New Heights District, office, retail, residential over 3 blocks in Chestnut Hill area, $400 million

[markhollin]

Speedwagon Capital Partners has several projects in mind for the area the are dubbing the "New Heights District" (sandwiched between I-40 south loop inner belt on north to Nashville City Cemetery on the south, and between 4th Ave. South on east and CSX on the west). The initial projects include:

1) 915 5th Ave. South conversion and expansion of existing warehouse.into 31,000 sq. ft. of office space for Serendipity Labs out of New York. Architect is Gilbert McLaughlin Casella.

2) The Stack Exchange will be 20,000 sq. ft. of office space in shipping containers and a Quonset Hut on a vacant lot at 924 5th Ave. South.

3) South Sixth & Oak Apartments (4 stories? 150 units) on NW corner of 6th Ave. South and Oak St, replacing a warehouse. Construction should start first quarter of 2021. No renderings yet. 

Speedwagon currently owns 8 of the 20 acres in the approx. 3 square block area.  Hawkins Partners and Manuel Zeitlin have been hired to come up with concepts for the entire neighborhood. 

Potential high-rises could sit closest to the highway, with "softer and smaller" building designs moving south toward the City Cemetery. The properties already are zoned to allow a total of a few million square feet of commercial space. Over many years, as much as $400 million of investment — including hundreds of additional apartments — could occur in New Heights.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2020/11/19/new-heights-distrct-speedwagon-mainland.html?cx_testId=40&cx_testVariant=cx_34&cx_artPos=6#cxrecs_s

The New Heights District as seen looking northward:

915 5th Ave. South renderings:

915 5th Ave. South site map highlighted in teal from Smeagolfree's excellent development map:

The Stack Exchange at 924 5th AVe. South:

The site for the Stack Exchange is currently and empty lot:

The Stack Exchange site map highlighted in teal from Smeagolfree's excellent development map:




South Sixth and Oak Apartments site:

South Sixth & Oak Apts. site map highlighted in teal from Smeagolfree's excellent development map:

[smeagolsfree]

I have the basic outline on the map, however I will get everything updated here in a bit. I need to determine who owns what in the area, because they own no where near all of the properties if they want to re-invent this area. 

They have a good start.

Gilbert, McLaughlin, Casella is no stranger to Nashville as they have done numerous projects here. http://www.gilmc.com/

The container project is MEL/ARCH out of Fort Worth. Lots of cutting edge stuff and a similar project in FT Worth as well. https://www.melarch.com/projects

[NashRugger]

Speedwagon Capital Partners...just doesn't roll off the tongue that easy.

[smeagolsfree]

Mark covered a few of the highlights of the article and here are a few others and some are repeated. I was a little concerned before reading the article if they had agreements with the rest of the property owners and it seems they do. Again, this is another large mixed use, multi-acre project for Nashville. The success or failure IMO depends on how close they are to the core. Nashville is going to have to step it up as far as population growth to support all of these projects. Nashville is still significantly behind Austin & Charlotte. source world population review.

Nashville

2020 Growth Rate

0.31%

Growth Since 2010

11.97%

Austin

2020 Growth Rate

1.23%

Growth Since 2010

25.03%

Charlotte

2020 Growth Rate                                                                                                                                                                                                                                                                                                                                              1.85%

 

Growth Since 2010

23.77%

The two companies already own or control about 8 acres of the 20-acre area, with negotiations ongoing with multiple property owners.

 

The initial $100 million round of development, detailed below, includes a 31,000-square-foot building entirely leased to New York-based co-working operator Serendipity Labs, additional office space and an apartment complex.

 

Speedwagon Capital and Mainland plan to build a range of office space, allowing a tenant to graduate all the way up to future planned top-grade Class A office high-rises.

 

The two companies enlisted Nashville's Hawkins Partners and Manuel Zeitlin Architects to craft a district-wide concept of what could be built. Potential high-rises could sit closest to the highway, with "softer and smaller" building designs moving south toward the City Cemetery, Larish said.

 

The properties already are zoned to allow a total of a few million square feet of commercial space. Over many years, Larish forecasts as much as $400 million of investment — including hundreds of additional apartments — could occur in New Heights (which lends its name in an agreement with New Heights Brewing Co., which will remain in operation).

[nashvylle]

I'll be disappointed if there is not a high rise (25 stories+) in that 20 acre development. 

[markhollin]

Speedwagon Capital continues to amass property for their New Heights District concept, today paying $14.8 million for a collective 2.31 acres at 901 and 931 6th Ave. South. Two structures currently exist there, one home to foreign auto repair and maintenance business German Motorworks. Now Speedwagon controls a bit over half of the 20 acres of the full $100 million development site they are planning. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21144791/speedwagon-buys-again-in-chestnut-hill

 

[markhollin]

The .45 acre SE corner lot in the New Heights District footprint (947 4th Ave. South) has sold for $2.2 million. FCD Recycling bought the site from a family trust that had bought it in 1980 for $40,000.   I can't imagine FCD has plans for a recycling site on such a small lot, so perhaps this is just some land-banking, or perhaps they are starting to diversify and get into development. They recently sold their operations site in The Nations for nearly $8 million to Wood Partners who are developing Alta Union residential project there.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21145267/chestnut-hill-site-near-brewery-sells-for-22m


 

[smeagolsfree]

I just need some folks to keep theirs eyes glued to this web site for any new developments. I was intentionally looking for the website connected to this project and took me all of two minutes to find it.

There is no information on it just yet. The site still seems to be UC.

https://newheightsdistrict.com/

[DMilner]

The first building will be coming down next month. 915 5th Ave S , with the New Heights Brewery mural, will be coming down to start on the office building. 

Edited February 22, 2021 by DMilner

[markhollin]

New Heights 915 (915 Rep. John Lewis Way/5th Ave. South), a 2 story, 31,000 sq. ft. Class A office building, is about to get underway as part of the New Heights District. Demo of the existing structure will begin this month.  The project should be complete in spring of 2022.  As noted before, Serendipity Labs will be the primary tenant. Crisper renderings have been made available.

Additionally, new renderings of 6th & Oak (6-8 stories, 145 residential units, designed by Hastings Architecture) at 937 6th Ave. South (starting in 4th quarter of 2021), and The Stack Exchange (2 & 3 stories, mixed-use 14,000 sq. ft. shipping container complex for retail, dining, bars, and office space) at 922 Rep. John Lewis Way/5th Ave. South (starting in 3red quarter of 2021) have been released.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/article/21146270/work-starts-on-first-building-at-new-heights-district

New Heights 915:

This screen shot from Smeagolsfree's excllent development map shows the site for New Heights 915 highlighted in teal at the center of the frame:

6th & Oak Apts:

6th  & Oak Apts. site highlighted in teal a center of the frame:

The Stack Exchange:

The Stack Exchange site highlighted in teal a center of the frame:

[donNdonelson2]

On 1/30/2021 at 8:23 AM, smeagolsfree said:

I just need some folks to keep theirs eyes glued to this web site for any new developments. I was intentionally looking for the website connected to this project and took me all of two minutes to find it.

There is no information on it just yet. The site still seems to be UC.

https://newheightsdistrict.com/

Website is up and running!

[CenterHill]

A lot of potential for this project.   If "project" is the right word.   Maybe more like the Gulch with development infill undertaken by different investors over time.   I'm not sure I follow the ultimate plan.   

I especially liked this image from the website for the former stadium site and Ft. Negley.     

 

"In the future, this area will be considered “Nashville’s Central Park.”  It will be the bustling natural heart of Nashville’s new urban life.  With hiking trails and climbing gyms, outdoor bars and music venues, live-work and traditional office, townhomes and condominiums, art studios and apartments, New Heights will be the place to live, work, create, make and be in Nashville’s future."

[MLBrumby]

So nice!!! And then I look at those tracks wrapping around the edge with deep longing for commuter rail that would utilize them and go right through the heart of the city.  Shame! 

[markhollin]

New sign on site:

[smeagolsfree]

They pulled a W/S study permit for the 6th & Oak apartments project a couple of weeks ago.

[markhollin]

6th & Oak Apts. (6 stories, 145 units) update: core drilling on site.

Looking west from 6th Ave. South, just north of Oak St:

[smeagolsfree]

On 3/1/2021 at 7:02 PM, CenterHill said:

A lot of potential for this project.   If "project" is the right word.   Maybe more like the Gulch with development infill undertaken by different investors over time.   I'm not sure I follow the ultimate plan.   

I especially liked this image from the website for the former stadium site and Ft. Negley.     

 

"In the future, this area will be considered “Nashville’s Central Park.”  It will be the bustling natural heart of Nashville’s new urban life.  With hiking trails and climbing gyms, outdoor bars and music venues, live-work and traditional office, townhomes and condominiums, art studios and apartments, New Heights will be the place to live, work, create, make and be in Nashville’s future."

The problem with this image is New Heights has no control over Fort Negley or any influence in the least. Pie in the sky. I missed this when it was first posted. Also they have bastardized the actual Fort which is a no no in the eyes of Historic. The put trees on it which is not historically accurate.

5 hours ago, markhollin said:

6th & Oak Apts. (6 stories, 145 units) update: core drilling on site.

Looking west from 6th Ave. South, just north of Oak St:

Water Sewer permits and other permits been working their way around for a while. Looking forward to this one.

[markhollin]

Mainland Companies seems to be expanding their New Heights District (co-developed by Speedwagon Capital Partners) eastward by purchasing 3 lots for a cumulative $14.52 million at 914-916 4th Ave. South, 300 McCann St., and 914 3rd Ave. South. None of the 1 & 2 story warehouse-type structures on the plots have any architectural or historic significance. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/developer-pays-14-52m-for-downtown-fringe-properties/article_b2e4bb2e-74cb-11ec-a934-43d089cb2fa2.html
 

This screen shot from Smeagolfree's excellent development map shows the sites highlighted in teal at the center of the frame:

[smeagolsfree]

They may end up buying more property on down 4th as the same owner has property all the way down to just past the cemetery on the opposite side of 4th. I would not be a bit surprised if those properties were bought soon.

It was also a matter of time when the area between 2nd & 4th started to get gobbled up for development. A huge opportunity for someone there and would make a cool little district to further connect downtown and WeHo.

[UrbanWes03]

3 hours ago, smeagolsfree said:

They may end up buying more property on down 4th as the same owner has property all the way down to just past the cemetery on the opposite side of 4th. I would not be a bit surprised if those properties were bought soon.

It was also a matter of time when the area between 2nd & 4th started to get gobbled up for development. A huge opportunity for someone there and would make a cool little district to further connect downtown and WeHo.

I can’t wait to see the day when downtown and WeHo are fully connected with development and hopefully light rail of some sort. 

[markhollin]

New Heights District's 915 5th Ave. South office structure (2 stories, 31,000 sq. ft.) has been granted a $4.8 million permit for construction to Wellspring Builders Inc.  No word on when the current structure will be razed and work will get underway on the new building.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/notes-rendering-created-for-planned-midtown-project/article_f430ba36-82ce-11ec-bcb3-2fbd69cb81ee.html

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

[nashwatcher]

Doesn’t it seem a little underwhelming for a 2 story structure when they’ve spent all this money to assemble a large area to develop?

[MLBrumby]

16 minutes ago, nashwatcher said:

Doesn’t it seem a little underwhelming for a 2 story structure when they’ve spent all this money to assemble a large area to develop?

My thoughts exactly.  Looks like any small office building you'd find along any suburban highway.  I don't think they've even released (or done?) a master plan for all the property they acquired. This sure looks to me like the "developer" bit off more than they can chew.... at least for now. 

[Pdt2f]

50 minutes ago, MLBrumby said:

My thoughts exactly.  Looks like any small office building you'd find along any suburban highway.  I don't think they've even released (or done?) a master plan for all the property they acquired. This sure looks to me like the "developer" bit off more than they can chew.... at least for now. 

Your average Williamson County 1990s office building is more impressive than this. 

[CenterHill]

Wait, you’re saying that’s new construction?   Looks like a rehab adding a second floor on an existing warehouse, with an asphalt parking lot that goes right up to the foundation.