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Griffin Plaza


Lukin

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Does anyone have any pictures of the construction? I might be wrong but weren't there some change to the origional design?

There really isnt much to show right now.. other than a big cleared off lot and some historic buildings.

The building is being redesigned to add more units and more retail, but I believe there an even older design than that which is on their website currently.

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  • 3 months later...

I hope so too...but I thought this project was supposed to be rental units from jump?

This is true, Griffin was originally supposed to be 80% rentals and 20% condos. I think that once the economy becomes a little more liquid, this project will still be one on the table. The Gulch already has enough to buy, and the area would do well with rentals, too.

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Friends,

Yes, Griffin Plaza -- if built -- will be rental. The challenge is that Bristol will likely have to rent many of its unsold units in the completed Icon and the under-construction Velocity. Similarly, Crosland (which wants to do Griffin Plaza) will have to rent many units in Terrazzo.

Already, Novare is renting unsold units in Encore (where I live).

This is the reality of the current residential real estate market.

So even though it might be, in theory, easier (than otherwise) for Crosland to get a loan to build a rental building (in this case, G-Plaza) as compared to a condo building, doing so might be tough now because the three other condo buildings will be, to an extent, rental. And there is only so much urban rental space in demand in this city, even with renting now an attractive option.

I just don't see a start on G-Plaza for a long time. Hope I'm wrong.

William Williams

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Friends,

Yes, Griffin Plaza -- if built -- will be rental. The challenge is that Bristol will likely have to rent many of its unsold units in the completed Icon and the under-construction Velocity. Similarly, Crosland (which wants to do Griffin Plaza) will have to rent many units in Terrazzo.

Already, Novare is renting unsold units in Encore (where I live).

This is the reality of the current residential real estate market.

So even though it might be, in theory, easier (than otherwise) for Crosland to get a loan to build a rental building (in this case, G-Plaza) as compared to a condo building, doing so might be tough now because the three other condo buildings will be, to an extent, rental. And there is only so much urban rental space in demand in this city, even with renting now an attractive option.

I just don't see a start on G-Plaza for a long time. Hope I'm wrong.

William Williams

It sure is good to hear from you, William. I had no idea that so many units, originally planned to be condos, are going to be rental instead. That's a lot of rental units all on the market at the same time, and it's going to only be even more when Velocity is finished. That does not bode well for Griffin Plaza, I'm afraid. The condo market collapse is having an effect on limiting both future condo starts and future rental starts as well. Are these properties such as Encore having success in marketing their units as rental?

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Hankster,

I did not do the best job of clearly explaining the rental theme in that previous message. My feeling is that Bristol (Icon and Velocity) and Crosland (Terrazzo) will have to rent some units to create cash flow. My use of "many" may or may not prove accurate. We'll know at some point.

Novare is trying to rent units here in Encore and, from what little I know, having some success. There will be "rent to own" options, I would assume, for many (if not all) of these condo towers.

Here at Encore, the going rate, nashvillwill, would appear to be the equivalent of about $200 a foot for a smaller unit. For example, a 600-square-foot unit would rent for up to $1,200. This is a rough estimate based on various comments I heard and NOT official info.

As to Jice's question: Yes, some of the units in the proposed Griffin Plaza are slated to be "affordable." If GP is built, those units will rent immediately IF they are priced like the units in the adjacent Laurel House. My gut feeling is that the construction start on Griffin Plaza is at least a year off.

WW

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  • 3 months later...

I saw something on BidClerk a few weeks back with a starting date of 2010. http://www.bidclerk.com/project.276690.html

that's gotta be it...

so march 2010 now. well.. at least there's a date! ha

hmm.. that actually sounds like the old Griffin Plaza.. before they added the Wehby plumbing property. 10 story.. 150 units.

but anyway.. nice find!

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Bad news for Griffin Plaza.. but according to Crosland, they still want to see it developed.. so maybe it's not over yet..

Crosland may lose Nashville Gulch site

The Crosland property, about one acre of land with two 19th-century brick buildings at the corner of 12th Avenue South and Laurel Street in the Gulch, was to become a $35 million mixed-use development of 140 apartments and 32,000 square feet of retail space called Griffin Plaza.

Construction was supposed to have been completed by late last year but never got under way. Instead, the developers' bank, Carolina First Bank, is scheduled to sell the land at 11 a.m. Nov. 30 outside the Davidson County Register of Deeds office at Sommet Center.

.....

But Bill Barkley, president of Crosland's Tennessee division, said Carolina First's action wasn't necessarily the death knell for Griffin Plaza.

He said his company is working "diligently for a resolution of this matter, and I would not assume this is over. We would like to develop Griffin Plaza."

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If this property does go to auction, what's the over/under on the land value? It appears that Crosland has around $45psf in debt on the property. They have also spent considerably more on design for the proposed building. Has anyone heard of any land speculators who might want to snap this up at a "market" rate, whatever that may be?

This potential sale and the auction of Sonny Belew's property ("The SoBro") will certainly test the market for land values.

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  • 2 months later...

Looks like this is officially dead. Crosland sold their land where the Griffin Plaza was supposed to go. I really liked the idea and renderings of this project. Hopefully, the new developers try reuse some of the old buildings like the Griffin Plaza.

Land in The Gulch sold to avoid foreclosure

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