Nashville Bits and Pieces

[samsonh]

33 minutes ago, smeagolsfree said:

Here is more info from the Post.

http://nashvillepost.com/news/2015/12/1/uli_report_nashville_sees_real_estate_opporunities_as_18_hour_city

 

My guess with these numbers one or both things may happen.

Apartments switching to Condos and apartment prices drop in the core and attract more people to the core and pushing more construction in two to three years.

I think apartments switching to condos after much of the equity holders position has been wiped out is a probable outcome. You are right Smeagols, I have been calling for this for a couple years, but with the tidal wave of apartments coming online throughout the city, many developers are about to get hurt badly imo.

[Hey_Hey]

I don't see there being empty urban core apartments.  The new construction apartments will lower prices and induce additional demand. The apartments that will be harder hit, IMO, will be those units that are on the buffer zone between established neighborhoods and re-developing neighborhoods.  Charlotte Pk, South Nashville, and areas around Fisk may be the areas that see a greater percentage drop.  The apartments in the Gulch, Midtown, Music Row, Germantown, RMH, etc., have plenty of people wanting to live there if they can afford it. Even a price drop of a couple hundred bucks would open those areas up to scores of potential tenants.  

I think Element is a perfect target for a condo conversion....protected views, nice height, great walkability, high end finishes, etc. Sobro and 505 Church St are other obvious targets. 

Edited December 1, 2015 by Hey_Hey

[samsonh]

26 minutes ago, Hey_Hey said:

I don't see there being empty urban core apartments.  The new construction apartments will lower prices and induce additional demand. The apartments that will be harder hit, IMO, will be those units that are on the buffer zone between established neighborhoods and re-developing neighborhoods.  Charlotte Pk, South Nashville, and areas around Fisk may be the areas that see a greater percentage drop.  The apartments in the Gulch, Midtown, Music Row, Germantown, RMH, etc., have plenty of people wanting to live there if they can afford it. Even a price drop of a couple hundred bucks would open those areas up to scores of potential tenants.  

I think Element is a perfect target for a condo conversion....protected views, nice height, great walkability, high end finishes, etc. Sobro and 505 Church St are other obvious targets. 

The issue is that cap rates are already so low that dropping rent a couple hundred bucks makes these unprofitable investments.

[Hey_Hey]

43 minutes ago, samsonh said:

The issue is that cap rates are already so low that dropping rent a couple hundred bucks makes these unprofitable investments.

I'm not sure if they would become unprofitable for the original developers as they have been making out like gangbusters, but the buyers of these apartments might get hosed.  Stonehenge, Southern Land, etc have been making tremendous amount of money when they sell (Note 16, 11North, Elliston 23, etc). If a rent drop develops so that the developers of Skyhouse, Element, or Sobro have to hold onto the apartments I don't think they'll be facing bankruptcy.  They may not be able to have the dramatic liquidity events that have been occurring with a decline in rents of 10-15%, but I think it would take something more to see defaults.  This will, clearly, decrease future construction once a correction happens.  

[markhollin]

14-unit complex planned for Jefferson Street:

http://www.tennessean.com/story/money/real-estate/2015/12/01/14-unit-townhome-project-planned-jefferson-street/76624138/

[Paramount747]

Any rendering yet for the hotel going in the Richards and Richards Building?

[smeagolsfree]

I have been by to talk to those people countless times and they are not ready to talk.

[MidTenn1]

Apparently, Taylor Swift is still a Nashville resident. Probably still in the Adelicia.

Swift on Jury Duty; Tennessean

[UTgrad09]

1 hour ago, PHofKS said:

Apparently, Taylor Swift is still a Nashville resident. Probably still in the Adelicia.

Swift on Jury Duty; Tennessean

Maybe the case will involve a bad breakup so she can write a song about it. 

[markhollin]

Nashville area hoteliers experiencing good growth...

http://nashvillepost.com/blogs/postbusiness/2015/12/7/hotel_sector_enjoys_strong_numbers

[MLBrumby]

B&P about the Titans... and rumors (unsubstantiated as usual) that the Clampetts might be of a mind to sell...   to Bon Jovi and Peyton Manning (among others). 

http://www.cbssports.com/nfl/writer/jason-la-canfora/25402841/bon-jovi-remains-interested-in-nfl-purchase-watching-titans-closely

[MLBrumby]

The Frist family... and Fred Smith would also be involved in any attempt to buy the Titans.  If that were to happen (remote), then Tennesse would be home to three NFL family owners (with the Haslams being the third - Browns).  

[Paramount747]

Just as long as they do not move the team which is a possibility....

[nashvillwill]

^^^Doubtful in the short term. 15 years from now, possibly, but not likely to happen immediately even with an ownership change. 

[wmaddbb2018]

The bigger question to me is when are they going to start with the talks of the tax payer paying for a new stadium for them?  We see this play out in so many cities with professional sports teams where the teams fleece the taxpayer or threaten to move.  I would be all for a new stadium as the Titans in my opinion have the worst in the NFL now that the Jags have somewhat upgraded theirs, but not at a cost that is not cost effective for tax payers.

[markhollin]

2015 Nashville-area apartment sales top $1 Billion:
http://www.tennessean.com/story/money/real-estate/2015/12/08/2015-nashville-area-apartment-sales-top-1b/77008976/

[bigeasy]

1 hour ago, wreynol4 said:

The bigger question to me is when are they going to start with the talks of the tax payer paying for a new stadium for them?  We see this play out in so many cities with professional sports teams where the teams fleece the taxpayer or threaten to move.  I would be all for a new stadium as the Titans in my opinion have the worst in the NFL now that the Jags have somewhat upgraded theirs, but not at a cost that is not cost effective for tax payers.

Why do you think it is the worst in the NFL? I really would like to know your reasoning behind that. Pretty sure Oakland would win that title as it seats about 15K less and is still on a baseball field. I don't even think Titans would be in the bottom 5.Sure Nissan lacks some character, but it is not the worst. (Now the team, yeah they might be the worst in the NFL haha)

 

The new screens at Nissan, surround sound, etc were def good additions. 

Edited December 9, 2015 by bigeasy

[wmaddbb2018]

24 minutes ago, bigeasy said:

Why do you think it is the worst in the NFL? I really would like to know your reasoning behind that. Pretty sure Oakland would win that title as it seats about 15K less and is still on a baseball field. I don't even think Titans would be in the bottom 5.Sure Nissan lacks some character, but it is not the worst. (Now the team, yeah they might be the worst in the NFL haha)

 

The new screens at Nissan, surround sound, etc were def good additions. 

Good morning!  I haven't been to the Raiders so I don't know there, you maybe correct in that theirs is worse.  From what I have seen, going to about 10 NFL stadiums and from what friends tell me that visit Nashville and love it here, they seem to think ours is the worst in terms of age, design and amenities.  I am from Charlotte NC and am a Panthers fan myself, but having lived here for 4 years now have been to a fair amount of Titans games and the stadium just seems to be lacking.  Just my 2 cents. 

[samsonh]

1 hour ago, wreynol4 said:

Good morning!  I haven't been to the Raiders so I don't know there, you maybe correct in that theirs is worse.  From what I have seen, going to about 10 NFL stadiums and from what friends tell me that visit Nashville and love it here, they seem to think ours is the worst in terms of age, design and amenities.  I am from Charlotte NC and am a Panthers fan myself, but having lived here for 4 years now have been to a fair amount of Titans games and the stadium just seems to be lacking.  Just my 2 cents. 

Titans stadium is definitely bottom 5 in the league

[PruneTracy]

49 minutes ago, wreynol4 said:

I am from Charlotte NC and am a Panthers fan myself, but having lived here for 4 years now have been to a fair amount of Titans games and the stadium just seems to be lacking.  Just my 2 cents. 

The Car Hole ends up near the bottom of a lot of websites' NFL stadium rankings, but it's hard to tell how many bloggers have actually ever visited it or are just playing off the franchise's general aura of barely-visible mediocrity. (Visiting teams' fans seem to like it well enough, am I right?)

I can see why people view it unfavorably. It's not just the game-day experience, though that would be relatively easy to improve if the ownership wanted. But even in terms of aesthetics, it's very bare-bones. The only real architectural cladding is on the club level; everything else is just the exposed concrete structure, with just enough cheap vinyl graphics to cover up the most obvious blank walls. Considering the public money (and resulting controversy) involved in the project, I appreciate why they built it on a budget, but it hasn't aged well considering that newer stadiums are making architectural statements.

I don't think the Titans are going anywhere, or more accurately have anywhere to go once the LA question is answered, and I'm a big fan both of the location and long-lasting stadiums in general, so hopefully in the coming decades it can be improved. The good news is, it's a blank slate. Want to clad it in brick? Glass? Stainless steel? Don't even have to tear anything down. The tower design and lack of a spring/summer tenant lends itself well to multi-phase overhauls; you can tear down and rebuild one side during one off-season and do the other the next. Capacity increases are trivial; even the previously-tabled concepts were able to get to 85,000 just by filling out the end zones. Domes are for pansies.

So yeah, I'd like to see Nissan Stadium be one of the most storied venues in the league in fifty years, modern amenities on the site that holds the entire history of the Titans. But I don't fault anyone for not liking it now. Is it too harsh to call it a generic stadium for a generic team?

[UTgrad09]

Great points.

I tend to agree with "domes are for pansies," as a football purest, but one does have to admit the versatility of domes/removable roofs. Superbowl, NCAA Final Four, and year-round mega concert venue.

[nashvylle]

Jacksonville, Buffalo, Tampa, Miami, Oakland, Carolina, St. Louis, Kansas City all have stadiums of equal or less value to us.

I want us to renovate our current stadium and add a retractable roof. Our location is top 5 in the league. We don't need to spend $1BN on a new stadium, just renovate what we already have. 

[samsonh]

5 minutes ago, nashvylle said:

Jacksonville, Buffalo, Tampa, Miami, Oakland, Carolina, St. Louis, Kansas City all have stadiums of equal or less value to us.

I want us to renovate our current stadium and add a retractable roof. Our location is top 5 in the league. We don't need to spend $1BN on a new stadium, just renovate what we already have. 

Renovating and adding a retractable roof might be a 750 million dollar job. At that cost might as well start new.

[nashvylle]

Cleveland is looking into adding a roof. Their estimates are $250MM. Of course it will be more than that, but $750MM? I doubt it. 

Edited December 9, 2015 by nashvylle

[samsonh]

30 minutes ago, nashvylle said:

Cleveland is looking into adding a roof. Their estimates are $250MM. Of course it will be more than that, but $750MM? I doubt it. 

I do not believe Cleveland is looking into this anymore. Cost may be the reason. 750 may be high, but would be shocked if the final bill came in under 500 million on a stadium like the Titans.