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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

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  • 2 weeks later...


1 hour ago, smeagolsfree said:

I had heard there was big trouble in little China. This explains it.

BTW, anyone having issues signing in or posting replies or messages? Sometimes I can get in and sometimes not. Downtown resident is not able to sign in.

Me, too.  I had to close the tab and get some actual work done.  When my Pomodoro said it was break time again, the UP site was working again.

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1 hour ago, markhollin said:

Jim Reed Automotive Inc. is in two separate lawsuits over its 11 acre property. Martin Management Group, Inc.(which currently operates the Hyundai and Subaru dealerships on the site since 2011) is suing for rights to the property at 1406-1408 Broadway.  Hines Investments Management Holdings out of Houston (with plans for a 6 tower development on the site) signed a purchase contract for the land with Reed in 2020, and they are also suing, alleging that Reed violated the contract. 

With both Martin Management and Hines asking for their property rights to be enforced, Jim Reed Automotive faces a major dilemma. If an arbitrator rules in favor of Reed Automotive, Hines could follow through with its land buy. But if Martin Management comes out on top, Hines would lose its chance to buy the land if Martin Management could match the price of Hines’ purchase offer.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/09/14/reed-development-lawsuit.html?cx_testId=40&cx_testVariant=cx_34&cx_artPos=0#cxrecs_s

So if Martin Management Group wins their lawsuit, would they be likely to keep the site as car dealerships?

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16 hours ago, LA_TN said:

I wish we knew details about the current lease, when it ends, etc. This may be more about seeking $$$ reimbursement for moving expenses and timeline, as you noted. Thanks for the insight

I think that is the nail on the head of the matter. Or the hammer on the nail.

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  • 4 weeks later...
10 hours ago, smeagolsfree said:

It seems as if Hines now has the property rights to the Reed site according to the NBJ. https://www.bizjournals.com/nashville/news/2021/10/08/hines-reed-lawsuit-development.html

Jim Reed Automotive Inc.'s Midtown development site has been the subject of disputes for more than a year, facing lawsuits from competing potential buyers. New court filings suggest one of those prospective buyers, Hines Investment Management Holdings Limited Partnership, has dropped its lawsuit and could now have new legal rights to 1406-1408 Broadway, which is one slice of Reed's larger 11-acre site.

Whatever rights and claims that Martin Management had under its original right of first refusal agreement, this document suggests that those rights have been transferred to and are now held by Hines,” said David Anthony, a commercial litigation lawyer at Anthony Legal PLLC in Nashville, who reviewed the documents at the request of the Business Journal; he is not involved in either lawsuit.

What I think this means is that Hines will buy the Martin dealership out of the first right of refusal. Hines has dropped the lawsuit against the Reed family. The article says some lingering court issues could go on, but this thing is about over IMO.

What a great piece of news! The dealerships have no place in that corridor going forward; they're a visual and logistical blight to the development of the West End canyon. I can't wait to see how the areas develop around big projects like this, as locations like this will certainly become magnets for further density.

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10 minutes ago, smeagolsfree said:

I am looking for some Street activation for that long dead space. I have been here for over 25 years and as far as I know it has been vacant for that entire time..

What do you think of the development prospects of the country delite property? Also any thoughts on smokeless tobacco/goodwill properties in next 5-10 years?

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  • markhollin changed the title to 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

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