The SoBro | 32 stories 345 ft | 3rd & Demonbreun

[SJT]

Merry Christmas!

Hello, 

On Thursday, we hosted a town hall and shared the news of changes coming to the SoBro. As mentioned, The SoBro will be converted to a hospitality living building, meaning we will be converting two-thirds of the units to host short-term stay guests while one-third of units will remain residential.  With these changes, we will not be renewing any existing leases.

This is your notice of non-renewal. Because your unit does not fall on a residential floor, you will not have the option to sign a new lease with your existing unit.

 To support the transition, we will be offering: 

 ·       No Termination Fees: If you feel this living situation no longer suits you and you would like the option to move out early, you can do so without penalty beginning in May. We will waive any early lease termination fees.  

 ·       Moving Stipend: For residents who move out at the end of their lease, we will provide a $500 moving stipend per unit to support the transition. (This does not include residents who have already given their notice to vacate.) 

 ·       Short Term Lease: If your lease ends before May and you wish to remain in the building until these changes take effect, we will offer short-term lease options through April 2022. Please email [email protected], and we will work with you individually to determine your options. 

 ·       Residents who wish to remain in the building can work with management to determine any available residential units that might become available. Please email [email protected] by January 31st to be added to the priority list. 

We know this news was unexpected, and we are committed to supporting you through this transition. Attached you will find additional information, and as always, if you have questions, please don't hesitate to ask.  

 Jon Gustin 

Regional Operations Director 

[downtownresident]

As someone who rents a spot in the attached parking garage, I wonder if any changes are coming there. 

Also, I hope that the new operators of the building are better than the previous ones. The street trees along 3rd Ave look really sad, and one is missing, and their lack of security is shocking considering the lease rates that people pay there. 

[NashRugger]

That is just straight BS and hope nothing but the worst for that company. 

[thenorthchannel]

Hopefully, the same fate doesn't await the Tishman-Speyer tower.  3br units make more sense as STR than traditional rental.  I should say that while I knew the SoBro was turning into short-term rentals, I have no intel on the T-S project. I'm purely speculating. 

[smeagolsfree]

More on this coming very soon!!!!!!!

[markhollin]

The SoBro Tower has sold for $140.1 million to WhyHotel out of Washington DC.  With 317 residential units, that works out  to $447,600 per unit, about 40% higher than the previous record for downtown.

Two-thirds of The SoBro units will convert to accommodate short-term-stay guests while one-third of the units will remain residential, according to a letter from management the Post obtained.  With the changes, existing leases will not be renewed.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/apartment-tower-sells-for-record-447-6k-per-unit/article_df64bbbe-61ec-11ec-a466-f34147fa931d.html


And at NBJ here:

https://www.bizjournals.com/nashville/news/2021/12/21/sobro-apartment-buy-shatters-record.html

[markhollin]

The building will now be known as Premier SoBro where furnished apartments can be rented starting at $270 per night., and will be managed by Placemakr out of Washington DC with Nashville Apartment Locaters overseeing leasing. It will officially reopen in July.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/area_stocks/of-note-10-june-2022/article_d503bbca-e838-11ec-acf7-e78167132364.html

Looking SW from intersection of 2nd Ave. South and Demonbreun:

[bnacincy]

Sign of the times.......