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Alto and Contraltro, 12 & 7 stories, 126 condos, 6,000 sq. ft. retail, 5 story garage, $34 million


markhollin

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This variance was built on it being a hardship to provide the required number of parking spaces. His only hardship was apparently not wanting to spend the money to build enough. He has the option of using adjacent parking to provide the required number. This isn't a new concept either and he doesn't really seem open to doing that. Just from my watching the hearing, his arguments seemed weak. There are already parking reductions in place but he wants less that half that number. The board also can't ignore the context of where the property is. If folks want to lessen parking requirements, go through metro council and change them.

No matter where we may be in 10 years, or where folks think we should be, we still need to park cars. 

Edited by Nash_12South
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It is somewhat of a reasonable argument though. I hear people say all the time that they can't use public transportation because the city doesn't provide the infrastructure for it (which it doesn't). This means the city's actions, or lack thereof, "force" people to not use that option. So in a way, if the city didn't cater to the automobile as much it would "force" them to depend on public transportation.

 

Side note**I am not taking the pro-automobile stance. Just wanted to say how I interpreted that argument.

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  • 7 months later...

The 7 story Contralto will get underway by the end of this year, as permits have been applied for and prep for on-site work is in process. 

More behind the Nashville Post paywall here:
 

https://www.nashvillepost.com/business/development/article/21136738/work-to-start-by-years-end-on-midtown-condo-building

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  • 1 year later...

Welcome to the forum Easy Peasy. We are still waiting on these to start, but we are getting a lot closer. William at the Post was able to contact Lee Molette and verify that they are getting much closer and I can verify the same after looking at permits. Tree removal permits have been issued as well as new erosion barriers on both sites (Alto & Contralto).

I really do not think it matters where you buy right now in Nashville. You will be sitting like a mouse in cheese in 2 or 3 years the way property values are rising. Until the supply catches up with demand it will stay this way. Even in my little neighborhood in Podunk Cheatham County, homes that were selling for $250K 5 months ago and staying on the mkt for 2 months are now selling for $295K and staying on the mkt for 2 days. That is a 20 minute drive into Nashville.

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35 minutes ago, smeagolsfree said:

Welcome to the forum Easy Peasy. We are still waiting on these to start, but we are getting a lot closer. William at the Post was able to contact Lee Molette and verify that they are getting much closer and I can verify the same after looking at permits. Tree removal permits have been issued as well as new erosion barriers on both sites (Alto & Contralto).

I really do not think it matters where you buy right now in Nashville. You will be sitting like a mouse in cheese in 2 or 3 years the way property values are rising. Until the supply catches up with demand it will stay this way. Even in my little neighborhood in Podunk Cheatham County, homes that were selling for $250K 5 months ago and staying on the mkt for 2 months are now selling for $295K and staying on the mkt for 2 days. That is a 20 minute drive into Nashville.

 

35 minutes ago, smeagolsfree said:

Welcome to the forum Easy Peasy. We are still waiting on these to start, but we are getting a lot closer. William at the Post was able to contact Lee Molette and verify that they are getting much closer and I can verify the same after looking at permits. Tree removal permits have been issued as well as new erosion barriers on both sites (Alto & Contralto).

I really do not think it matters where you buy right now in Nashville. You will be sitting like a mouse in cheese in 2 or 3 years the way property values are rising. Until the supply catches up with demand it will stay this way. Even in my little neighborhood in Podunk Cheatham County, homes that were selling for $250K 5 months ago and staying on the mkt for 2 months are now selling for $295K and staying on the mkt for 2 days. That is a 20 minute drive into Nashville.

Some factors next year could cause a slowing in price appreciation. mortgage rates are not going lower. Rule changes surrounding Airbnb could lead to increased supply on the market. Buyers are going to push back on prices at these levels unless wage growth keeps up with price appreciation.

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1 hour ago, smeagolsfree said:

Welcome to the forum Easy Peasy. We are still waiting on these to start, but we are getting a lot closer. William at the Post was able to contact Lee Molette and verify that they are getting much closer and I can verify the same after looking at permits. Tree removal permits have been issued as well as new erosion barriers on both sites (Alto & Contralto).

I really do not think it matters where you buy right now in Nashville. You will be sitting like a mouse in cheese in 2 or 3 years the way property values are rising. Until the supply catches up with demand it will stay this way. Even in my little neighborhood in Podunk Cheatham County, homes that were selling for $250K 5 months ago and staying on the mkt for 2 months are now selling for $295K and staying on the mkt for 2 days. That is a 20 minute drive into Nashville.

They have erosion barriers up on site, I saw them while driving by yesterday. 

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BTW, Mortgage rates can't go much lower. As far as price resistance, if the buyers are from the top five cities folks are moving from...San Fran, LA, Chicago, NYC, & Miami, three of those cites look at Nashville prices as huge bargains even if the median price were 500K.

Now the big issue right now is price of new home construction as building materials have gone out of site. I know of a couple of folks that are waiting to finish repairs on their homes from the tornado because of price. Insurance paid one thing and the cost has skyrocketed way past what insurance paid last year.

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The only risk with the Contralto is if it takes them another 2 years or so to break ground, it might make more financial sense for Molette and his partners to scrap the plan and return the deposits to the buyers. 

I wonder if the dentist practice run by Molette's wife has moved out yet.

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15 hours ago, smeagolsfree said:

I am trying to remember, but I think Contralto would be more for purchase as STR's & Alto is more for LTR's or Condo purchase.

The Contralto is for STR. They have gone back and forth on the Alto. At first, they indicated Alto wouldn't be for STR, then changed their mind based on the demand. Now, they are back LTR or condo purchase.

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  • 8 months later...

After a planned late 2018 groundbreaking has been delayed, the Contralto project is now officially on pause.

Developer Lee Molette told the Post Tuesday he is working with the Metro Water Department regarding infrastructure requirements and costs.

“There are a number of infrastructure expenses that are high-dollar — along with pandemic, supply chain and unpredictable supply expenses that change regularly,” Molette told the Post. “These items require us to increase the cost per unit significantly. We literally can't build the building for what we were initially pricing at.”

Molette, who applied for a stormwater grading permit last year, said in June 2020 that 48 of the 52 residential units at Contralto had been pre-sold. At the time, he was hoping to break ground by 2020’s end. Molette said Tuesday pre-sales have ceased for the time being.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/midtown-project-put-on-hold/article_50870d5a-d601-11ec-9ea1-e337caad679b.html

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