Paramount Tower, 65-68 stories, approx. 750', 200 units, $240 million, Church Street Park

[smeagolsfree]

In this article from The Post it states the height, 750'.

https://www.nashvillepost.com/politics/metro-government/article/21028525/concerns-voiced-regarding-skyscraper-land-swap-deal

Tony pretty much said some of those comments last  night.

[markhollin]

The Nashville Convention & Visitors Corp. as well as the Nashville Downtown Partnership have both endorsed the land swap for the Paramount Tower development at the Church Street Pocket Park. 

More at NBJ here:

https://www.bizjournals.com/nashville/news/2018/10/30/two-influential-downtown-groups-endorse-metro-land.html

[nashvylle]

40 minutes ago, markhollin said:

The Nashville Convention & Visitors Corp. as well as the Nashville Downtown Partnership have both endorsed the land swap for the Paramount Tower development at the Church Street Pocket Park. 

More at NBJ here:

https://www.bizjournals.com/nashville/news/2018/10/30/two-influential-downtown-groups-endorse-metro-land.html

As much as I want to see Paramount happen, since it's for a ultra-luxury tower, why not have the land sold to the highest bidder?

I have not read the article so apologies if that is what is going to happen. 

[PruneTracy]

14 minutes ago, nashvylle said:

As much as I want to see Paramount happen, since it's for a ultra-luxury tower, why not have the land sold to the highest bidder?

It would be difficult to assess the value of the land and homeless center relative to other bids that would not include it, or perhaps include alternative land swaps.

[MLBrumby]

I don't have any problem with it. But I would put a time limit on the components to ensure everything is completed within a reasonable amount of time. No Lake Palmers!!!

[Binbin98]

I hope this happens because this may start a new precedent for taller buildings being built in Nashville. The growth of this city seemingly is picking up in momentum at least with projects and such. I strongly believe that Nashville currently is what Austin was in 2013-2014 for some reason.

[wmaddbb2018]

21 hours ago, Binbin98 said:

I hope this happens because this may start a new precedent for taller buildings being built in Nashville. The growth of this city seemingly is picking up in momentum at least with projects and such. I strongly believe that Nashville currently is what Austin was in 2013-2014 for some reason.

That may be so, but that was much earlier in this economic cycle and it seems now that the current one is almost done.

[Mr_Bond]

6 minutes ago, wreynol4 said:

That may be so, but that was much earlier in this economic cycle and it seems now that the current one is almost done.

Economists have predicted nine of the past five recessions.  Meteorologists have better predictions than economists.

If Nashville is adding jobs from a variety of industries, we will weather [see what I did there?] the next recession better than most of the country, just like we did in '08-'09.  Health care is best place to be during a recession and we gots lots of it.

[Vrtigo]

^

I recall numerous comments over the past several years or so wondering when this current cycle is going to call it quits. It does seem to be slowing a bit, but then a new announcement every other week seems to completely reset that expectation.

Heck, I heard a comment last week from a New York developer who said Nashville probably only has about two years(!) before things begin to slow down, so I guess we better get moving...

Edited November 1, 2018 by Vrtigo

[dReAmWiELdEr]

Economists have predicted nine of the past five recessions.  Meteorologists have better predictions than economists.
If Nashville is adding jobs from a variety of industries, we will weather [see what I did there?] the next recession better than most of the country, just like we did in '08-'09.  Health care is best place to be during a recession and we gots lots of it.

Ms. Jackson, if you're nasty

[Tennessine]

While we're on the topic, here is an article from the Pew Research Center dated to 2015. It includes a map labeling job growth among major U.S. metropolitan areas. Nashville was the only Top 5 city outside TX and CA for employment growth since bottoming out in the Recession. Pretty amazing.

https://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2015/6/04/which-metro-areas-have-gained-the-most-jobs-since-the-great-recession

In addition to healthcare, we host two major industries pivotal in the mitigation of cyclical recession severity: music and higher education. Music brings in almost all of the tourists, keeping downtown businesses afloat during a period of reduced personal spending on entertainment and dining. And higher education keeps a lot of young people in the city who are bound to spend on activities in town. Nashville has Vanderbilt, TSU, Lipscomb, Trevecca and Belmont just to name a few. University enrollment isn't going down anytime soon- all of these great schools call Nashville home and will continue to attract a combined tens of thousands of students annually. 

It's also wonderful to be so prominent in the auto industry, but I'm grateful Nashville is more than just that. Sooner or later, the auto industry will move on. But our culture is what's here to stay. 

[nashvylle]

Thanks @nativetenn

I'd like to see our tech industry grow as well as AI and science. 

[Dale]

11 hours ago, Mr_Bond said:

Economists have predicted nine of the past five recessions.  Meteorologists have better predictions than economists.

If Nashville is adding jobs from a variety of industries, we will weather [see what I did there?] the next recession better than most of the country, just like we did in '08-'09.  Health care is best place to be during a recession and we gots lots of it.

Something about Americans that they are more susceptible to an apocalyptic impulse.

[Mr_Bond]

14 minutes ago, Dale said:

Something about Americans that they are more susceptible to an apocalyptic impulse.

Studies have shown that when a person is considering an equal amount of gain or loss, they feel the loss 2.5 times more than the gain.  In the first of two studies in Japan, the subjects showed equal feelings toward gains and losses (so stoic).  The researchers changed the second study so that subjects would feel completely private in giving their responses.  The result?  The Japanese, too, feel the loss greater.  In the first study, they were engaging their cultural filter.

Americans seem to be more vocal about many things, including recessions. 

[markhollin]

Nashville Mayor David Briley's controversial proposal to swap a downtown park that has long been a gathering place for the homeless to a prominent developer appears in jeopardy after a Metro parks board committee delivered a split opinion Friday morning.

The board's acquisition committee voted 3-3 on recommending approval of the Church Street land swap, setting up a key vote by the full seven-member parks board Tuesday.

Full details at The Tennessean here:

https://www.tennessean.com/story/news/2018/11/02/nashville-church-street-park-land-swap-board-vote/1856986002/

[BnaBreaker]

Damn it, Nashville... please stop shooting yourself in the foot.  

[MLBrumby]

Jeff Haynes is lead partner at Boyle, developer of the Capitol View project. He voted against the land swap. Seems to be a conflict of interest there and he's competing with Giarratana for downtown development land. Looks like Sharon Gentry will be the tie-breaker. 

[bhibbs]

Meg Garner‏ @NshBizGarner

FollowFollow @NshBizGarner

More

The deal is approved 4 to 3. Jeff Haynes, Susannah Scott-Barnes and Michelle Steele voted against it.

[markhollin]

More coverage of Parks Board 4-3  approval of Chruch Street Pocket Park land swap deal:

Tennessean:

https://www.tennessean.com/story/news/2018/11/06/nashville-parks-board-backs-tower-development-downtown-park/1902514002/

Behind paywall at NashvillePost:

https://www.nashvillepost.com/business/development/article/21030931/parks-board-oks-land-swap-deal

And at NBJ here:

https://www.bizjournals.com/nashville/news/2018/11/06/additional-site-enters-the-picture-as.html?ana=twt
 

One really interesting development from the latter's article:

During the meeting, Brian Kelsey, Metro's chief strategy officer, confirmed Metro is in talks with the National Baptist Convention to acquire the religious organization's historic Morris Memorial Building, which neighbors Giarratana's parking lot and formerly housed the group's Sunday School Publishing Board. Kelsey declined to say how the building might be integrated into the plan, calling it a "strong asset." He also said that since Metro does not currently own the property, he could not confirm whether Metro would preserve the building, which is on the National Register of Historic Places.

When asked after the meeting where Metro would find the funds to purchase the building, Kelsey declined comment. In a follow-up email, Thomas Mulgrew, the mayor's spokesman said it was "too early in the process" to know where those funds might come from.

Mulgrew said: "Metro has been in preliminary talks with the National Baptist Convention about the future of the Sunday School Publishing Board building. Both parties recognize the historical value of the property and will work toward preserving it as best they can."

 

[AronG]

Don't get how that changes the math here, unless they're going back to the original plan of building the homeless service center on James Robertson. That always made more sense then adding a pocket park right next to Public Square Park, but doesn't address the criticism that they're getting rid of park space without replacing it. Surely they aren't going to turn the baptist building into a smaller version of the service center and stick with the James Robertson pocket park?

[MLBrumby]

The deal now would include a third site:

1. Church Street park which Giarratana would use to build his 60 story tower.

2. Parking lot at 301 James Robertson which would become a "pocket park" to replace the one on Church. Giarratana would commit $2M to developing this.

3. The homeless apartment/service center would be at 505 Second Avenue N. and Giarratana would waive his development fees in constructing the $25M building.

[AronG]

Yeah that was the most recent iteration, but I'm wondering why they're floating the idea of metro buying the baptist building now. The baptist people were resisting the earlier version where 301 JR was going to be the location of the homeless service center, but if they're just going to make it into a pocket park they don't need ownership of the building. What am I missing?

[MLBrumby]

I believe the Baptist building is not involved in this proposal. The pocket park would be built adjacent to the Baptist Building at Third & Charlotte/JRP, but the homeless shelter would be built on the current parking lot on the block at the corner of Gay & Second Avenue, just north of the Criminal Justice Center.

[CenterHill]

23 hours ago, markhollin said:

When asked after the meeting where Metro would find the funds to purchase the building, Kelsey declined comment. In a follow-up email, Thomas Mulgrew, the mayor's spokesman said it was "too early in the process" to know where those funds might come from.

 

Good question.     Metro employees and Metro schools would also like to know.  

 

[chriss752]

So what's been going on here? I thought we would've heard more by now.