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Cannery Row 500,000 sq. ft. mixed-use project


markhollin

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  • 2 weeks later...

Joseph Stitt of Thor Equities Group did an interview with NBJ about his plans for the Cannery Row project, including a 500,000 sq. ft. tower, and upgrading the existing historical structures.  Here are highlights:

What made Cannery Row the ideal debut deal for you? We like things that have physical histories, and obviously, it fits that. I love the architecture, the buildings, the history. We also like things we can grow and expand on. We happen to have that there, with the parking lots out in front.

How did you arrive at that choice? We actually searched for awhile to find such an opportunity and we had a very difficult time. Mostly what was available was plain old buildings that needed to be knocked down, or vacant lots. It was hard for us to find an asset we could buy that had a history to it. History brings perspective. It tells a story. It allows for a brand. When we say Cannery, people know which property we're talking about. What [we're] building new could become "Cannery Tower."

What do you want to build? We like the music venues that are there. That is part of what makes it special. People don't realize we're probably the most diversified property in the marketplace. We have music venues, office tenants, retail tenants and residential tenants. No one else has that mix. The goal is to continue with all four. And if you break retail into shops and restaurants, we have both of those. So really, it's really five things.

What timeline are you on? We're not in an extreme rush. I'd say it's at least a year and change before we start going full-blast over there. But a year goes by pretty quickly, with all the planning and design required. It'll be a big investment — tens of millions of dollars.

Are you already looking at other investments? Yes, certainly. We're starting to knock on doors. We're hoping people will come knock on our doors now, to bring us opportunities. As we get enough scale in the business community, we hope to get involved in the civic community and those organizations. For us, this is just the tip of the iceberg.

What was your first impression of Nashville? Great restaurants. Surprisingly, an incredible amount of great music venues. And while so many of the people there were new … everybody seemed to have a camaraderie. Last but not least was the local pride. You don't always see that. Historically, where I've seen pride of ownership, it's normally led to good success for those cities and good investments for us.

It made me not just think of it from the music perspective, as a tourist, but really realizing if a city like Nashville can recruit people away from New York, it must have something powerful. There aren't too many places moving and grooving like that city."

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/10/31/exclusive-cannery-rows-new-owner-loves-music.html?iana=hpmvp_nsh_news_headline

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  • 1 year later...

Mercy Lounge, The Cannery Ballroom, The High Watt, and One will all cease operations inside the historic Cannery Building in May of 2022 and relocate to as-yet-unannounced new location.

In October 2019, New York City-based global real estate company Thor Equities Group paid $32 million for the Cannery complex. At the time, the company said in a press release it hoped to eventually add mixed-use buildings with a collective 500,000 square feet to the 2.8-acre site. Thor officials could not be reached for comment.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/music/mercy-lounge-sister-venues-to-close-at-cannery-will-relocate/article_32033534-21e8-11ec-89f9-3b679fe7a973.html

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On 10/31/2019 at 7:49 AM, markhollin said:

Joseph Stitt of Thor Equities Group did an interview with NBJ about his plans for the Cannery Row project, including a 500,000 sq. ft. tower, and upgrading the existing historical structures.  Here are highlights:

What made Cannery Row the ideal debut deal for you? We like things that have physical histories, and obviously, it fits that. I love the architecture, the buildings, the history. We also like things we can grow and expand on. We happen to have that there, with the parking lots out in front.

How did you arrive at that choice? We actually searched for awhile to find such an opportunity and we had a very difficult time. Mostly what was available was plain old buildings that needed to be knocked down, or vacant lots. It was hard for us to find an asset we could buy that had a history to it. History brings perspective. It tells a story. It allows for a brand. When we say Cannery, people know which property we're talking about. What [we're] building new could become "Cannery Tower."

What do you want to build? We like the music venues that are there. That is part of what makes it special. People don't realize we're probably the most diversified property in the marketplace. We have music venues, office tenants, retail tenants and residential tenants. No one else has that mix. The goal is to continue with all four. And if you break retail into shops and restaurants, we have both of those. So really, it's really five things.

What timeline are you on? We're not in an extreme rush. I'd say it's at least a year and change before we start going full-blast over there. But a year goes by pretty quickly, with all the planning and design required. It'll be a big investment — tens of millions of dollars.

Are you already looking at other investments? Yes, certainly. We're starting to knock on doors. We're hoping people will come knock on our doors now, to bring us opportunities. As we get enough scale in the business community, we hope to get involved in the civic community and those organizations. For us, this is just the tip of the iceberg.

What was your first impression of Nashville? Great restaurants. Surprisingly, an incredible amount of great music venues. And while so many of the people there were new … everybody seemed to have a camaraderie. Last but not least was the local pride. You don't always see that. Historically, where I've seen pride of ownership, it's normally led to good success for those cities and good investments for us.

It made me not just think of it from the music perspective, as a tourist, but really realizing if a city like Nashville can recruit people away from New York, it must have something powerful. There aren't too many places moving and grooving like that city."

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/10/31/exclusive-cannery-rows-new-owner-loves-music.html?iana=hpmvp_nsh_news_headline

Based on this interview Mark posted two years go, the iconic buildings would stay and be used for music.  I hope these operations can return to their historical locations after construction is complete.

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28 minutes ago, markhollin said:

Mercy Lounge, The Cannery Ballroom, The High Watt, and One will all cease operations inside the historic Cannery Building in May of 2022 and relocate to as-yet-unannounced new location

OMG. Cannot even process this loss of space (for the existing music venues), and the magic it holds. I have countless memories tied to the music I've heard, the friends I've been with, all while surrounded by the old bricks and wood floors of those wonderful places. Damn. :cry:

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Just now, smeagolsfree said:

Again this goes back to the fact they have utility markings and core drilling markings around the property and they are getting ready to do a project of some sort along Palmer Street.

Do you know if the music venues will remain, but with perhaps different operators (Kind of like AJ Capital & Rock Block/ExitInn)? 

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My guess is that the new building will replace the Storyville USA building that runs along Palmer. The core drilling markings are on the Cummins Station side of the building.

My Sunday walks are very detailed in nature and I pay close attention to the sidewalks and parking lots. These are very small thing to look for.

Look for another long delayed project to start before the end of the year too. Just one little thing I picked up from a sidewalk marking.

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1 minute ago, smeagolsfree said:

Actually Zach Liff now owns all of this. He bought Thor out a while back out of the partnership from my understanding.

So were the core drilling markings at one of the locations where Liff wants to build his multiple towers proposal?

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https://www.nashvillescene.com/music/nashvillecream/cannery-row-venues-to-relocate/article_1ca217a2-21e6-11ec-b560-abe33e0cae16.html

Noooooooo.

Like the article says, that is going to be a hard one to replicate. This one hurts, hopefully they can find a new place and start replicating the magic somehow. 

Another place that I thought for sure owned their building but alas did not.

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On 10/20/2019 at 4:41 PM, BnaBreaker said:

Thrilled to hear that the new owner highly values the existing businesses and the structure in which they reside!

Or maybe not given today's announcement.  :(

2 hours ago, Mr_Bond said:

I hope these operations can return to their historical locations after construction is complete.

That's not happening. The Mercy complex will  be relocating.

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One thing that may need to be considered is the age and shape of these older buildings. If upgrades were to be made (typically beyond 50% of the square footage) they have to be brought up to current codes and if the building is has not been upgraded or maintained it gets too costly to keep. It does not take away from the loss of the venues, but it speaks to building owners who may not want to or are financially capable of making necessary maintenance/improvements.

 

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27 minutes ago, Bos2Nash said:

One thing that may need to be considered is the age and shape of these older buildings. If upgrades were to be made (typically beyond 50% of the square footage) they have to be brought up to current codes and if the building is has not been upgraded or maintained it gets too costly to keep. It does not take away from the loss of the venues, but it speaks to building owners who may not want to or are financially capable of making necessary maintenance/improvements.

 

This is a good possibility. My wife and I are investors with a realtor and we have done many abandoned and / or neglected properties and I know of three off the top of my head that Metro said that they needed more then 50 % the value. We were forced to tear them down by codes, within a short period of time or they would do it at our cost. 

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37 minutes ago, CandyAisles said:

"Codes" is an easy scapegoat.  Nashville has a very productive "Rehab Committee" that allows for deviations from the current code based on existing facilities.  You do need to know to ask, though...and also prepare for negotiation.

Thank you for this info, I will look into this for future reference. The people we work with now , probably have knowledge of this as they been working and rehabbing in Nashville for 30 + years. 

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