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Midtown

Adelicia in the final stages

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It wont be long before we see lights at night inside this tower!

Any word on the number of firm sales they have?

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It was such a beautiful day today I took a stroll all around the neighborhood, from the roundabout to the West End Summit site, to the Adelicia site too.

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To me, this is the most impressive view of this building !

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Here is the "low income" Tiff money side of the project, with access directly to the street.

The architecture of this building is going to be friendly to Nashville. I like it. It sits down onto the street rather harshly on one side, but overall I really like the tower.

Sorry for the poor photos, they were once again, taken with a camera phone! Midtown is on the move!

Midtown

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Your pics are actually good considering they were taken with your phone... and thanks for posting. I can't get enough (there aren't enough) photos of all the new projects underway. If you hadn't shown the pics of WES, I would still have deep doubts. Yes, I have read the posts on the WES thread, so please let's not allow this one to devolve into a "will it/won't it" discussion.

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Your pics are actually good considering they were taken with your phone... and thanks for posting. I can't get enough (there aren't enough) photos of all the new projects underway. If you hadn't shown the pics of WES, I would still have deep doubts. Yes, I have read the posts on the WES thread, so please let's not allow this one to devolve into a "will it/won't it" discussion.

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It looks like it has topped out. Am I correct on that?

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The low income units go on sale this week for ~$165k. I'm really suprised that they aren't asking more.

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What is amazing is that the low end units have not been open to the public for sale yet. They should go very fast.

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The low income units go on sale this week for ~$165k. I'm really suprised that they aren't asking more.

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Those units are usually pegged at what would be affordable (30% of income) for people who make 60% or perhaps 80% of the average income in the area. So, that number is probably fixed and not reflective of a market value.

I am curious if they will have the restrictions that are sometime included - require perhaps a 5 year hold and limited sales price increases of 2% to 3% a year.

Some "affordable" units have been somewhat abused by the college student or early career buyers who buy the discounted unit then resell it at market a few years later at 30% or more profit.

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I am anxious to see what they do for the second tower on the lot where all the equipment is now.

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Yeah, it's below 80% of the median income. That is $34,500 in Nashville. There is a 5 year restriction on selling or renting unless to another low income person but no price increase limit.

A 700 sq. ft. condo for $165,000 is definitely not "affordable" for someone who makes below $34,500. I speak as someone who knows personally. I have no other debt and, with the $250/month association fees, it is definitely a stretch. I would not say that anyone has "somewhat abused" these programs. I would say that probably the only buyers are students or early career buyers. Who else wants to live in these tiny condos with steep association fees? I've made the argument before in this forum that the developers are getting the best deal by taking the tax incentive financing and then still selling these small units for $150k+.

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Are they required to prove that they are low income to qualify? If they can buy, and can afford to hang on for 5 years, they're make a handsome profit.

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Article in today's Tennessean about the Adelicia being one of the highest priced projects, but offering the best amenities. Also gives interesting numbers about sales in the building.

Adelicia developer raises stakes for condos

Be sure to check out the photo tour of the building too. Some very nice photos, especially the one from inside of the night view of downtown. You can see the cranes on the right in the Gulch.

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Very interesting article. I didn't realize the price disparity between this project and other high-rise condos in the area were so great.

I read the comment section and I am always amazed how some folks can always find criticism about stories that absolutely have no reason to involve them enough to warrant even the consideration of criticism. You'd think this project was denying one commentor his dream home because this was being built instead of the lower income housing by the developer.

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According to the Nashville Scene's Bites Blog the folks that opened the Watermark restaurant in the Gulch will open a restaurant, "Miro District Food and Drink" at the base of the Adelicia by May of this year. The restaurant will be "Italian-inspired". Sounds like a good addition to the little cluster of restaurants in Midtown.

http://blogs.nashvillescene.com/bites/

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According to the Nashville Scene's Bites Blog the folks that opened the Watermark restaurant in the Gulch will open a restaurant, "Miro District Food and Drink" at the base of the Adelicia by May of this year. The restaurant will be "Italian-inspired". Sounds like a good addition to the little cluster of restaurants in Midtown.

http://blogs.nashvillescene.com/bites/

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Several article about the Adelicia in the paper over the last couple of days.

Here is a slide show looking inside the Adelicia.

http://www.tennessean.com/apps/pbcs.dll/ga...mp;Profile=1556

A couple of more. One having to do with a new restaurant coming to the Adelicia.

http://www.tennessean.com/apps/pbcs.dll/ar.../802150334/1556

http://www.tennessean.com/apps/pbcs.dll/ar.../802150333/1556

This is a really nice project that has turned out better than many had even hoped for.

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Several article about the Adelicia in the paper over the last couple of days.

Here is a slide show looking inside the Adelicia.

http://www.tennessean.com/apps/pbcs.dll/ga...mp;Profile=1556

A couple of more. One having to do with a new restaurant coming to the Adelicia.

http://www.tennessean.com/apps/pbcs.dll/ar.../802150334/1556

http://www.tennessean.com/apps/pbcs.dll/ar.../802150333/1556

This is a really nice project that has turned out better than many had even hoped for.

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Went on the Design Tour yesterday. It's definitely worth the $5 just to view the building and its amenities.

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It is a very nice property. I think for the price point Encore is going to be just as nice. It seems to have a very similar layout for all of the amenities as well as some of the floor plans. Encore is a little more edgy with concrete ceilings and some exposed concrete columns in the units but overall it is far better than the finish on the Bristol properties IMO. I have only seen the lobby at Encore and the model at the sales office so pretty soon we should be able to compare.

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