Mid City (1501 Broadway, 8 acres on Broadway, 7 towers of 20-35 stories, 1.3 million sq. ft. office, 1,000 residential units, 150,000 sq. ft. commercial/retail)

[UrbanWes03]

Now that’s what I’m talking about! Those are some impressive numbers thrown out there. This and the Reed site are gonna be an impressive power couple. 

[smeagolsfree]

It would be wishful thinking to have all 1.3 million Square Ft.  of office space in one building, I suppose. 

When I first saw that this morning my jaw hit the floor out of pure joy.  I hope this is the plan. The big question now is what will be the price of the land per sq ft or acre. Whichever way you want to look at it, it will be expensive.

This is another one we can start a betting pool on. 

[Rick Dalton]

If we can get this and Reed under construction soon, we’ll essentially have 3 Nashville Yards going at the same time. These are slightly smaller scale, but still.

[Flatrock]

Hella good news. The previous scheme made zero sense, as proposed. I can only guess at who all made money by doing nothing more than backing off. Onwards and upwards, as they say.  Very exciting....

 

[nashville born]

(shakes his head as he looks away trying to hide his tears of joy...)

 

[TheRaglander]

Starts a group "slow clap"

[markhollin]

GBT Realty is, indeed, the developer for the 8 acre site, having finalized the purchase for an estimated $110 million today. Monarch Alternative Capital (with $9.5 billion in assets) out of NYC will be an equity partner. No word design team, renderings, or ground breaking yet.  Still appears that it could be around 6 towers featuring 1.32 million sq. ft. office space, a 350 room hotel, 60,000 sq. ft. of retail, 1,000 units of residential space, numerous restaurants totaling 6,000 seats, and massive underground parking. 

“This has been one of the most highly sought after and anticipated redevelopment sites in Nashville due to its importance in connecting downtown to Midtown, its size and potential scope, and its prominence intersecting major thoroughfares and interstates,” George Tomlin, GBT Realty president and CEO, said in the release. “We are proud to partner with Monarch, whose deep and broad real estate experience coupled with our own knowledge of leading-edge development in our home market will ultimately deliver a transformational project that greatly enhances and evolves the urban core of Nashville.”

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/beaman-sells-midtown-property-for-110m/article_33e75242-5dff-11ec-9827-07ac7cfcffb6.html


And at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/16/beaman-midtown-land.html


And at NashvilleNowNext here:

https://nashvillenownext.com/2021/12/16/monarch-gbt-to-develop-the-beaman-site-in-midtown-nashville/

[nashville born]

Pop-corn!!!!

[TheSound]

Hopefully we'll get details and renderings from GBT for this and their River North land both in 2022.  Crazy.  GBT is basically building the new Nashville it seems, which is nuts considering they mainly just did shopping centers 5 years ago.  They are everywhere.

[smeagolsfree]

Beaman has pocketed 152 million this week and still has the property fronting McGavock. Unless he reinvests the money, he is in for one heck of a tax bill.

Just now, TheSound said:

Hopefully we'll get details and renderings from GBT for this and their River North land both in 2022.  Crazy.  GBT is basically building the new Nashville it seems, which is nuts considering they mainly just did shopping centers 5 years ago.  They are everywhere.

said Joshua Acheatel, managing principal at Monarch. "We believe that our dynamic real estate expertise and partnership with a best-in-class development firm in GBT Realty will bring an exciting change to Nashville’s skyline."

[nashville born]

3 hours ago, smeagolsfree said:

said Joshua Acheatel, managing principal at Monarch. "We believe that our dynamic real estate expertise and partnership with a best-in-class development firm in GBT Realty will bring an exciting change to Nashville’s skyline."

[rolly]

A new tallest would certainly be an exciting change to Nashville's skyline.

[markhollin]

GBT/Monarch Alternative Capital have landed an $80 million loan from commercial real estate lender Acore Capital LP for this project.  No more details available yet.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/30/deal-dash-midtown-tower-site-closes.html

[nashville born]

[markhollin]

GBT Realty has requested an urban design overlay for the site. A general lay-out of the site is included which indicates as many as 7 towers (see diagrams below) for mixed-use.

- In  Subdistrict 1 there would be 2 towers that could go potentially as high as 25 stories with LEED considerations, and if office space could be as tall as 400'.  

- In Subdistrict 2 there would be up to 4 towers that could go as high as 30 stories (480' if office) with LEED considerations, and 1 tower as tall as 35 stories (560' if office) with LEED considerations.

An  Urban Design Overlay for the site would essentially eliminate parking requirements. And if any parking is incorporated into the project, only the site’s future office tower(s) would be allowed to have above-grade parking. Residential towers would feature parking (if any is used) underground.

GBT Realty and Monarch Alternative Capital emailed the Post the following joint statement:

“GBT Realty and Monarch Alternative Capital have filed an urban design overlay that reflects the generational potential of the former Beaman site. In advancing this UDO, our team will work closely with Metro Planning, council members and area stakeholders to establish an overlay that will allow for a redevelopment that is enhancing to the city and greatly increases connectivity throughout Nashville.”

The team will go before the Metro Planning Commission on Sept. 22.

This is all preliminary.  No renderings yet.

More behind the Nashville Post here:

https://www.nashvillepost.com/business/development/design-overlay-sought-for-midtown-site/article_00f24e8e-0f6e-11ed-9523-bfb46645195d.html


And at NashvilleNowNext here:

https://nashvillenownext.com/2022/07/29/proposed-beaman-site-framework-could-produce-multiple-25-story-towers/

 

And at NBJ here:

https://www.bizjournals.com/nashville/news/2022/07/29/deal-dash-east-bank-apts-beaman-site.html

 

[TNMichigander]

3 minutes ago, markhollin said:

GBT Realty has requested an urban design overlay for the site. A general lay-out of the site is included which indicates as many as 7 towers (see diagrams below) . 

- In  Subdistrict 1 there would be 2 towers that could go potentially as high as 25 stories with LEED considerations, and if office space could be as tall as 400'.  

- In Subdistrict 2 there would be up to 4 towers that could go as high as 30 stories (480' if office) with LEED considerations, and 1 tower as tall as 35 stories (560' if office) with LEED considerations.

This is all preliminary.  No renderings yet.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2022/07/29/deal-dash-east-bank-apts-beaman-site.html

 

Super exciting to see more progress here! I hope that the current economic woes we are seeing don't slow this project down, or kill it entirely.

[MLBrumby]

I'll reserve my full commentary till I see more detailed renderings and plans.  However, something about these maps look a bit troubling to me. 

Quick hits:

1.  Why bother naming that "main" crooked street through the site 15th Avenue when the continuation of 15th across Broadway actually aligns with the tributary (unnamed in map)?  I will say that's "So Nashville" to change street names from one side of a cross-street to another.  I'm a stickler for street naming consistency and have posted my frustrations on this forum about that (especially downtown). 

2.  I'm not wild about the crooked streets for safety and navigation in urban areas, but they do contribute to visual interest if surrounded by remarkable buildings/structures.  Also, I realize the apportionment of buildings and their prospective footprints may dictate much of that.  And is there any provision for a future mass transit system?  Looks like the whole block turns in on itself.  Once again, I look forward to seeing more renderings. 

3.  This map just looks like the whole block will cater (once again) the car.  So hopefully I'm wrong and there will be bike/pedestrian lanes and cool courtyards at street level.  It's possible GBT is aiming for a similar feel to what the South Gulch looks like at the intersection of 11th/12th. 

Edited July 29, 2022 by MLBrumby

[downtownresident]

The proposed UDO is recommended for approval at Thursdays metro planning commission. Staff analysis starts on page 147: https://www.nashville.gov/sites/default/files/2022-10/MPC-221027sr.pdf

[downtownresident]

On 10/21/2022 at 8:55 PM, downtownresident said:

The proposed UDO is recommended for approval at Thursdays metro planning commission. Staff analysis starts on page 147: https://www.nashville.gov/sites/default/files/2022-10/MPC-221027sr.pdf

This UDO was approved at the Planning Commission on Consent. I’m not familiar with how it works from here, does this still need to pass at Metro Council? 

[FromParkAveToTN]

Ugh!!! I'm so hoping the increase in interest rates would hault new developments for the next 10 to 15 years. Give the city time to catch the infrastructure up with all the growth. This city is a complete disaster. 

[donNdonelson2]

49 minutes ago, FromParkAveToTN said:

Ugh!!! I'm so hoping the increase in interest rates would hault new developments for the next 10 to 15 years. Give the city time to catch the infrastructure up with all the growth. This city is a complete disaster. 

Ugh!!! Surely someone with your intellect, civility, wealth, and good taste would have by now made the decision to move to a city better suited for all of your best attributes. Hope you find a professional moving service that will treat your beautiful possessions with the TLC they certainly deserve. We’ll miss you, but you can continue to post your sophisticated observations for our enlightenment. 

[FromParkAveToTN]

7 hours ago, donNdonelson2 said:

Ugh!!! Surely someone with your intellect, civility, wealth, and good taste would have by now made the decision to move to a city better suited for all of your best attributes. Hope you find a professional moving service that will treat your beautiful possessions with the TLC they certainly deserve. We’ll miss you, but you can continue to post your sophisticated observations for our enlightenment. 

That really hurts.  We'll just have to agree to agree to my logic. 

[markhollin]

A summary from the Nashville Post of the UDO for 1501 Broadway:

The Metro Planning Commission has approved an urban design overlay for the former Beaman Automotive property as its owners prep to dramatically reinvent the Midtown site.

With the approval of the UDO, Brentwood-based GBT Realty and New York-based equity partner Monarch Alternative Capital will have maximum flexibility related to the future redevelopment of the site. The partners paid $110 million for the property in December 2021.

A document submitted to the Metro Planning Department shows the site with seven buildings. With the UDO approved, one of the site’s sub-districts, which currently allows buildings of 20 stories by-right, will now see bonus height allowing up to 25 stories. Similarly, the property’s other sub-district — currently allowing 25 stories by-right — could land bonus height allowing up to 30 stories (with one building allowed for 35 floors).

The UDO for the site essentially eliminates parking requirements. And if any parking is incorporated into the project, only the site’s future office tower(s) would be allowed to have above-grade parking. Residential towers would feature parking (if any is used) underground.

Metro Planning defines UDOs as zoning tools that require specific design standards for development. An overlay can protect an area’s character or create character beyond that allowed in the base zoning via signage, the orientation of buildings in relation to each other, street configurations, building heights, etc. In contrast, UDOs do not affect the uses either allowed or prohibited on a property.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/notes-progress-continues-on-plan-for-tower-at-y-site/article_8e62464e-5a31-11ed-94c1-9f2e54a94e2b.html

[nashville born]

So hopeful for this development...

[nashvylle]

2 hours ago, markhollin said:

A summary from the Nashville Post of the UDO for 1501 Broadway:

Residential towers would feature parking (if any is used) underground.

@Bos2Nash can you explain to me why Planning wants residential parking all underground? If the developer has liner units covering all above grade parking decks, what difference to planning does that make? I am afraid all underground parking is just going to kill projects. 

Edited November 2, 2022 by nashvylle