Broadstone @ Centennial

[smeagolsfree]

Alliance Residential is planning a 235 unit apartment complex on Charlotte Ave close to the proposed OneC1ty campus according to the NBJ

It will be a 30 million dollar project but do not know how many stories it will be.

Here is the partial story form the NBJ.

http://www.bizjourna...8th-avenue.html

This list continues to grow.

http://assets.bizjournals.com/nashville/print-edition/04NBJ111111.jpg?v=1

[smeagolsfree]

Here is the link to this company. As far as I can tell, this is their first venture into Tennessee. Most of the acrhitecture is suburban but there are a few attractive mid rise communitites. Guess we will have to wait and see what they deliver.

http://www.allresco.com/#

[MidTenn1]

With all these apartments under construction plus the Biltmore development on McCrory Lane and other assorted residential developments, it seems like 10,000+ renters and owners are expected to move to the county this year. Is Nashville growing by 10,000 per year?

I know the Metro grew by 40,000 last year, but this is on pace to add 100,000 +/- to just Nashville by the next census. Someone's banking on a lot of growth.

[smeagolsfree]

This is a snipit from Williams blog at the CP about those apartment units:

A defining moment of this recent flurry of activity came today as I chatted with a veteran local developer who is not known for being particularly optimistic about the city's chances of enjoying a major boom. The man (he'll go unnamed as I wouldn't want his lovably crusty persona to be viewed any differently) was quite sunny in his thoughts on the city's long-term future. He thinks the hundreds of apartment units under construction in the city will fill rather easily. He sees college students finishing their studies in Nashville — and staying right here. He envisions the city's fast-changing, yet still disconnected, districts fusing — sooner rather than later. Indeed, this man — an old-timer who has always displayed a healthy dose of cynicism — is bullish on Nashville.

This person is known to be very conservative too from what WW says. We will be having more announcements coming in the next few months. I know of another one for sure that will be announced soon.

[smeagolsfree]

On a related note to this area, I forgot to metion that the new public health building will be on the same side of Charlotte as these apartments and on the next block east of these apartments.

Also on down Charlotte HG Hill picked up a parcel where the car wash is for a future development there as well.

[smeagolsfree]

This is a rendering of the Broadstone in Portland. I suspect the builidng will be somewhat like this.

[timmay143]

I like it! So exciting to see other areas about to explode with development, or so it seems. The OneC1ty development (if built) should help spur Charlotte Ave and north(?) of the avenue to see development. The huge Crosland land, if/when developed, will help connect the Gulch to the north, where develpoment has happend but has been more slow. The Crosland development should help ignite the embers in that area. Now if the east side proposal is serious and even better happens, then we could see the east bank explode with development as well! Which, IMO, is needed and overdue! Amazing to see how the DT "core" is slowly being connected.

[East Side Urbanite]

At this point, about 2,800 apartment units are under construction or planned for 13 buildings of 50 or more units and located no more than three miles from the central business district. The first (Vista Germatown) will come on line in 2012. The last (whichever it might be) would likely come on line in 2014 or 2015. And this is assuming all 13 are built. We can absorb 2,000 during a three-year period. Up to 3,000 is pushing it (or so we would assume). I'm cautiously optimistic, but I was also such for all the condo buildings that came on line in the late 2000s, and we know how that turned out. So, yes. there is reason to ask questions. BUT, if the city's population booms during the next five years (and I think it will) the bulk of the residents will likely live in apartments -- and not condos or free-standing single-family homes.

WW

[smeagolsfree]

As we discussed today ww, I think we are still playing catch up. For many of you that do not know, residential buildings were not even allowed in the CBD for 30 yrs. I think we are just now starting to fill a demand that has been out there for some time.

[timmay143]

Regardless, it will be very interesting to see how the city absorbs these residential developments. I think it will be very interesting because I feel once you get a decent amount of residential developments and people in them there will be a snowball effect of steady development of all types.

[smeagolsfree]

That’s exactly what I have been talking about with several people. The one aspect of more residential in the core is they will need more services, shopping, and entertainment. The more people we have living in the core then the more will move in, especially the younger single work force that includes a lot of young business professionals. When companies are looking to relocate to the downtown area they are going to look at the availability of housing before they do so. The key to the housing in the core is having a good choice of affordable housing available. I

One of the reasons the Cool Springs area has done so well is the fact that there is plenty of shopping, restaurants and a diverse housing market. There are still affordable apartments in Franklin for sure. A lot of folks will want to reverse commute as well which makes DT very attractive.

The obstacles include the lack of mass transit in Nashville and the stigma that many areas of the core have i.e., crime, poverty, and the homeless population.

There is 7.5 million sq ft of office space in the “downtown area” with another 4 plus million proposed in the “core area”. The key is having a place for these people to live and both markets can work hand in hand.

The apartment occupancy rate is somewhere around 95 % in the Nashville market form what I been able to see.

Below is the office/industrial/multi family

Market Outlook 2011 from CBRE

http://www.cbre.com/NR/rdonlyres/50C996EC-08CA-4A7A-A05F-F4A32C6FFC89/0/MarketOutlook_WEB.pdf

Hopefully things will be good for Nashville, but the qualifier is the economy. If it gets considerably better, then Nashville will benefit greatly. Remember guys, this is just my opinion and I am not an expert.

[East Side Urbanite]

Smeagolsfree is correct in noting we are playing catch-up. Not sure the eight apartment buildings of 50 or more units and within three mile of the CBD will all be built (five such buildings are currently under construction), BUT even if only half are -- and when combined with the quintet already underway, we're looking at at least 1,500 units. That's a lot for urban Nashville. Oddly, I'm rather optimistic they will fill in time.