Park Place Nashville (2nd & Peabody), 36 story/433' and 32 story/375' residential towers; 18 story/234' hotel

[Luvemtall]

^^^ that’s a very good possibility, knowing the amount of new projects proposed in that area. This might be a ploy to get them all uncomfortable in a attempt to get them to change or alter their plans. 

 

Edited October 31, 2021 by Luvemtall
Unfinished

[nashwatcher]

I mean the developers next door paid like 35 million for the Cumulus land...I don't see them backing down from a few lawsuit-happy individuals who think they're entitled to their unobstructed views even though they're living in a downtown where tall buildings naturally go...do they really want to stop high quality development and stunt the beauty of this area so they can maintain their views for an extra few months before the buildings on KVB are built?

Crazy 

[smeagolsfree]

We shall see who has the deepest pockets. I think we know the answer to that question. If one side does not prevail and appeals then it will cost some money. Well Metro and the Congress group has an army of lawyers either on staff or on retainer and the four residents are having to pay out of their pocket’s, so at what point will they cut their losses. The amount of money they will have to pay will be a drop in the bucket compared to what they say they would supposedly not gain in decreased property value, which is not going to happen unless the economy tanks. Then everyone is in the same boat. 

It is going to be hard to prove property values go down in Nashville because of lost views. I don’t think it has happened anywhere as property values continue to rise everywhere downtown.

[DDIG]

17 hours ago, smeagolsfree said:

We shall see who has the deepest pockets. I think we know the answer to that question. If one side does not prevail and appeals then it will cost some money. Well Metro and the Congress group has an army of lawyers either on staff or on retainer and the four residents are having to pay out of their pocket’s, so at what point will they cut their losses. The amount of money they will have to pay will be a drop in the bucket compared to what they say they would supposedly not gain in decreased property value, which is not going to happen unless the economy tanks. Then everyone is in the same boat. 

It is going to be hard to prove property values go down in Nashville because of lost views. I don’t think it has happened anywhere as property values continue to rise everywhere downtown.

It looks like concurrently City Lights is suing its own developer for building flaws and other complaints... which actually hurts their property value way more than nice developments nearby will 

[smeagolsfree]

That will sure not help the case of the other lawsuit. Which hurt the property values the most your honor the developers shoddy building mistakes or the excellent developments going in next door enhancing the quality of life of all of the residents??

[MLBrumby]

Absolutely true!  It's an advertisement that City Lights offers a substandard product. 

[BnaBreaker]

4 hours ago, smeagolsfree said:

That will sure not help the case of the other lawsuit. Which hurt the property values the most your honor the developers shoddy building mistakes or the excellent developments going in next door enhancing the quality of life of all of the residents??

Yeah... it's going to be tough to convince anyone that replacing a mostly empty lot with a huge luxury mixed use development worth hundreds of millions of dollars and designed by a world renown architect is going to hurt local property values.  It makes me chuckle even typing it out.

[markhollin]

Park Place Nashville  is now the official moniker for this development. You can actually become an investor if you like:

https://join.crowdstreet.com/deal/park-place-nashville?utm_source=facebook&utm_medium=CS-Evergreen-Accredited-Location&utm_campaign=Lookalike_Tennessee&utm_content=Image_park-place-nashville_v1_2916&hsa_acc=961098310731910&hsa_cam=23847990731710290&hsa_grp=23847990732390290&hsa_ad=23849861088060290&hsa_src=fb&hsa_net=facebook&hsa_ver=3&fbclid=IwAR0jb2xEwbzMPcKhOcWzB-pRkxA_SA4UPGFDqO6MmXpJP3a4f-RrO5Ns38w

[nashwatcher]

16 minutes ago, markhollin said:

Park Place Nashville  is now the official moniker for this development. You can actually become an investor if you like:

https://join.crowdstreet.com/deal/park-place-nashville?utm_source=facebook&utm_medium=CS-Evergreen-Accredited-Location&utm_campaign=Lookalike_Tennessee&utm_content=Image_park-place-nashville_v1_2916&hsa_acc=961098310731910&hsa_cam=23847990731710290&hsa_grp=23847990732390290&hsa_ad=23849861088060290&hsa_src=fb&hsa_net=facebook&hsa_ver=3&fbclid=IwAR0jb2xEwbzMPcKhOcWzB-pRkxA_SA4UPGFDqO6MmXpJP3a4f-RrO5Ns38w

Does this indicate they're having a hard time getting financing?

[colemangaines]

19 minutes ago, markhollin said:

Park Place Nashville  is now the official moniker for this development.

Historically, that means it'll be a pretty high end development:

[Rick Dalton]

2 hours ago, nashwatcher said:

Does this indicate they're having a hard time getting financing?

I doubt it, this won’t be a significant source of the funding 

[BnaBreaker]

3 hours ago, colemangaines said:

Historically, that means it'll be a pretty high end development:

Hopefully this means they'll rename City Lights "Baltic Ave." out of spite!

[samsonh]

4 hours ago, natethegreat said:

I doubt it, this won’t be a significant source of the funding 

It’s a standard way to increase ROI and reduce capital requirements for the GP. Interestingly enough the hotel pad will be sold and developed by someone else. This offering is only for the two apartment towers.

[samsonh]

On 12/10/2021 at 9:38 PM, samsonh said:

It’s a standard way to increase ROI and reduce capital requirements for the GP. Interestingly enough the hotel pad will be sold and developed by someone else. This offering is only for the two apartment towers.

Interesting call with potential investors. Court cases in the spring from the few residents upset about their view. If that goes against the developers/city, then the developers will develop the same number of units by right in an 11 story building. They would much prefer to do the high rise building. 

[DDIG]

7 minutes ago, samsonh said:

Interesting call with potential investors. Court cases in the spring from the few residents upset about their view. If that goes against the developers/city, then the developers will develop the same number of units by right in an 11 story building. They would much prefer to do the high rise building. 

I can't imagine ruling in favor of the City Lights NIMBYs but if they did that would be crazy dangerous precedent for the city and its future. Basically Metro Planning couldn't do height modifications and areas like this in downtown could only go 11 stories which would be terrible for a booming city! On the plus side maybe it would spark a total rezoning for height, but that wouldn't be an easy process.

Edited December 14, 2021 by DDIG

[nashvylle]

9 minutes ago, samsonh said:

Interesting call with potential investors. Court cases in the spring from the few residents upset about their view. If that goes against the developers/city, then the developers will develop the same number of units by right in an 11 story building. They would much prefer to do the high rise building. 

Did the sponsor sound nervous about a potential ruling going against them?

[samsonh]

14 minutes ago, nashvylle said:

Did the sponsor sound nervous about a potential ruling going against them?

They are very careful to not give an opinion one way or the other to cover themselves from potential liability. 

[MLBrumby]

1 hour ago, samsonh said:

Interesting call with potential investors. Court cases in the spring from the few residents upset about their view. If that goes against the developers/city, then the developers will develop the same number of units by right in an 11 story building. They would much prefer to do the high rise building. 

Considering that City Lights is a 9-story building and the 11-story "Plan B" would be a larger and taller block, the residents in CL better hope that doesn't happen.  It would block everything from that side. The plan A has lots of openings for late-day sunlight to pass through and for sight lines from CL.  IMHO this is a prime example to be careful what you wish for. 

Edited December 14, 2021 by MLBrumby

[smeagolsfree]

My guess if the ruling went against Metro, then there would be legislation adopted by Freddie changing in the DTC for the Lafayette sub district. There would be the correct number of hearings held and the business owners in support of the legislation would greatly outnumber the Frantic Four.

The current DTC would be trashed for the Lafayette and Rutledge Hill sub districts and the Arts district would be increased as well. This would happen much in the same way the Mid Gulch change happened.

It would fly through Council in three meetings and be passed.

Then everything would be done in a way they could not change and these projects would only be delayed.

[downtownresident]

3 hours ago, samsonh said:

Interesting call with potential investors. Court cases in the spring from the few residents upset about their view. If that goes against the developers/city, then the developers will develop the same number of units by right in an 11 story building. They would much prefer to do the high rise building. 

An 11 story full block monster building would be a travesty considering what has been proposed.

[samsonh]

39 minutes ago, downtownresident said:

An 11 story full block monster building would be a travesty considering what has been proposed.

Agreed with you and mlbrumby. Current design adds so much green space and is a great addition to skyline. Unlike city lights I might add. 

[markhollin]

The Congress Group has finalized the purchase of the 2.08 acre site for $35 million from Mark Bloom and Larry Papel. They also securd a $17.5 million loan from from an entity affiliated with Bloom and Papel's Corner Partnership. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/boston-developer-pays-35m-for-sobro-property/article_621a2e7e-6d7b-11ec-b069-17be69de2da8.html

And at NBJ here:

https://www.bizjournals.com/nashville/news/2022/01/05/2nd-peabody-land-sale.html

[smeagolsfree]

Foundation Permit applied for. Now remember this is not issued. Moving forward.

https://epermits.nashville.gov/#/permit/4123304?initial=1&searchType=permit&orderBy=fullAddress ASC,permitNumber ASC&searchText=&page=5&searchCode=ADDR

[nashvylle]

1 hour ago, smeagolsfree said:

Foundation Permit applied for. Now remember this is not issued. Moving forward.

https://epermits.nashville.gov/#/permit/4123304?initial=1&searchType=permit&orderBy=fullAddress ASC,permitNumber ASC&searchText=&page=5&searchCode=ADDR

I'd say 4-6 months for review. 

[WebberThomas4]

I think that foundation permit is for the Hensler tower on RMH.