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Paseo South Gulch (Phases 2 & 3: 30 & 16 stories w/ 390 residential units, 183 room hotel, 18,000 sq. ft. office, 14,000 sq. ft. retail; Phases 4 & 5: Another 30 story tower w/ 396 units, a 22 story office tower, 1,500 capacity internal garage)

markhollin

By markhollin
in Nashville

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markhollin
markhollin

Two additional towers are being planned for Paseo South Gulch's 4th and 5th phases: a 30 story, 350' residential (396 units), and 22 story, 380', 520,000 sq. ft. office building, as well as 11,180 sq.

MidTenn1
MidTenn1

A couple more renderings from ESA,  

markhollin
markhollin

Tower 2 of Paseo South Gulch will now be 30 stories, 359’, 183 room hotel  on 14 floors (unknown brand), 112 condos, 4,400 sq. ft. of retail, and 5 levels of underground parking with unknown capacity.

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smeagolsfree Gigalopolis

smeagolsfree

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14 hours ago, MLBrumby said:

Is this the "big news" that Smealgosfree gave us a tip about a few days ago? 

Yep, this is the last big land deal I knew was coming. That does not mean there will not be other big land deals before the end of the year. Many companies try to get this done before the end of the year for tax purposes and also the Fed has indicated 3 interest rate increases next year. That means a lot of these companies are going to try and get loans locked in early before rates start to increase.

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samsonh Burg

samsonh

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1 hour ago, smeagolsfree said:

Yep, this is the last big land deal I knew was coming. That does not mean there will not be other big land deals before the end of the year. Many companies try to get this done before the end of the year for tax purposes and also the Fed has indicated 3 interest rate increases next year. That means a lot of these companies are going to try and get loans locked in early before rates start to increase.

I think the rate increases play less of a role than the tax deadline. Most of these loans will be Libor +, different than the fixed rate stuff you or I would get for a typical mortgage. 

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Mr_Bond Burg

Mr_Bond

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49 minutes ago, samsonh said:

I think the rate increases play less of a role than the tax deadline. Most of these loans will be Libor +, different than the fixed rate stuff you or I would get for a typical mortgage. 

There is a possibility of capital gains tax increases in 2022 so many sellers are trying to close on their deals before 12/31.

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Mr_Bond Burg

Mr_Bond

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4 hours ago, smeagolsfree said:

They have already done core drilling at the 8th & Division site but from what I have heard it will be a couple of years before any thing happens there.

It looks like the 16 story is starting now.  Any idea when the 23 story will start?

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smeagolsfree Gigalopolis

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13 hours ago, Mr_Bond said:

It looks like the 16 story is starting now.  Any idea when the 23 story will start?

Which one is the 23 story? Everything runs together these days, unless you are talking about Shades which is 24 stories. Then I don't know yet.

The Society Nasville and the Dual Hilton are going to start in 2022 I think and probably 1st quarter based on what I am seeing in the permits.

Not sure now about the 909 Division now that the property has sold, but my gut is telling me the same design.

I don't think we will see the construction start on 825 6th South until sometime in 2023 as Mill Creek will want to get Modera McGavock out of the ground before starting another one. Remember they have Modera Gulch Under construction (378 units) along with Phase 1 of M Germantown with phase 2 getting ready to start (800 units total). Modera McGavock (400 units) and then, 825 6th Ave (715 units) which brings the total number of units to 2293 units in four projects!

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Mr_Bond Burg

Mr_Bond

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55 minutes ago, smeagolsfree said:

Which one is the 23 story? Everything runs together these days, unless you are talking about Shades which is 24 stories. Then I don't know yet.

The Society Nasville and the Dual Hilton are going to start in 2022 I think and probably 1st quarter based on what I am seeing in the permits.

Not sure now about the 909 Division now that the property has sold, but my gut is telling me the same design.

I don't think we will see the construction start on 825 6th South until sometime in 2023 as Mill Creek will want to get Modera McGavock out of the ground before starting another one. Remember they have Modera Gulch Under construction (378 units) along with Phase 1 of M Germantown with phase 2 getting ready to start (800 units total). Modera McGavock (400 units) and then, 825 6th Ave (715 units) which brings the total number of units to 2293 units in four projects!

I should have read the title of this thread.  I meant the 20 story on this site.  But thanks for the timeline!

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markhollin Galactalopolis

markhollin

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Groundbreaking was today for Prima (16 story north tower with 278 units, 18,000 sq. ft. of Class A office space, 8,000 sq. ft. of ground level retail, and an internal garage). Clark Construction is the general contractor.  Completion is expected by 3rd quarter of 2023.

The 2nd tower (still unnamed, 20 stories, 328 units, 2,000 sq. ft. of retail, and internal garage) is expected to break ground in early 2023 and be finished by late 2024.

Paseo South has announced a few tenants within the neighborhood's existing structures (former Antiquue Mall and the Voorhees Building) including Maiz DLV, local chef Julio Hernandez' first brick-and-mortar for Nixtamal-focused taqueria and tequila bar with Andy Mumma of Barista Parlor and Chopper Tiki.  Other announced tenants include Two Hands, an all-day Australian-inspired café and GoodVets, a veterinary care site. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/notes-ground-breaks-on-gulch-residential-retail-tower/article_e86081d8-8908-11ec-99e7-cf25f7143569.html


And at The Tennessean here:

https://www.tennessean.com/story/money/2022/02/08/nashville-tennessee-neighborhoods-development-paseo-south-gulch-construction/6706136001/

New full rendering of site with Prima tower on the left:

Paseo South Gulch, Feb 7, 2022, render.png

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markhollin Galactalopolis

markhollin

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Somera Road has secured $73 million loan from S3 Capital to underwrite costs of the Prima Tower.  They have also entered into a "groundlease" agreement with Safehold, Inc.for $11 million. Safehold will then let Somera Road lease back and develop the land.   Apparently the cost of building Prima will be $128.4 million. 

More at NBJ here:

https://www.bizjournals.com/nashville/news/2022/02/14/someraroad-financing.html
 

Screen Shot 2022-02-14 at 3.01.04 PM.png

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Baronakim Hamlet

Baronakim

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7 minutes ago, nashville born said:

First time seeing this project relative to how/where it fits in the overall downtown view.  Nice.

What you don't see is all of the stuff happening just behind it at the bend at 6th like the  Nell next to 3rd Man Records and New Heights  ESa has done an outstanding blend of old and new that is very exciting.  Too bad New Heights seems to be so uniinspiring in scope.  Nice to see the rendering has a glimpse of the new work at the roundabout though.

Edited by Baronakim
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