Market District (AKA North Capital)

[brian7270]

Folks, I have been looking in this area between Germantown and Downtown to do a potential development and would like feedback from the people on this forum. The type of projects we do (I can't disclose who "we" are yet!) is low/mid rise wrapping structured parking or on top of podium parking. We would likely include some greenspace and a pool area and ground level retail. Density would be high (50+ per acre).

We will not start a condo project in the current market so we are looking at doing a market rent apartment project but given the construction costs rent could not be cheap (likely $1200/mth average) without TIF funding.

What is your opinion on the viability of this area and this type project in this area?

Please consider this an opportunity to help shape what happens.

Thanks, Brian

[10-SC 1337]

rent could not be cheap (likely $1200/mth average) without TIF funding.

[barakat]

Overpriced. Cut your construction costs and get down to the $600-$700/mth range and your appartments will move. Don't be afraid to cut squarefootage and up the price per square foot to hit a profit margin if you're asking $600-$700/mth. Skip the greenspace - there is already a bicentennial park and greenway trail. Focus on balconies and good views and build as high as possilbe. By the way, I recommend building units above a parking pedestal - nobody wants to be on the ground floor in north nashville - that just means you're face-to-face with street people. No views on the ground floor either.

Good luck!!

[Hankster]

I would agree that $1,200 / Mo may be high, but that could depend on the square footage planned. Since they're rental, the price points are sensitive, but I don't think prices in the $600 to $700 range are required. People will pay more to live downtown next to a beautiful park. Price points under $1,000 would be very dersirable, IMO. Low to midrise would be excellent, and kudos for planning to have wrapped structured parking and retail. I sure hope you make this happen.

[brian7270]

Overpriced. Cut your construction costs and get down to the $600-$700/mth range and your appartments will move. Don't be afraid to cut squarefootage and up the price per square foot to hit a profit margin if you're asking $600-$700/mth. Skip the greenspace - there is already a bicentennial park and greenway trail. Focus on balconies and good views and build as high as possilbe. By the way, I recommend building units above a parking pedestal - nobody wants to be on the ground floor in north nashville - that just means you're face-to-face with street people. No views on the ground floor either.

Good luck!!

[samsonh]

What kind of square footage would a $1200/month place have? How expensive would 2 and 3 bedroom units be? Its awesome that you're coming for at least some feedback. Ignore everyone who says to 'make it cheaper'. Make the biggest profit you can and we all win(seriously).

[brian7270]

What kind of square footage would a $1200/month place have? How expensive would 2 and 3 bedroom units be? Its awesome that you're coming for at least some feedback. Ignore everyone who says to 'make it cheaper'. Make the biggest profit you can and we all win(seriously).

[Kamuda_Train]

I've lived in North Nashville for five years and my home faces the street at the ground floor, and I will say firsthand that you are completely wrong about being "face to face with street people." [Which is an inconsiderate and inaccurate thing to say.] And I do have views from the ground floor.

[barakat]

LOL, what part of North Nashville would not have a problem with "street people"? I lived in this north-of-capital district for two years and anytime I walked down the street I was approached by panhandlers. Just try to pump gas at the 8th & Jefferson BP and not be panhandled, I'd like to see that.

But seriously, they're not a big problem if you just ignore them, but it would be dishonest to say there are not "street people" (not sure about that term...) wandering around north nashville. If you're on the ground floor, you would technically be "face-to-face" if they do exist...

[newguy]

I guess we've just had different experiences. I didn't say there aren't "street people", but they've never bothered me at home. I've never been approached by anyone at the former BP at 8th & Jefferson, where I usually fill up the car.

[titanhog]

LOL, what part of North Nashville would not have a problem with "street people"? I lived in this north-of-capital district for two years and anytime I walked down the street I was approached by panhandlers. Just try to pump gas at the 8th & Jefferson BP and not be panhandled, I'd like to see that.

But seriously, they're not a big problem if you just ignore them, but it would be dishonest to say there are not "street people" (not sure about that term...) wandering around north nashville. If you're on the ground floor, you would technically be "face-to-face" if they do exist...

[grouthaus]

Overpriced. Cut your construction costs and get down to the $600-$700/mth range and your appartments will move. Don't be afraid to cut squarefootage and up the price per square foot to hit a profit margin if you're asking $600-$700/mth. Skip the greenspace - there is already a bicentennial park and greenway trail. Focus on balconies and good views and build as high as possilbe. By the way, I recommend building units above a parking pedestal - nobody wants to be on the ground floor in north nashville - that just means you're face-to-face with street people. No views on the ground floor either.

Good luck!!

[barakat]

Folks, I have been looking in this area between Germantown and Downtown to do a potential development and would like feedback from the people on this forum. The type of projects we do (I can't disclose who "we" are yet!) is low/mid rise wrapping structured parking or on top of podium parking. We would likely include some greenspace and a pool area and ground level retail. Density would be high (50+ per acre).

We will not start a condo project in the current market so we are looking at doing a market rent apartment project but given the construction costs rent could not be cheap (likely $1200/mth average) without TIF funding.

What is your opinion on the viability of this area and this type project in this area?

Please consider this an opportunity to help shape what happens.

Thanks, Brian

[brian7270]

Brian,

Can you provide an example of an existing or under-construction project in Nashville that would be similar to what you envision? Where exactly is the property you hope to build on? I think you definately want to provide greenspace, a pool and ground floor retails to attract tenants. Of course your marketing needs to be top-notch and you should have a comprehensive project website where people can learn about it.

[barakat]

^ Thanks for the info.

[TopCat]

To be clear we are considering properties in this area, we do not currently have a project so I cannot disclose too much. I am simply describing what we would like to build in Nashville and other SE markets. A similar construction type in concept would be: http://apartments.lanecompany.com/apartment/9LR510243325 but architecture would be different of course...

Brian

[The Tot Pack]

the Summer Street lofts are already under construction.. they have boards up all along Jefferson. I actually think Germantown is a prime area to build. You have the farmer's market and bicentennial mall. Plus Germantown has EXCELLENT views of downtown.

[Kamuda_Train]

3) Provide outdoor living space. Locals have always had yards and patios. These tiny balconies that wont hold more than a chair (Viridian, Siggy, Encore, ....) Are useless. Make it at least big enough to seat 4 around a table. (I like the West End Close scheme of making the roof of the units accessible and usable for terraces.)

4) If you are not an architect, hire a good LOCAL firm to do the work.

[barakat]

^ Are you serious? That's quite a wide-sweeping non-critique of our talented local architects. How about Bicentennial Mall by Tuck-Hinton? Various residential projects by DA/AD? Mercury View lofts and others by Manuel Zeitlin? Row 8.9 and Scott Ave townhomes by EOA?

I'm not opposed to outside firms bringing their talent to Nashville ,but to say our local architects only produce bad designs is just senseless.

[bwithers1]

Tennessean article on North Nashville affordable housing

The above article discusses some of the revitalization occurring in North Nashville, particularly on the perimeter around Germantown et al, often within the housing projects or slums that have yet to be redeveloped. Sounds promising to me.

[GreenSpace]

Just saw this.

I have heard that Bristol has bought the property on Jefferson between 4th and 5th and plans to build a 200+ apartment project. I would think the views from that location would be unequaled.

[HopeGardensGuy]

... By the way, I recommend building units above a parking pedestal - nobody wants to be on the ground floor in north nashville - that just means you're face-to-face with street people. No views on the ground floor either...