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Twelve Twelve - 312 units | 23 fl | ~260 ft | Sold Out


MTSUBlueraider86

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A friend of mine who works for the company that will oversee leasing has been told that it is going to be lower floors as apartments and the upper floors, some corner units on all floors, and the penthouses are to become condos.

There is zero chance I'd buy a condo in a building that's mostly apartments. This is a disaster waiting to happen, these apartments are WILD!!

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I would have zero issue buying a condo in this building. Most condo buildings in town are half rented out anyway, and they are not crazy. This message board is hilariously wrong about a lot of things.

Different strokes.  Funny how someone has to be right...and someone has to be wrong. 

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These are supposedly "luxury apartments."  I doubt it will be like the populous general renting these apartments...

 

Bingo. I understand what others are saying, and in general, I agree. But when you reach a certain price point, the riff raff you are dealing with are entertainers or professional athletes. I agree that it is not as desirable as having a stable group of neighbors that own their unit, but I don't think living next to a high end rental would have a significant effect on the value of your condo...plus, at some point they can convert the remaining units. It may be that they don't want to shock the market by converting the entire building at the same time.

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I would have zero issue buying a condo in this building. Most condo buildings in town are half rented out anyway, and they are not crazy. This message board is hilariously wrong about a lot of things.

 

All of the big condo developments have a limit as to how many units in the building can be rentals at the same time, I believe it's somewhere between 20-30%.  I know someone personally who moved out of the Viridian in its early days and someone who moved out of the Encore due to the way people that lived there acted.  I have heard that both the Viridian and the Encore have gotten a lot better.  

 

I live in Pine Street Flats and people here pay from $1200-2500 per month and that doesn't stop them from tearing the place to hell and partying all night.  Twelve Twelve's starting point is supposed to be around $1400, there will definitely be an overlap with similar tenants. 

 

I'm confused.  What's so horrible about owning a condo in a building that also contains apartments? 

 

Transient renters in general don't care as much about the building or house they live in, they don't usually maintain it in the same fashion.  Banks here usually wont even finance a condo unit in a building thats over 30% rental without a very significant down payment.  I have friends that live in the Riverfront Condominiums and the HOA there had a huge falling out about a year ago when people were struggling to sell their units because banks wouldn't finance them.

 

These are supposedly "luxury apartments."  I doubt it will be like the populous general renting these apartments...

 

The apartment wrath seems to be young successful individuals (or old people who think there still young) who like to party hard, college students with parents that don't mind throwing down $2,000 on an apartment, and recent college grads with parents that don't mind throwing down $2,000 for an apartment.  It's not only low income apartment dwellers that piss in the elevator, throw stuff off the balcony, let their dogs poop in the floor, and run over the gate entrance once a week (literally).

 

I'm not against anyone buying a unit in Twelve-Twelve, I would even gladly sell you one.  I'm just saying from my personal experience of living with renters who pay similar rent prices, that I myself would not buy one.

 

I will also say that the vast majority of people in my building do not party hard and do not destroy the building, there just seems to be a couple bad apples on each floor.  I don't find poop in the hallway or piss on the elevator all the time, just once a week or so.  The wildness isn't bad enough to cause me to break my lease, but it's enough that if they tried to sell me my unit for half price I wouldn't buy it.  This is just one mans opinion though, I'm sure other people feel differently.

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It seems every multi unit building has those who ruin things for others. It is a shame. Too bad there is no responsibility or maturity testing before one can rent.

 

When parents buy or rent units for their college age children, they do not learn self reliance. I had to rent my own place during and after college, and I never tore anything up.

 

I try to avoid The Gulch when I can,(along with Green Hills and Belle Meade). I simply do not like the culture it breeds with privileged young people with no sense of responsibility.

 

I keep it on the East Side most of the time, and occasionally go to 8th Avenue South, or 12 South. The Gulch is a Vanderbilt dorm.

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I think this discussion does prove that there is going to be some effect on the valuation of the condos. What that effect will be remains to be seen. Even if only 25% of people were turned off by a particular building because it contained half rentals then the value of the condos are going to affected to some degree because the list of potential buyers will be significantly less. On the flip side, I would venture to guess they will see a positive effect of only releasing 150 condos at one time as opposed to 300.

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The floor they are currently forming is the 23rd floor I do believe.

 

I do enjoy living in The Gulch and I think most of the time its a few bad apples that cause people to view the area in a negative manner.  The majority of residents that live down here are good, hard working people.  If I was going to stay here long term I would probably look to buy a Terrazzo unit or a Twelve-Twelve unit, if they are all condos.

 

While were on the topic of affluence in The Gulch, I would like to tell the board about a common Gulch spectacle.  I work from home, next to my window.  From my chair I observe on the daily...women who pull up in a junky car or van, then hop out dressed to the nines and scurry away from the vehicle before anyone notices them.  It's hilarious, I'm sure immediately after that they walk into one of the restaurants and strut their stuff like they have a mercedes parked outside. 

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They are on 23 this week. 24 will be the roof. Top out end of January/first of February. 260-270 feet depending on where you take the measurement. Notice the picture from news channel 5 from that angle: Many of the buildings are missing, and there is little height variance either.

 

Still does not look like a big city skyline.

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That is the Eakin tower that was proposed with Hensler's. 18 stories and half a million sqft if I recall.

They can build up to 600,000 sq ft. and I think 24 floors at that location. I know the square footage is right but the number of floors may be off a little. They are actively looking for a tenant. It could be as early as the middle of the year. There are major companies looking to be in the downtown area or move to Nashville. The only wild card is that the new office tower at the old CC site has been announced.

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