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MTSUBlueraider86

Velocity in the Gulch

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Grant Hammonds blog on blogspot about Nashville real estate has good information on Gulch real estate and real estate in general inside the downtown loop and the CBD. Its worth a look.

www.granthammond.com

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Here's the NBJ article also...

http://www.bizjournals.com/nashville/stories/2010/06/28/daily25.html

I'm not really sure what to think of this.. it sounds like it could mean nothing.. or it could mean prices dip a little bit? But everyone involved with the Velocity sounds like they are still staying involved. Hopefully this frees up Bristol to begin pushing for retail in the building.

I do think the article is a tad bit incorrect in that the prices per sq ft in units that were sold last month (stated as being between $226 and $256) were probably lower due to TIF financing on some units... just my guess.

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The future is city living. A professor at Arizona State University had an article this week in the Wall Street Journal admonishing city living, however many demographers and urban planners disagree whole heartedly with him as do I. Believe me, this is only the start of condo towers in the Gulch. We will be seeing one condo after another be built over the next 20 years. The suburban model has outrun its course.

SEC

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Just wondering if anyone has heard anything on Velocity?

The rumor is that an apartment conversion is most likely, and probably within the next few months.

Another rumor, according to Grant Hammond, is that an apartment conversion would result in the retail spaces being developed "almost immediately." I suppose they must already have retail tenants lined up?

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Hmmm... maybe we will see the retail in Velocity develop soon after all??

According to the Tennessean, it's source being a recent deed:

The bank that controls the Velocity condos downtown sold the downstairs, 22,764-square-foot retail space in the condo project to Velocity Retail Partners for $1.75 million, according to a deed recorded Friday.

http://www.tennessean.com/article/20101121/BUSINESS01/11210338/2221/BUSINESS/Development+briefs++Building+permits+pulled+for+Cummins++other+sites

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That would be great to see retail there!

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I'll be interested to see if this building does indeed become apartments. Then what about Pine Street Lofts? Will we need another apartment building?

BR86

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I think the gulch residential and retail development are off to a good start given the bad economic situation we have experienced. One of my concerns in the long run about the gulch in general is that it is close to downtown but is it walkable from a pedestrian friendly point of view? It seems everyone goes to the gulch by car. My question is there a pleasant way to walk to downtown from the gulch? with all the railroad tracks it seems isolated, dark, and potentially not a good idea to walk to downtown. And if you cannot safely walk to downtown or if it not well connected to downtown that is a big problem. As we develop the edges of downtown such as the gulch these development areas need to be well connected to the CBD.

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I think the gulch residential and retail development are off to a good start given the bad economic situation we have experienced. One of my concerns in the long run about the gulch in general is that it is close to downtown but is it walkable from a pedestrian friendly point of view? It seems everyone goes to the gulch by car. My question is there a pleasant way to walk to downtown from the gulch? with all the railroad tracks it seems isolated, dark, and potentially not a good idea to walk to downtown. And if you cannot safely walk to downtown or if it not well connected to downtown that is a big problem. As we develop the edges of downtown such as the gulch these development areas need to be well connected to the CBD.

First off, technically the Gulch is downtown :) But I realize you are referring more to the CBD. I feel like the Gulch is very walkable, and fairly well connected to the CBD. The only real trouble points with walking from the Gulch are mostly sidewalk issues... like the small sidewalks on 12th, and at the 8th & Demonbreun intersection.. but both of these will likely be improved as development progresses (8th & Dem will be improved with the MCC). As far as safety goes.. I don't generally feel unsafe walking along 12th, Demonbreun, and Broadway... and it will only get better I assume with the opening of the MCC. Safety I think comes in numbers... downtown Nashville seems safe to me because there always seems to be people out... staying in hotels, going to bars/clubs, going out to eat, etc. Along the route from the Gulch you have Union Station hotel, Holiday Inn, Frist Center, a federal building, a high school, a church, the Arena with police precinct, the current convention center, etc. Also, we now have the free downtown circulator bus which has a green circuit going from the Gulch to the RIverfront station.. and runs until midnight, except Sundays (which can be a pain sometimes, heh).

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Article in the NBJ today about Velocity's unsold units being sold and converted to apartments. The buyer is Atlanta-based Pollack Partners.

I can confirm this as well.. based on what I was told a couple weeks ago from our HOA board. But i'm still unsure what it means for the existing 40 or so owners.

http://www.bizjournals.com/nashville/news/2011/03/09/gulchs-velocity-to-be-sold-this-week.html

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