markhollin

3415 Murphy, 20 stories + another tower, 250,000 sq. ft. office, 175 hotel rooms, 30,000 sq. ft. retail, 2022 completion

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Brentwood-based GBT Realty wants to build a two tower (one that could go as high as 20 stories tall) complex near the intersection of West End Ave., Murphy Road, and I-440. To be called 3415 Murphy, it will include 250,000 sq. ft. of Class A office space, 175 hotel rooms, 30,000 sq. ft. of restaurant/retail, and a parking garage on the 1.5 acre site at 3415-3419 Murphy Rd.  The retail/restaurant space would front Murphy Rd., and the hotel/office towers would be toward the back of the lot, along I-440. 

No renderings as of yet, other than the schematic layout below. Project cost and financing are not clear yet.  Proposed completion date is 2022. Metro Planning Commission is scheduled to review the plan Aug. 9.  The commission's votes are non-binding on Metro Council, where 3 majority votes must occur in order for a requested zoning change to become law.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2018/06/29/developer-tees-up-office-space-hotel-to-overhaul.html?ana=e_mc_prem&s=newsletter&ed=2018-06-29&u=blTR7Dj233GiBQ74JyYK0Q09b4ecfd&t=1530277677&j=82434901

https://www.bizjournals.com/nashville/news/2018/06/25/20-story-project-looms-for-site-off-west-end-i-440.html

 

 

GBT Tower, June 28, 2018, layout 1.png

GBT Tower, June 28, 2018, site 1.png

GBT Tower, June 28, 2018, site 2.png

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That very spot had a large yellow brick 2 story house on it in 1955 when we moved from Atlanta and I was 5 yo. It was torn down right after we moved to a duplex on Love Circle and I remember it because my mother went to a yard sale there, probably in preparation to vacate for the next use. Imagine if we had been told that there would be a 20 story tower there some day. The tallest building in Nashville had 11 stories at that time.  (the duplex was actually a house with a mother-in-law apt upstairs where the landlady lived - which is still there)

Edited by dragonfly
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Wasn't there a Mr Gatti's Pizza on this property at one point (forever ago)? Or was that the property directly west of this one? Pizza and a decent arcade; good times when I was a kid.

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2 hours ago, SoundScan said:

Wasn't there a Mr Gatti's Pizza on this property at one point (forever ago)? Or was that the property directly west of this one? Pizza and a decent arcade; good times when I was a kid.

Mr. Gatti's was definitely there somewhere.    That Mr Gatti's was one of our favorite hangouts in college, along with the Ruby Tuesdays in the old house directly across from there on Murphy Road.   

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My guess is they will put a light at the entrance ramp to 440 to help with traffic. One thing is they, being GBT is competing with Eakin for an office tenant for the building, unless they already have one.

Office buildings with one or zero tenants as far as we know. Just a guess but this is probably well over 2 million sq. ft. of space. Probably closer to three million.

Mainland Tower ,30 stories, one tenant , that could be a problem

One City 2 office buildings,  like 8 and 14 stories, no tenants, buildings have been announced for a while.

The GBT tower 20 stories no tenants announced

Endeavor tower 20 stories, no tenant

Nashville Yards , at least three office buildings with about 600 thousand sq. ft. maybe more, no tenant

Eakin tower on RMH, 9 stories , one tenant

Panatonni building on One Music circle South I think 1 tenant

Emory building at 18th and Chet, I think one tenant but not sure

Creed tower at 19th and Chet, no tenants

Panatonni office building announced for Edgehill and 16th , no tenant

Eakin tower 30th and Vanderbilt Place

The Propst Company tower 20 plus stories, 500 k Sq. Ft.

Not sure if AllianceBernstien will take all of the 5th plus broad site

 

This is not counting the project on 8th south Elmington wants to do.... 600 k sq. ft. The Landings at River North, plus all the space that Highwoods bought from the Tennessean.

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@smeagolsfree, this is exactly what I have been saying for a long long time now. Pulling AB was huge and it will have a ancillary effect. Endeavor will have the building capable to entice "the next AB"

I have heard one new building that is offering new space cheaper than some older existing spaces. What does that say??? I am not predicting doom, but I am surprised that the absorption rate has kept up as long as it has, even with the shortage of recent years

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And I thought ONE KVB (Mainland) had signed on an accounting firm, also. With the law firm occupying 22% of the building, the other firm might push current occupancy up to 30 to 33 % of the building. That sounds like a good start.

I don't know how much you need to feel confident about filling it up once it's finished.

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Most of the time they need about 50% leased before construction can start unless the bank agrees to do it on spec..

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On 6/29/2018 at 2:31 PM, smeagolsfree said:

My guess is they will put a light at the entrance ramp to 440 to help with traffic. One thing is they, being GBT is competing with Eakin for an office tenant for the building, unless they already have one.

Office buildings with one or zero tenants as far as we know. Just a guess but this is probably well over 2 million sq. ft. of space. Probably closer to three million.

Mainland Tower ,30 stories, one tenant , that could be a problem

One City 2 office buildings,  like 8 and 14 stories, no tenants, buildings have been announced for a while.

The GBT tower 20 stories no tenants announced

Endeavor tower 20 stories, no tenant

Nashville Yards , at least three office buildings with about 600 thousand sq. ft. maybe more, no tenant

Eakin tower on RMH, 9 stories , one tenant

Panatonni building on One Music circle South I think 1 tenant

Emory building at 18th and Chet, I think one tenant but not sure

Creed tower at 19th and Chet, no tenants

Panatonni office building announced for Edgehill and 16th , no tenant

Eakin tower 30th and Vanderbilt Place

The Propst Company tower 20 plus stories, 500 k Sq. Ft.

Not sure if AllianceBernstien will take all of the 5th plus broad site

 

This is not counting the project on 8th south Elmington wants to do.... 600 k sq. ft. The Landings at River North, plus all the space that Highwoods bought from the Tennessean.

That is a lot of space to fill. On the optimistic side, absorption has been running around 300 k per quarter, which would fill it within 2-3 years. I think they're teeing these up in case that continues. If it doesn't many will disappear/downsize.

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^ ^ ^ One slight addendum:  Panatonni's One Music Circle South (120,000 sq. ft.)  is going to be primarily occupied by BMG Music.  I believe it will be referred to as the BMG Building and will have their signage exclusively on the top. 

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