens.

Just for background, I think this is the same guy that owns Global Mall and the two Music Row hotels that had all of the labor issues with employees not getting paid.

Yes, same person. All of Antioch hates him because he will not fix up or sell his portion of the "Global Mall". He is all about the $$$ and cares about nothing else, or so it appears

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16 hours ago, jmtunafish said:

I bet it's the same guy.  When the former Hickory Hollow Mall was sold, I remember it was sold to someone who used to be a professor at MTSU and some doctors (his wife would be one of them, presumably).

I read an article about him online and he and his wife have a variety of investments together, mostly in hotels.  So it seems that before he was a Global Mall merchant, he was a hotelier first.  That's encouraging, in my opinion.  Also, I remember that it was a Business Information Systems class I had with him, not Business Communications.

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8 hours ago, Armacing said:

I read an article about him online and he and his wife have a variety of investments together, mostly in hotels.  So it seems that before he was a Global Mall merchant, he was a hotelier first.  That's encouraging, in my opinion.  Also, I remember that it was a Business Information Systems class I had with him, not Business Communications.

I believe this is the gentleman who is planning something for an empty lot next to the Margaritaville Hotel. He has been in discussions with Skanska. 

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  • 1 month later...
14 hours ago, smeagolsfree said:

This was to be on the DTC agenda but I think it may be delayed, but they are wanting to go back to 21 stories. Thats all I can say right now.

Personally, I think the guy behind this is pure scum and never thought this to more than a marketing scam. But, with the sale of the mall; even I admit 2+2=3.9 if not more. But I still wouldn't be surprised if there was one more sale

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  • 1 year later...

Groundbreaking for Hotel Broadway is on indefinite hold due to Covid-19.  

“Once Covid-19 is under control due to vaccines, our organization will re-evaluate our goals for the project,” says developer Rajesh Aggarwal.  “Our son is a third-year medical intern and is spending significant time in the hospital,” Raj Aggarwal said. “Once they have some respite from their medical work, we will think to move the project forward.”

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21145430/hotel-project-eyed-for-gulch-remains-on-hold
 

Screen Shot 2021-01-22 at 8.08.02 AM.png

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On 1/22/2021 at 8:14 AM, markhollin said:

“Once Covid-19 is under control due to vaccines, our organization will re-evaluate our goals for the project,” says developer Rajesh Aggarwal.  “Our son is a third-year medical intern and is spending significant time in the hospital,” Raj Aggarwal said. “Once they have some respite from their medical work, we will think to move the project forward.”

Something about this explanation seems odd to me. Assuming that COVID is mostly under control and life is tourism is on the rebound by the end of 2021, this project -- if groundbreaking was tomorrow -- would still be at least a year from opening anyway. Is it more likely that the developer doesn't have financing secured?

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Developers were getting skittish before COVID in a lot of markets. Not too much in Nashville, but there were grumblings. We are better positioned than many cities, but we may need to get some things, under construction, completed and close to occupied before some folks will be comfortable financing new ventures. 
How many folks will really go back to offices? We don’t know, so how much new office space do we need? If I don’t need to work downtown, why overpay for a small space in a highrise where I dodge homeless to walk my dog? These conversations are being held in lots of big cities. 
Just my two cents.....

Edited by Nash_12South
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  • 5 months later...
  • markhollin changed the title to 1212 Broadway (formerly Hotel Broadway plan), 20-25 stories? 400 residential units, 6,000 sq. ft. restaurant, 1,880 sq. ft. retail
  • markhollin changed the title to 1212 McGavock (formerly Hotel Broadway plan), 25 stories? 400 residential units, 6,000 sq. ft. restaurant, 1,880 sq. ft. retail
  • markhollin changed the title to Modera McGavock (formerly Hotel Broadway plan), 25-30 stories? 400 residential units, 6,000 sq. ft. restaurant, 1,880 sq. ft. retail
On 7/24/2021 at 6:06 PM, smeagolsfree said:

BTW. I did a little research on the McDonalds Cost of doing business as a franchise operator and McDonalds has no incentive to sell the land. I did the Metro Tax calculator for that property and the tax is around 140K per year. If you look below they make more than that in three months rent as McDonald's Corp owns the properties.

  • Startup Franchise Fee – This is the first and foremost factor that you will have to consider. If you are qualified to franchise McDonald’s, then opening one will require this. The initial franchise fee of this fast-food restaurant is $45,000.

You will also have to pay a monthly service fee to McDonald’s company, which is 4% of your gross sales. McDonald’s also requires their Franchisees to pay the rent that is equivalent to a percentage of your monthly sales.

  • Real Estate or Rent – After paying the initial McDonald’s franchise fee, you will have to consider the rental of the space. 3 months’ rental cost runs around $198,000.

Purchase the air rights and erect a two hundred foot tall guitar sculpture right over top of them.  Nashville gets an iconic piece of art and McDonald's gets more business.  Everybody wins.  You're welcome.

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