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1904 Hayes (14 stories, 296 residential units, 10,000 sq. ft. leasing office, 310 car garage)


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A 14 story residential tower featuring 296 apts., 10,000 sq. ft. leasing office, and 310 capacity garage will be built on 1.04 acres at 1904-1916 Hayes St. by Subtext Developers out of St. Louis. Dyna

Here is a diagram from the Water/Sewer permit:  Looks like it will have residential at the street level. Also no vehicle access to Hayes Street, and the parking garage will be lined with

I will say that Midtown is about to blow up as far as mid-rise buildings in the next five years. Just from what I see now and other stuff I am hearing about and what other developers are saying.

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9 minutes ago, smeagolsfree said:

I will say that Midtown is about to blow up as far as mid-rise buildings in the next five years. Just from what I see now and other stuff I am hearing about and what other developers are saying.

What’s your idea of mid-rise?  

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30 minutes ago, thenorthchannel said:

The next decade will be defined by the hybrid multi-family/STR model.    

My personal belief, grounded in my own magic 8-ball, is most of the new apartments being built in midtown, SoBro, Division Street, etc will offer home sharing for UP TO 120/180 days to tenants at minimum, but also onsite boutique hotels.   Nashville will be a proving ground for the concept, but similar models are rolling out in many other markets.

 

I think you are correct. I would pay a premium to not live in one of those buildings though. 

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21 hours ago, thenorthchannel said:

The next decade will be defined by the hybrid multi-family/STR model.    

My personal belief, grounded in my own magic 8-ball, is most of the new apartments being built in midtown, SoBro, Division Street, etc will offer home sharing for UP TO 120/180 days to tenants at minimum, but also onsite boutique hotels.   Nashville will be a proving ground for the concept, but similar models are rolling out in many other markets.

 

Could you give us your perspective on the target markets for the home sharing and boutique hotels you mention, as well as how a condo (owner occupied) fits into that market or is differentiated from that market?  I would love to learn more about this new concept!

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17 hours ago, Mr_Bond said:

Could you give us your perspective on the target markets for the home sharing and boutique hotels you mention, as well as how a condo (owner occupied) fits into that market or is differentiated from that market?  I would love to learn more about this new concept!

Well, like @samsonh said some will pay a premium to not live in a homeshare building.  And as Smeags said... there is still a market for high end condos.

There are a number of companies in the space. 

Pre-pandemic The Guild ran STR's out of The James and Velocity right across the street from you.   The Guild signs a master lease on a couple dozen units and rents those exclusively as STRs.  Similar groups pre-pandemic in Nashville were StayAlfred and Sonder. StayAlfred rolled up shop. Sonder is now going public via SPAC.  

Post-pandemic different companies are taking different approaches to it. 

  • The Cadence is under contract to a group that will have all current tenants move out and transition completely to STR. 
  • Greystar has been  signed up for Airbnb's 'Friendly Building Program" for a couple years.   They will allow tenants to list their units for a few days a month while the building gets a percentage of STR revenue, I am unaware of any markets Greystar has started this in so far.   This model  should appeal to 20 somethings  starting out in their career who are open to subsidizing their rent while they travel.    This model caps the number of days a tenant can rent out their unit.   
  • Niido (now Burnham) Nashville allows an unlimited amount of days to be rented out, this model caters to investor hosts.   
  • Niido's sister project, Natiivo in Austin (which has a thread here on UP) is a condo building.  Their grand opening is currently targeted for December 2021.  In Nashville, there are a number of STR condo projects in the pipe line (Ex. The 1865, Muse, Alto/Contralto)
  • Kenect is another model where, as I understand it, tenants effectively join a club and are able to stay at other Kenect locations around the US and are able to rent their unit to Kenect members from  other cities. 
  • WhyHotel claims to only take on new construction apartments during initial lease up.  Running a boutique hotel for 12-18 months during the lease up phase and then vacating. They recently posted a role for  a GM in Nashville.   I am speculating here, but Sixth South has not begun preleasing and seems about done. Id think that location would be prime for WhyHotel's model. 

I'm sure there are dozens more.   These are just the ones that come to mind as I picture driving from Midtown to SoBro along Division. 

 

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On 7/24/2021 at 10:14 AM, thenorthchannel said:

Well, like @samsonh said some will pay a premium to not live in a homeshare building.  And as Smeags said... there is still a market for high end condos.

There are a number of companies in the space. 

Pre-pandemic The Guild ran STR's out of The James and Velocity right across the street from you.   The Guild signs a master lease on a couple dozen units and rents those exclusively as STRs.  Similar groups pre-pandemic in Nashville were StayAlfred and Sonder. StayAlfred rolled up shop. Sonder is now going public via SPAC.  

Post-pandemic different companies are taking different approaches to it. 

  • The Cadence is under contract to a group that will have all current tenants move out and transition completely to STR. 
  • Greystar has been  signed up for Airbnb's 'Friendly Building Program" for a couple years.   They will allow tenants to list their units for a few days a month while the building gets a percentage of STR revenue, I am unaware of any markets Greystar has started this in so far.   This model  should appeal to 20 somethings  starting out in their career who are open to subsidizing their rent while they travel.    This model caps the number of days a tenant can rent out their unit.   
  • Niido (now Burnham) Nashville allows an unlimited amount of days to be rented out, this model caters to investor hosts.   
  • Niido's sister project, Natiivo in Austin (which has a thread here on UP) is a condo building.  Their grand opening is currently targeted for December 2021.  In Nashville, there are a number of STR condo projects in the pipe line (Ex. The 1865, Muse, Alto/Contralto)
  • Kenect is another model where, as I understand it, tenants effectively join a club and are able to stay at other Kenect locations around the US and are able to rent their unit to Kenect members from  other cities. 
  • WhyHotel claims to only take on new construction apartments during initial lease up.  Running a boutique hotel for 12-18 months during the lease up phase and then vacating. They recently posted a role for  a GM in Nashville.   I am speculating here, but Sixth South has not begun preleasing and seems about done. Id think that location would be prime for WhyHotel's model. 

I'm sure there are dozens more.   These are just the ones that come to mind as I picture driving from Midtown to SoBro along Division. 

 

Wow, @thenorthchannel!  I had no idea all these models were being explored nationally and in Nashville!  Thank you so much for sharing!

These various types of revenue streams are key to the short term and long term success of any building.  I'm sure you're already doing this, but I would encourage you and others to post these details in each building's thread.  This helps us know why a building looks the way it does, uses certain floor plans, brings more (or less) street activation, etc.  And helps us know the type of resident/visitor that will come to Nashville via that building.  It also helps us know how the next recession or housing bust may effect our city.

Thanks again!

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