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5 22 story towers going up in Nashville

doormanpoet

By doormanpoet
in Nashville

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doormanpoet Hamlet

doormanpoet

Posted
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According to bidclerk.com, there is a bid out to construct 5 22 story towers on a 10 acre lot in Nashville. They don't give specifics unless you are a member of the site, much like emporis.com, and William and i were trying to figure out where this 10 acres is? BTW it is NOT the thermal site either, that is 16 total acres including the police station.

Any ideas?

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it's just dave Burg

it's just dave

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I only got about half way through before I got dizzy. What the heck is going on around here? Aside from some pretty nifty sounding Memphis area entries, Middle Tennessee seems to be exploding more than I realized. Buildings with 300 units, 400 units, office space in the millions of square feet....the towers you've mentioned. Murfreesboro, Hendersonville and Franklin has dozens of entries and most of them big. Nashville seems to be grabbing the mixed use thing by the cods and hanging on tight. Amazing. Should make reading the papers interesting for a long time to come. Who's kidnapped by little hometown and put it on steroids? Five 22-story condominum towers will have to go downtown, but where on where....SoBro? River District Bi-Mall area? Gulch? (They said they were going to get residentil heavy to draw future retail...this would do it). Where's my crystal ball...I wanna know.

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Rural King Town

Rural King

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Sounds like it would be an awesome development.

Does all this construction raise any fears of a real estate bubble in the region though? There is ALOT of major commerical and residential projects going up that will rest heavily on Nashville growing enough in demand to support them all.

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ATLBrain Burg

ATLBrain

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How is the real-estate maket in Nashville doing?

<{POST_SNAPBACK}>

It's only just begun to grow... Many people are discovering it and like it as an alternative to the bigger, chaotic cities. It's growing at a pace of 35K per year, and the housing is just keeping pace. Average property value increases are only around 6-8% per year.

I just read that the northern part of Davidson is poised to take off.

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sleepy Burg

sleepy

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somebody should join this site and see what all of this is about!!! this is so exciting to hear. it would be great if it were in the gulch

<{POST_SNAPBACK}>

I say line Broadway/West End with 'em. lol

Heckles always wanted the Vancouverization of Nashville. :lol:

Seriously, I thought the Gulch was envisioned as more of a low-rise/medium-rise sort of neighborhood.

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southsideJ Whistle-Stop

southsideJ

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Height restrictions would eliminate SoBro, would they not?

As for the Gulch, maybe they are redefining their plan b/c, at least up until now, it was slated as a low/med. rise neighborhood. They do have a large parcel of land on the East Side of 11th Ave that was planned for the $100 million retail center. According to the summary of this project, it would include offices, retail, a grocery, townhomes and a athletic club--in phases. It would probably be heavy on residential early on w/ the later phases concentrating more on the retail. The infastructure project nearing completion would also seem to fit.

Could this be Novare group joining with the team envisioning The Gulch?

Who knows--10 acres is a pretty large area, but I agree, Sleepy, West End/Broad would look sharp lined with 5 new condo towers.

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it's just dave Burg

it's just dave

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It's just my opinion, but I'm sticking with the Gulch area. This type of development isn't slated for SoBro and the plan as far as I know was painstakingly tweaked to get what stands today. They want an urban neighborhood with heights restricted in that area, and I agree. Like I said before, the focus on the Gulch has changed dramatically and they want LOTS of people. It might be Tony G and Novare, it might not be. The cold storage property is 10 acres if I remember correctly and not in the direct plan for the Gulch, but next door so it would synthesize well with the overall vision for the area. I don't think the Bicentennial Mall area is ready to something like that. The amenities are too far away right now, the Gulch is surrounded by many things very close by. The large area slated for retail will probably remain for a while as its the logical choice for services and entertainment, especially if thousands of new residents are then living in that and areas close by.

Lining West End seems impractical unless the Beamans and Reeds are the owner/developers. The property would seem too valuable. I don't think there's another 10-acre plot of contiguous land left off West End in Midtown. It's pretty tight. Just my thoughts.

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showtime21 Whistle-Stop

showtime21

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I hope its in the west end area because that area is great for this project because of density in that area. I would like for it to fill some gaps Downtown but were would it be? I would love for it to be close to Cenntenial park so when I buy a condo i could look at the window and see ducks...

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southsideJ Whistle-Stop

southsideJ

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5 22-story towers at 11th and Charlotte would probably be close enough to the rest of downtown to make an impact on the skyline, maybe sort of extend it west a little more. At least more so than at the other end of the Gulch.

Rural King--about the amount of projects creating a real estate bubble--I don't think that is a dire concern, at least not at this point. Not everything that is proposed will get built and most of these projects are several years away from being realized into actual buildings. Also, the urban dev. in Nashville is not soley based on growth, but on the redistribution of the metropolatin population as well. Maybe there is a growth explosion ahead of us, too, because of the building explosion.

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sleepy Burg

sleepy

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5 22-story towers at 11th and Charlotte would probably be close enough to the rest of downtown to make an impact on the skyline, maybe sort of extend it west a little more.  At least more so than at the other end of the Gulch. 

Rural King--about the amount of projects creating a real estate bubble--I don't think that is a dire concern, at least not at this point.  Not everything that is proposed will get built and most of these projects are several years away from being realized into actual buildings.  Also, the urban dev. in Nashville is not soley based on growth, but on the redistribution of the metropolatin population as well.  Maybe there is a growth explosion ahead of us, too, because of the building explosion.

<{POST_SNAPBACK}>

Two words, "interest rates".

I'm old enough to remember when mortgages were around 15%.

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it's just dave Burg

it's just dave

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Seems like this will go on for a while even with interest rates inching up over the next year or so, things seem to not be slowing down. CityPaper reports 3,819 July closings surpassing 2004's 3,627. July was a record-breaking month. Total year to dates show 21,950 through July 05, an increase of 4.2 percent. My mortage buddy has seen transplants this month from Connecticut, California, New York, Florida and just about everywhere else.

I'll stick with my mortgage rate which is higher than the new ones, but after a decade of paying front end heavy interest, I think I'll stay the course. The principle is getting some attention now.

It's an amazing housing market out there. New median price for Nashville area homes just hit $166,400. Wow, what's THAT all about?

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GaTechGuy Whistle-Stop

GaTechGuy

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It's well below the national average of $219,000 but its high for this area. You have to take into account that the cost of living is cheaper here so less is more (to a certain extent). It increased nearly 10% in the last year, which is once again below the national average of 14.7%. I'd say since we are well below the national averages there is no risk of there being a housing bubble for now, however we are maintaining a very healthy growth rate. So we're right where we need to be.

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ATLBrain Burg

ATLBrain

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This is really something to ponder! I'll be back up there at the end of the week... it's been about eight months. So I'll finally get to see what has been going on in Musikziti (sorry, I've been away a bit too long).

Regarding these towers, I'll be talking to my buddy who works in the development office at Vandy to see if he has any dope. Just on a hunch, I'll bet these will be going in the Gulch. The infrastructure is already there (as opposed to RHM and SOBRO and Bicentennial Mall areas). The RFP stated that these will be phased-in. It sounds to me like Icon is the first one of these (I realize it has 18 stories, but its height clearance is supposed to be 22 stories tall according to the article I read).

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