5th and Main update

[smeagolsfree]

At first I was worried about this project, but after seeing some of the prices and the signs go up at this location, I am happy to report ground will be broken in March. This is going to transform that entire area and I foresee a lot more growth in that area.

http://www.tennessean.com/apps/pbcs.dll/ar...6/1195/COUNTY01

[ATLBrain]

That looks like a great project. Also, it may allow some developers to see how attractive a clean, modern style can be.

I think this type of project is what Nashvlle needs to break out of the hidebound everybody-wants-to-look-like-the-Parthenon attitude that's so prevalent as stated by Judge Echols regarding the new federal courthouse. So most of the time, you get schlocky looking imitations of famous classical style buildings. Unfortunately, most people have to (actually) see alternate styles before they can understand how good they could look. Imagination is a rare commodity indeed.

Just a thought this morning.

[Hankster]

I had no idea what a massive project this will be once completed in about 4 years or so. This is a landmark development project for East Nashville.

[smeagolsfree]

Another article from the Tennessean noting the projects ground breaking this past Monday. This is the first of a 3 phase project. This will be a 6 story L shaped building at the corner of 5th and Main. I am glad to see this one start.

http://www.tennessean.com/apps/pbcs.dll/ar...8/1195/COUNTY01

[Hankster]

Another article from the Tennessean noting the projects ground breaking this past Monday. This is the first of a 3 phase project. This will be a 6 story L shaped building at the corner of 5th and Main. I am glad to see this one start.

http://www.tennessean.com/apps/pbcs.dll/ar...8/1195/COUNTY01

Great news! This is an awesome project and it's great to see affordable urban housing being built on this scale. I hope this is the start of much more development in East Nashville.

[Onyte9]

This will be a great project for the area. I wonder how much the affordable units are going for.

[barakat]

This will be a great project for the area. I wonder how much the affordable units are going for.

I think they were around 150K, but I bet they are sold out. Affordable units will face the interior courtyard. Last time I checked, a price list was available at 5andm.com.

[HopeGardensGuy]

I think they were around 150K, but I bet they are sold out. Affordable units will face the interior courtyard. Last time I checked, a price list was available at 5andm.com.

For those who were interested in the affordable units, I had been told that some had come back on the market. Failure to qualify, loss of interest, etc.

Don't know if any are still available, but if you're interested, it may be worth your while to check.

[smeagolsfree]

I lot of projects in town have openings now. There was one at the Adelicia that the potential buyer put down 150K and had to walk away. Could nto get the loan.

IMO, 5th and Main is one of the best projects for your dollar DT or rather close to DT.

[jice]

5th and Main is going to be auctioned off by Wachovia on Feb 25.

120 out of 129 units are unsold. Apartments may be the future fate of this project..

http://www.bizjournals.com/nashville/news/2011/02/08/5th-main-condo-heads-to-foreclosure.html

[timmay143]

A Chicago investor bought the building for $11.2 million. They were the only bidders at the auction. New owners want to make this project work. Probably going to see some of these as apartments until condos come back around.

http://www.tennessean.com/article/20110226/BUSINESS02/102260310/5th-Main-brings-11-2-million-auction?odyssey=tab{sodEmoji.|}topnews{sodEmoji.|}text{sodEmoji.|}FRONTPAGE

Shot from the paper. Notice the one of the new articulated buses in the shot.

5thandmain by timmay143, on Flickr

[timmay143]

Condos sales to re-start in April. Prices are supposedly lower than the original prices.

http://www.wsmv.com/news/27070698/detail.html

[smeagolsfree]

It would have been difficult to do apartments after some people had bought here. Glad to see it remain condos.

[timmay143]

Hopefully, 5th and Main can make a comeback or just come online to begin with, . I would like to see more going on in this area and hopefully this will inspire some resurgence.

[smeagolsfree]

Rumor has it from John that there could be an apartment building built next to this one. He may have a little more info on it.

[MTSUBlueraider86]

According to the agent on property, the owner of 5th and Main owns the lot next door which was supposed to be phase II. The lot is for sale, and I suspect by spring 2012 we will hear an announcement. A project slated for Charlotte was cancelled almost as fast as it was announced so I would not be surprised if they were looking at this lot.

[bwithers1]

I'd be surprised if someone would cancel a project in Charlotte in order to invest in Nashville. I'm just saying that no doubt everyone is looking at individual market economics, so I doubt that development plans or lack thereof in one city or another are related. Unless it is truly a small developer who could only finance/handle one project at a time, in which case please stay away from 5th & Main because that area has had so much trouble already.

Now don't get me wrong, I'd love to have the Main Street lot developed, but I do wonder about whether that market can support both another 5th & Main-size development AND 703/705 Woodland. Nobody wants more empty units sitting around. Time will tell!

[donNdonelson]

I was reading the post about the cancellation of a project "for Charlotte" as a reference to a project ON Charlotte Ave, not a project IN Charlotte, NC. (I could be wrong, of course, but that's how I understood the post)

[smeagolsfree]

I am sure it was the Project that was on Charlotte. That was the Broadstone @ Centennial project.

[MTSUBlueraider86]

I meant Charlotte Avenue. Ron is correct, the Broadstone @ Centennial project is what I was referring to. The sale agent gave me the impression the lot could be sold rather quickly.

[bwithers1]

Sorry, folks. I didn't make the connection to the project on Charlotte Avenue

I can definitely see the lot next to 5th & Main being sold quickly, but not developed quickly. I think that any potential developer of that lot will want to wait to see how long the existing building takes to fill residentially (with actual people living there, not with condos sold to speculators who leave them vacant) and commercially. And that will take a while yet. Also, in terms of that site, the great views are all in the existing building, so that will be less of a draw to the lot to the east, which mostly faces church parking lots and gas stations, et al.

I also have difficulty seeing both 5&M II AND 703/705 Woodland being built any time soon. One or the other, but not both.

East Nashville is seeing a tremendous amount of housing development and re-development despite the economy, but it is primarily in the form of single-family homes or duplexes at the most. In terms of renters, a lot of the hipsters who are artists or musicians in East Nashville would rather rent all or part of a house than pay quite a bit more for a one-bedroom condo. So there is some appeal to these newer, mixed-use and multi-family developments, but to my mind 5&M and those types of developments are primarily meant to attract professionals who are moving to the East Side from other areas who don't want the hassles of fixing up houses or taking risks with questionable neighbors.

There is a tremendous amount of infill housing going on in East Nashville, and quite a bit of adaptive reuse, but not a whole lot of new-construction mixed use with retail/residential, like we had all envisioned during the Gallatin Road SP planning days. If it were, the 37206 Building at 11th/Fatherland would be joined by the other planned buildings to the south and the west and Walden's additional phases on Eastland would have broken ground already.

I hope that this doesn't sound overly negative, I'm just trying to be realistic about the 5&M site, which almost seems to have a curse on it.

[MTSUBlueraider86]

Well hopefully I move in sooner than later! My house is on the market now! I need some good vibes Brett!!! According to my agent, the building is 50% sold and it's to people living there. No flippers, no rentals, no investors.

From what I was told, the property is being offered for immediate development, not long term investment. Main Street is about to explode. Believe me, five years from now or less, Main Street will be booming.

[bwithers1]

I am definitely sending you good vibes, John! You're definitely the type of person who would put up with some of the current struggles on Main Street while working at solutions to them. I definitely wish you the best of luck and wish that there were a ton more like you in that regard. Really, I think that Main Street is primarily suited to commercial uses (especially office, but also retail), while generally Woodland Street and some of the other areas that I mentioned are more attractive for the mixed-use that has a higher residential component.

And we need office and retail to go in on Main Street to provide something that the East Side is lacking: jobs that are on the east side. If I could get one of those, I wouldn't have to cross the river to work!

Best of luck in selling your house!

[MTSUBlueraider86]

Thanks Brett! News today is over 50% of 5th and Main has sold, so they qualify for FHA financing! The two breweries should be open soon. I am excited, and I wish the IKEA would locate here so I could outfit my new place! I just got to sell the house in the burbs. I'll be on pins and needles untill that happens.