Reed District: 8 towers ranging from 8 to 44 stories (500'?), 1.5 million sq. ft. office space; 1,000 residential units; 150K sq. ft. retail space; 250 room hotel on 12 acres at NE corner of Broadway and 16th Ave. North

[markhollin]

This is a massive development taking up 7.16 acres of the 11 acres that the Jim Reed family has owned since 1930. The lot is approximately twice the size of Broadwest and 2/3 the size of  Nashville Yards.  The developer is unknown, but may involve the Reed family. This info came forth in Water and Sewer Availability documents submitted to Metro Water.

Here's what is being planned:

-1,500,000 sq. ft. of office space (my guess is 2 towers of 30 stories each)

- 800 residential units (my guess is two towers of  30 stories each)

- 350 room hotel (my guess around 20 stories)

- 150,000 sq. ft. of retail

- 1,334 seats worth of restaurant space

- Retaining the 1920s-era former brick Coca Cola plant that was turned into the Reed Chevrolet showroom/warehouse (2 stories, 159,000 sq. ft.)  in the 70s at the SE corner of Church and 16th Ave. North.  Yay!  

- Not listed, but most assuredly part of the plan would probably be at least 3,000 parking spaces  (even larger than the 7 level underground space at Broadwest.

My guess is this will be in the  $1 billion cost range.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2020/02/24/document-sketches-massive-development-for-broadway.html?iana=hpmvp_nsh_news_headline

And behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21117918/multiple-buildings-eyed-for-reed-midtown-site
 

 

This screen snot from Smeagolsfree's excellent development map shows the site highlighted in gray at the center of the frame:

 

This is the 1920s-era Coca Cola Plant was bought by Jim Reed Chevrolet and used as a showroom/warehouse (2 stories, 159,000 sq. ft.)  starting in the 70s.  It will be repurposed as part of the development):

[e-dub]

Hot damn.

Also, very glad to hear they're keeping the showroom - I love that building.

[downtownresident]

I’ve been watching this one on E-Permits for a bit. Glad to see what’s being planned. 
 

Here’s another diagram from the pdf: 

[MLBrumby]

They could really do some damage to the views being sold at Broadwest if they proposed two 50 story buildings today!  Looks like George Tomlin won't do what everyone thinks needs to be done... a 45+ story office building. So time to make the announcement now. They can sell their view of White Castle... oh, and everything beyond the Interstate. 

Sorry... I just asked a dumb question... the showroom was originally a Coca Cola plant. Thanks for the info. 

Edited February 24, 2020 by MLBrumby

[smeagolsfree]

Yes and a big thanks to downtownresident for keeping me updated on this and some others. Too many parcels to keep track of.

At this point we have no idea who the developer is but we think it is someone already doing work here now. We will recognize the name once it is made public from what we understand.

[AUNash]

6 hours ago, markhollin said:

This is a massive development taking up 7.16 acres of the 11 acres that the Jim Reed family has owned since 1930. The lot is approximately twice the size of Broadwest and 2/3 the size of  Nashville Yards.  The developer is unknown, but may involve the Reed family. This info came forth in Water and Sewer Availability documents submitted to Metro Water.

Here's what is being planned:

-1,500,000 sq. ft. of office space (my guess is 2 towers of 30 stories each)
- 800 residential units (my guess is two towers of  30 stories each)
- 350 room hotel (my guess around 20 stories)
- 150,000 sq. ft. of retail
- 1,334 seats worth of restaurant space
- Retaining the 1920s-era former brick Coca Cola plant that was turned into the Reed Chevrolet showroom/warehouse (2 stories, 159,000 sq. ft.)  in the 70s at the SE corner of Church and 16th Ave. North.  Yay!  

- Not listed, but most assuredly part of the plan would probably be at least 3,000 parking spaces  (even larger than the 7 level underground space at Broadwest.

My guess is this will be in the  $1 billion cost range.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2020/02/24/document-sketches-massive-development-for-broadway.html?iana=hpmvp_nsh_news_headline

And behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21117918/multiple-buildings-eyed-for-reed-midtown-site
 




 
This screen snot from Smeagolsfree's excellent development map shows the site highlighted in gray at the center of the frame:


 
This is the 1920s-era Coca Cola Plant was bought by Jim Reed Chevrolet and used as a showroom/warehouse (2 stories, 159,000 sq. ft.)  starting in the 70s.  It will be repurposed as part of the development):

 

 

Wow! This will be huge! Nashville is on fire.

 

[KariKnux]

Seems like a crazy amount of office space. What do you suppose would be the likelihood of it getting underway in the next year or so (though I'm sure it'll be done in phases)?

 

On a side note, is there any good place to learn about commercial real estate leases (like, recent leases, quarterly absorption/space delivered, leasing % of buildings, etc) in a comprehensive way? I know bizjournals reports on the bigger stuff, but I've developed an interest in it lately due to how closely it is related with development. Even learning about what businesses are relocating, expanding, etc. is intriguing. Or is that kinda thing too "valuable" for brokers and the like?

 

Just kinda wondering who has been taking up space in all the new + upcoming developments.

Edited February 25, 2020 by KariKnux

[titanhog]

Wow!!  Beeman's about to be surrounded by towers.

[downtownresident]

Maybe whatever the Reed family makes off of this will encourage Beeman to consider relocating out of downtown. 

[satalac]

Multistory car lot! Just think Carvana vending machines, but 30 stories tall!

[nashvylle]

14 hours ago, KariKnux said:

On a side note, is there any good place to learn about commercial real estate leases (like, recent leases, quarterly absorption/space delivered, leasing % of buildings, etc) in a comprehensive way? I know bizjournals reports on the bigger stuff, but I've developed an interest in it lately due to how closely it is related with development. Even learning about what businesses are relocating, expanding, etc. is intriguing. Or is that kinda thing too "valuable" for brokers and the like?

 

Just kinda wondering who has been taking up space in all the new + upcoming developments.

I would befriend a broker in commercial real estate, perhaps at CBRE or a similar firm. They make pitch books with this info all the time. They might even have info on their websites. 

Edited February 25, 2020 by nashvylle

[MLBrumby]

Hines is reportedly the buyer of the Reed properties. From NBJ:  https://www.bizjournals.com/nashville/news/2020/02/27/exclusive-global-developer-in-line-to-buy-longtime.html

[nashvylle]

4 minutes ago, MLBrumby said:

Hines is reportedly the buyer of the Reed properties. From NBJ:  https://www.bizjournals.com/nashville/news/2020/02/27/exclusive-global-developer-in-line-to-buy-longtime.html

That's some serious backing. 

[CaptainJilliams]

3 minutes ago, nashvylle said:

That's some serious backing. 

For sure. Hines is known for getting things done.

[DMilner]

Hines has been on a tear. I think they're dropped close to $20 million in our neighborhood, Wedgewood-Houston. 

[markhollin]

More about Hines' involvement with this massive project:

- Cost for the land could be in $100 million range.

- It would include the entirety of the 11.1 acres the Reed family owns.
 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21117582/reed-site-under-contract-for-roughly-115m

[titanhog]

I CAN NOT WAIT to see renderings one day.

[markhollin]

More details have been released for the Reed District:

- 6 buildings ranging from 19 to 37 stories.

- Section 1 of the site seemingly would offer a 37-story residential/hotel high-rise on the northwest corner of 15th Avenue North and and Broadway. This apparently will be an L-shaped structure. Also in that section is seen a 27-story office tower positioned at the southwest corner of 15th and  Hayes Street and a 26-story office building located at the northeast corner of 15th and Broadway-

- Section 2 of the site seemingly would offer a 19-story office tower located in the middle of Hayes Street between 15th and 16th avenues. That section also shows a 37-story residential/hotel high-rise and a 27-story office building with a shared base. The buildings would be oriented north/south, with the 27-floor structure fronting Broadway and the 37-story tower positioned at southeast corner of Hayes and 16th intersection.

- Developer Hines is requesting height and setback variances to allow for the structures.  This will be addressed at the next schedule Board of Zoning Appeals meeting on April 16th.

- 27 parcels that comprise the site will need to be consolidated and rezoned, which the Metro Planning Commission will have to approve.

- No renderings or diagrams available to the public yet.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21125335/details-emerge-for-planned-midtown-project

[smeagolsfree]

Here is the link to the doc in question William was referring to.

https://www.nashville.gov/Government/ePav-Viewer.aspx?name=14d9e31d-c203-4f4e-9322-4d3866b41014_CA-Permits-20171101_12872077_1.pdf

 

[MLBrumby]

33 minutes ago, markhollin said:

More details have been released for the Reed District:

- 6 buildings ranging from 19 to 37 stories.

- Section 1 of the site seemingly would offer a 37-story residential/hotel high-rise on the northwest corner of 15th Avenue North and and Broadway. This apparently will be an L-shaped structure. Also in that section is seen a 27-story office tower positioned at the southwest corner of 15th and  Hayes Street and a 26-story office building located at the northeast corner of 15th and Broadway-

- Section 2 of the site seemingly would offer a 19-story office tower located in the middle of Hayes Street between 15th and 16th avenues. That section also shows a 37-story residential/hotel high-rise and a 27-story office building with a shared base. The buildings would be oriented north/south, with the 27-floor structure fronting Broadway and the 37-story tower positioned at southeast corner of Hayes and 16th intersection.

- Developer Hines is requesting height and setback variances to allow for the structures.  This will be addressed at the next schedule Board of Zoning Appeals meeting on April 16th.

- 27 parcels that comprise the site will need to be consolidated and rezoned, which the Metro Planning Commission will have to approve.

- No renderings or diagrams available to the public yet.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21125335/details-emerge-for-planned-midtown-project

Yay!!! Let's hear it for 345' tall buildings!!!  

Side gripe:  Could some of these various developers with the fantasy 27-story office/35-story residential-lodging projects combine and build one (just one!!!) with 54-story office and 70-story hotel-lodging?  Or even just this one developer on such am ambitious project. Can you imagine how something very tall at that location would anchor a truly stretched-out skyline?  OK... rant over. 

I realize I probably sound ungrateful. The confinement here is getting to me/us.  But seriously!!!?!?!

[smeagolsfree]

I think with state things are in right now we may be fortunate to get any of these projects out of the ground for a while. Some may start, some may not. We are not going to see a new tallest for a while for  various reasons.

Some of these will be around 430 feet or so I am thinking  when they get built as this is a long range plan, IMO.

Until Metro changes the scope of the DTC and extends it to the west side, it will be more of the same.

Remember it was just a few years ago Metro was not allowing anything over 300' here. They are making some progress. 

[markhollin]

 

 

[nashvylle]

LOVE that crown (errr at least that's a crown for Nashville). 

 

Edited March 30, 2020 by nashvylle

[MLBrumby]

Wha... what!?! Are those curves at the corners?! Someone... get me the smelling salts!

Anyway someone can get a larger pic of this one?  I can't enlarge it enough to read the notes. I assume that is the office tower referenced above. Right? Anyone else reminded of the first Palmer Plaza renderings? 

Edited March 30, 2020 by MLBrumby

[smeagolsfree]

No, thatis a picture of the BroadWest project. It was included in the paper work to give context of what was next door.