Nashville Bits and Pieces

[Ingram]

Interesting rumors about One KVB "if" true. 

1. They paid 9.4 million dollars for the land to build it on.

2. It looks like they have some floors pre-leased.

3. The land is a very odd shaped that only seems like a fit for the building they want to build.

4. The land is hemmed in by 7th Ave, KVB, and Lafayette as well as a police station and the 6th & Peabody complex.

If they want to sell the land, would there be any takers for such odd parcels?  It looks like only an L or V shaped building will go there. If they don't sell the land, it seems unlikely for any business to just eat 9.4 million dollars. Would they change over from office to residential or hotel? Who knows.

Edited September 3, 2019 by Ingram

[smeagolsfree]

I think that is a good price to pay if they want to land bank it for a while.

Where do you see they have leased space???? I have not heard any leases being made public. I think they could change to residential/hotel/office/retail/parking/ whatever else they can do to make it work, but the sources I have heard from on multiple levels are not sounding good. Been hearing this for a while now too.

[Ingram]

loopnet.com. They have information on floors available in a lot of buildings. The Moore, One22One, One KVB, Broadwest, Gulch Union, Peabody Plaza, Fifth & Broadway.

Edited September 3, 2019 by Ingram

[OnePointEast]

6 minutes ago, Ingram said:

loopnet.com. They have information on floors available in a lot of buildings. The Moore, One22One, One KVB, Broadwest, Gulch Union, Peabody Place, Fifth & Broadway.

Thanks for that link, @Ingram. Would you possibly think that's up to date, at least regarding One KVB?

[Ingram]

For each building they have a date created and last update above the spaces available section.

They are in small print.

Edited September 3, 2019 by Ingram

[Ingram]

The easiest way to find a building is to type the building name along with loopnet and for some buildings include nashville into a search engine.

[markhollin]

Citizens Bank out of Rhode Island is planning to open four new tech. hubs in Nashville, Boston, Charlotte, and Providence. There will be 200 jobs split between the locations, and they aren't sure exactly how many will end up here at this point.  They already have 70 employees in Nashville because of their acquisition of Franklin American Mortgage last year. 

Frederick Chanfrau, chief info. officer for the Bank says, "We consider that innovation is linked to the quality of talent you have," he said in a phone interview. "The Nashville market is pretty active, and the pool of talent is good there. … We consider this really a key pillar of our next generation of I.T."

More behind theNBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/09/04/national-lender-bringing-tech-hub-to-nashville.html?iana=hpmvp_nsh_news_headline

[markhollin]

Realtors, builders, and communities embrace ways to give back.

More at The Tennessean here:

https://www.tennessean.com/story/money/homes/2019/09/06/realtors-builders-communities-embrace-ways-give-back/2168949001/

[markhollin]

List of the largest residential builders in the Nashville region.

More behind  the NBJ paywall here:

ttps://www.bizjournals.com/nashville/subscriber-only/2019/09/06/largest-residential-builders-in.html

[markhollin]

John Eldridge III, founder of E3 Construction Services, did a Q&A regarding new affordable housing construction in Nashville.  Here are some highlights:

You cannot build affordable housing in the urban core. False. Anything is possible. However, it would be more achievable if there were partnership opportunities available with the city in regard to their existing land.

Developers don’t want to build affordable housing because the margins are too small. False. Both my group and several of my colleagues are actively looking for opportunities that make both financial sense and can make responsible community advancement. 

For-profit private developers don’t use Metro resources enough to build affordable housing. False. Developers don’t use Metro resources because the process is innavigable as it stands.

Where do you see the upper limit for home prices in order to still be considered affordable housing? How has this benchmark moved over the past 5-7 years? The upper limit for homes is hard to define because it directly correlates to the average salary in Nashville, which is constantly in flux. Currently, we’re seeing people from other cities move to town and drive up the average cost of living, demand for housing as well as affect the definition of “affordable.” We aim to price our workforce housing units for teachers, first responders and the people who keep our city running which is typically in that $40,000-$60,000 salary range.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/09/10/q-a-how-this-developer-looks-at-affordable-housing.html?iana=hpmvp_nsh_news_headline

[Nashvillain]

1 hour ago, markhollin said:

John Eldridge III, founder of E3 Construction Services, did a Q&A regarding new affordable housing construction in Nashville.  Here are some highlights:

You cannot build affordable housing in the urban core. False. Anything is possible. However, it would be more achievable if there were partnership opportunities available with the city in regard to their existing land.

Developers don’t want to build affordable housing because the margins are too small. False. Both my group and several of my colleagues are actively looking for opportunities that make both financial sense and can make responsible community advancement. 

For-profit private developers don’t use Metro resources enough to build affordable housing. False. Developers don’t use Metro resources because the process is innavigable as it stands.

Where do you see the upper limit for home prices in order to still be considered affordable housing? How has this benchmark moved over the past 5-7 years? The upper limit for homes is hard to define because it directly correlates to the average salary in Nashville, which is constantly in flux. Currently, we’re seeing people from other cities move to town and drive up the average cost of living, demand for housing as well as affect the definition of “affordable.” We aim to price our workforce housing units for teachers, first responders and the people who keep our city running which is typically in that $40,000-$60,000 salary range.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/09/10/q-a-how-this-developer-looks-at-affordable-housing.html?iana=hpmvp_nsh_news_headline

If we could remove parking minimums from the equation, it would be much cheaper to build housing in the core. And if homebuyers aren't forced to subsidize parking for other residents, individual units would be cheaper to buy. I know that downtown doesn't have parking minimums, but clearly lenders are requiring it anyway. I don't know what the answer to this problem is, but housing won't get cheaper until it gets unbundled from parking

[Jamie Hall]

On 8/18/2019 at 9:45 PM, e-dub said:

Politicon is in Nashville this year, I had no idea.

 

https://politicon.com/

They've just announced the lineup today, and it will feature quite a few big names for anybody who even slightly follows politics. Among the speakers and panelists: former Sen. Al Franken, Sean Hannity, James Comey, Sarah Huckabee Sanders, Ann Coulter, Ana Navarro, Charlie Kirk, April Ryan, Donna Brazile, James Carville, Knoxville Mayor Glen Jacobs, Reince Priebus, Tomi Lahren, and more.

This will feature enough polarizing personalities to royally peev everybody on both sides of the political aisle, so I would assume there will be a lot of media in town to cover this circus. Dates are Oct. 26-27 at Music City Center.

GA tickets start at $49 per day if you're interested in going.

Edited September 10, 2019 by Jamie Hall

[e-dub]

I saw that, @Jamie Hall, I was waiting for today to get here!

 

It's on a Saturday and Sunday, so I think I'm going to get there.

[bigeasy]

3 hours ago, markhollin said:

John Eldridge III, founder of E3 Construction Services, did a Q&A regarding new affordable housing construction in Nashville.  Here are some highlights:

You cannot build affordable housing in the urban core. False. Anything is possible. However, it would be more achievable if there were partnership opportunities available with the city in regard to their existing land.

Developers don’t want to build affordable housing because the margins are too small. False. Both my group and several of my colleagues are actively looking for opportunities that make both financial sense and can make responsible community advancement. 

For-profit private developers don’t use Metro resources enough to build affordable housing. False. Developers don’t use Metro resources because the process is innavigable as it stands.

Where do you see the upper limit for home prices in order to still be considered affordable housing? How has this benchmark moved over the past 5-7 years? The upper limit for homes is hard to define because it directly correlates to the average salary in Nashville, which is constantly in flux. Currently, we’re seeing people from other cities move to town and drive up the average cost of living, demand for housing as well as affect the definition of “affordable.” We aim to price our workforce housing units for teachers, first responders and the people who keep our city running which is typically in that $40,000-$60,000 salary range.

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2019/09/10/q-a-how-this-developer-looks-at-affordable-housing.html?iana=hpmvp_nsh_news_headline

I feel like all he did was answer the question without actually answering it. None of those responses makes it sound like affordable housing is actually in the pipeline

[henburg]

2 minutes ago, bigeasy said:

I feel like all he did was answer the question without actually answering it. None of those responses makes it sound like affordable housing is actually in the pipeline

I agree. Of course I hope he's being genuine, but it's much easier to say "I would if not for the government" instead of "We'd rather make more money on less affordable developments". The question regarding margins in particular features a total non-answer that doesn't reassure me about anything. 

[markhollin]

26 minutes ago, bigeasy said:

I feel like all he did was answer the question without actually answering it. None of those responses makes it sound like affordable housing is actually in the pipeline

Eldridge has affordable housing components in quite a few of the developments he is building around town, so he is practicing what he is preaching.

 

[The ATX]

I just read in today's Austin Business Journal that Austin has over 7 million Sq. Ft. of office space U/C - the second highest total of any city in the U.S.  Some place called Nashville is #1.

[nashvylle]

That seems very high. 7 million? 

[downtownresident]

Briley concedes election:

https://twitter.com/nc5/status/1172302800711143424?s=21

Edited September 13, 2019 by downtownresident

[BnaBreaker]

45 minutes ago, downtownresident said:

Briley concedes election:

https://twitter.com/nc5/status/1172302800711143424?s=21

Anybody who is actually a local (which is most of you, I realize) want to provide some insight as to what this may mean for Nashville's growth and urban development in general?  I have heard mention on this website that Cooper is somewhat anti-development... I really hope that is not the case... a little balance is fine, but the last thing we need is for someone to put the breaks on this rocket ship.

[nashvylle]

7 minutes ago, BnaBreaker said:

Anybody who is actually a local (which is most of you, I realize) want to provide some insight as to what this may mean for Nashville's growth and urban development in general?  I have heard mention on this website that Cooper is somewhat anti-development... I really hope that is not the case... a little balance is fine, but the last thing we need is for someone to put the breaks on this rocket ship.

I don’t expect any more corporate relocations. 

[downtownresident]

17 minutes ago, BnaBreaker said:

Anybody who is actually a local (which is most of you, I realize) want to provide some insight as to what this may mean for Nashville's growth and urban development in general?  I have heard mention on this website that Cooper is somewhat anti-development... I really hope that is not the case... a little balance is fine, but the last thing we need is for someone to put the breaks on this rocket ship.

From reading his website, he seems to be anti giving additional incentives for development downtown, but open for using incentive funds elsewhere. His stance is that the incentives aren’t needed downtown, but could be needed in other areas of town.

The Paramount proposal is dead, unless Metro Council forces it through.

He seems to be for expanding bus service, and says he wants to have a transit proposal on the ballot within the first year.

I expect the state to do the heavy lifting in corporate relocations if we land any, and expect those to gravitate to Franklin/Williamson County. 

This is all assuming that he actually follows through on the rhetoric and proposals. 

Edited September 13, 2019 by downtownresident

[PaulChinetti]

Eh, I don’t think much will change. He talked a big talk about neighborhoods (whatever that means) but if a company comes calling its his job as a mayor to represent the city in the best light. I can’t imagine he’s just gonna turn people down. 

Its not like Amazon got tons of incentives to come here compared to other places. 

So it’s basically a wait and see game. He is a developer at heart. 

[satalac]

If he's a politician, whatever he said on the campaign won't happen. I think Nashville will continue to see big growth. The businesses are attracted to the area, not the mayor, no matter what Bill Boner says.

[UTgrad09]

2 hours ago, BnaBreaker said:

Anybody who is actually a local (which is most of you, I realize) want to provide some insight as to what this may mean for Nashville's growth and urban development in general?  I have heard mention on this website that Cooper is somewhat anti-development... I really hope that is not the case... a little balance is fine, but the last thing we need is for someone to put the breaks on this rocket ship.

I think the mayor of Nashville has less to do with the growth and economy of the city than the POTUS has to do with the growth and economy of the country. It's not that political leadership can't have a positive or negative impact on economy -- it's that the direction and control that political leadership has is probably a bit overblown. Nashville could elect a sports mascot as mayor and it probably wouldn't make a drastic difference in terms of our growth and development.

I'm not going to get into politics, especially as far as whom I support -- but I will say this:

Nashville is supposedly the "IT" city.  What do we need to incentivize at this point? What do we need to attract? We're getting interest from top companies. Do they want to be *here*, or are they looking for corporate handouts? I would think that at this point we can call the bluff on the latter pretty easily. 

I'm not opposed to giving a few breaks and deals here and there. If it makes economic sense. But we need to make sure those deals don't cost us...or that they are of limited benefit to the city.

Nashville keeps thinking that it's the girl that always gets dumped on prom. Don't be desperate. 

 

 

Also, I don't think the mayor of Nashville has that much power to pump the brakes. We're not a strong mayor government.