Nashville Bits and Pieces

[smeagolsfree]

16 hours ago, PaulChinetti said:

At a glance take away, Radnor Yard is gigantic!

 

Somewhere around 340 acres, I think. about .5 sq miles. I think even bigger if you count the big trucking yard south of Harding. That is another 25 acres including the tracks.

[Luvemtall]

I have a question, regarding the height limitations and how it works. It’s been said that Nashville is capped at 750’ because of the FAA and the flight path of the airport. So is that for occupied floors or total height? I’m curious if a crown or spire , would be included. Also, can a developer exceed this limit, if they can get insurance on it. I ask , because I was sitting here looking at some old stuff of mine. And a article about Signature Tower came up, the original plan was 1030 feet ! And was scheduled to be built, if not for the recession of 2008 which of course canceled it. And does it matter in what location a structure is built? We all know Nashville isn’t flat , so a building that’s 750’ atop of a higher elevation could be the same as a building that is 850 ‘ that’s in a lower elevation. From what point are they measuring? It’s not sea level , is it?

[markhollin]

Nashville is projected to have the highest percentage of growth in apartment inventory in 2022 compared to all other US markets, according to Apartment Insiders’ data. Specifically, 11,435 unit deliveries are predicted this year — increasing inventory by 7%.

[smeagolsfree]

Too technical for me. I have no idea. That would be a question for the man that has the most experience with all of that, and we all know who that is!

34 minutes ago, Luvemtall said:

I have a question, regarding the height limitations and how it works. It’s been said that Nashville is capped at 750’ because of the FAA and the flight path of the airport. So is that for occupied floors or total height? I’m curious if a crown or spire , would be included. Also, can a developer exceed this limit, if they can get insurance on it. I ask , because I was sitting here looking at some old stuff of mine. And a article about Signature Tower came up, the original plan was 1030 feet ! And was scheduled to be built, if not for the recession of 2008 which of course canceled it. And does it matter in what location a structure is built? We all know Nashville isn’t flat , so a building that’s 750’ atop of a higher elevation could be the same as a building that is 850 ‘ that’s in a lower elevation. From what point are they measuring? It’s not sea level , is it?

 

[PaulChinetti]

You can think of the airspace around the airport as an upside down wedding cake with the smallest circle right on the airport. Then going out in concentric larger and higher above ground level circles from there. 

It's been awhile since I took the training but the smallest circle I think is 0-400 ft AGL, then 400-1200 ft AGL. The 2nd circle which is where downtown falls, but it's right on the edge, so I'm sure that's what the FAA is worried about. 

I'm not 100% certain on those numbers but that would be my best guess. 

Edited January 20, 2022 by PaulChinetti

[markhollin]

Some of Music City's top real estate execs make predictions for the hot Nashville market in 2022 at NBJ here:

https://www.bizjournals.com/nashville/news/2022/01/20/industry-leaders-look-ahead-2022-housing-forecast.html?cx_testId=40&cx_testVariant=cx_34&cx_artPos=2#cxrecs_s

[MLBrumby]

I have a complicated relationship with my (and my wife's) alma mater, but Nashville is indeed very blessed to have Vanderbilt University and Medical Center.  Vanderbilt Transplant Center (VUMC) is the world's largest heart transplant hospital and fifth largest by volume in all transplants in the USA. From NBJ:  https://www.bizjournals.com/nashville/news/2022/01/21/vanderbilt-reports-record-breaking-year.html

[MLBrumby]

Just now getting caught up on my pleasure reading, and I believe someone posted the link from this Tennessean article from January 2.  Since it has been out now for nearly 3 weeks, I hope I can post a snippet that interested me, regarding what Richard Florida thinks of Nashville.  Here's the last few paragraphs of a well-written piece...  https://www.tennessean.com/in-depth/news/2022/01/02/nashville-downtown-riverfront-development-along-cumberland-new-neighborhoods/8911596002/  Note: the writers state that the Ewings have corporate entities looking at their Riverside development. No more details than that. 

Florida named Denver and Austin as sister cities to Nashville, as they all take in waves of newcomers from larger, more expensive markets. Urbanization overwhelms infrastructure and service providers while exacerbating the growing wealth divide between rich and poor, Florida argues in his book "The New Urban Crisis," which documents rising urban inequality and poverty in 2017.  Now, many cities are working to revive downtowns neglected in favor of more affordable suburban development. "My research showed that Nashville has done something remarkable," Florida said. "Nashville has become a major music cluster (with) growth in that cluster greater than New York and Los Angeles combined." Nashville's appeal to the "creative class" is what is now driving its growth, he said, and riverfront development is the natural next frontier to be crossed before reaching top-tier status. "Revitalization occurs in old industrial neighborhoods, not in established working-class neighborhoods," Florida said. "In Toronto, our waterfront is a whole city. "But you've got to get it right. The last thing you need is more entertainment. The pandemic accelerated these trends in a way that no one including me predicted."

Florida also calls Nashville, Austin, Raleigh and Boise "supernovas", fast-growing Tier-2 cities that will move into Tier-1 status in the next decade. 

[markhollin]

Record amount of industrial space leased in Nashville in 2021, with 9 million square feet delivered, and prices up 27%.  There is also currently 8.3 million more sq. ft. of space under construction.

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/development/record-amount-of-industrial-space-leased-in-nashville/article_0b2c4f68-7afd-11ec-b4fa-8be6afb21c78.html

[MagicPotato]

Can we talk about home prices? It's really getting out of hand. A townhome is going for around 300k. The sheer amount of homes needed to cover the demand is nonexistent.  At least for the suburban areas, homes are going for around 300k-350k, that's if you can out bid the competition. I know there is demand to live in the Nashville area, but this is getting out of hand. I'm debating on moving to Atlanta or back to Dallas. Nashville doesn't even have nearly the same amount of amenities in comparison to Atlanta or Dallas.

The inventory size of Atlanta and Dallas is still abundant. Even with the home prices going up around the country, it's still nothing compared to Nashville.  For example, a 2500sqft home in suburban Atlanta is about 300k, while the equivalent price in Nashville is about 500-600k. For about 300k, you'll be lucky to get 1250sqft. Another thing that I notice that most of the new homes being built are either townhomes or med-large size homes.  Nashville really needs to do something this is getting out of hand. 

Edited January 24, 2022 by MagicPotato

[PaulChinetti]

From some very personal anecdotes... I think there is about to be a whole bunch of houses coming on the market in the next 6 months or so. 

Within 3 blocks of me there are 11 houses that have either just finished or will be finished. With probably at least 6 about to get started. 

More building has to happen with all the different areas of housing, especially the whole "missing middle housing" problem. Which I think would help with what you are talking about @MagicPotato more options for everyone!
 

[nashmoney]

The issue is all of the housing coming on the market is unattainable to the average American. Median prices at $350k+ are not helping the middle income and first time home buyers.

Housing in this country and around the world is really getting out of hand. I live in Charleston and was fortunate enough to buy a nice townhome in Jan of 2021  for $192K. Same townhome now goes for $270k. I am in the process of moving to another hot-spot, Tampa, and the same type of townhome, similar neighborhood starts at $325k. I will be keeping my place in Charleston and renting it out.

And lets not talk about the REIT, bidding wars, all cash buys, and investors. Doesn't REITs own like 40% of the rentals in Murfressboro? I think I read an article about that. They buy up whole neighborhoods then place the homes for rent, limiting the homes available for sale and driving up prices.

I will be renting for a couple of years, but even rents are outrageous. 2Bd room apt going for $1800+.

With the inflation issues, consumer debt and student loans, and wages not keeping up, we are in for a lot of trouble. Especially for the low and middle income Americans.

[Luvemtall]

I recently seen a post on SSP that mentioned how eerily quiet the development news in Nashville has been. I’m starting to get that same feeling. It was going along at such a pace , it was hard to take it all in. Now we really haven’t had anything in weeks. Not even the much anticipated new updates on the NY project, which were expected “any day now” . So I ask the holder of the magic 8 ball and all the wizards out there… WHAT’S UP!!! 

[PaulChinetti]

I have to think Omicron sweeping through the country put a hold on a lot of stuff. I know we all got it and it put us out of commission for a week. 

And supply chain issues continue. You can tell when the houses under construction around me get materials, because they will work like crazy and then it'll be nothing for a week or two until the next batch of materials comes in. 

[MagicPotato]

3 hours ago, nashmoney said:

The issue is all of the housing coming on the market is unattainable to the average American. Median prices at $350k+ are not helping the middle income and first time home buyers.

Housing in this country and around the world is really getting out of hand. I live in Charleston and was fortunate enough to buy a nice townhome in Jan of 2021  for $192K. Same townhome now goes for $270k. I am in the process of moving to another hot-spot, Tampa, and the same type of townhome, similar neighborhood starts at $325k. I will be keeping my place in Charleston and renting it out.

And lets not talk about the REIT, bidding wars, all cash buys, and investors. Doesn't REITs own like 40% of the rentals in Murfressboro? I think I read an article about that. They buy up whole neighborhoods then place the homes for rent, limiting the homes available for sale and driving up prices.

I will be renting for a couple of years, but even rents are outrageous. 2Bd room apt going for $1800+.

With the inflation issues, consumer debt and student loans, and wages not keeping up, we are in for a lot of trouble. Especially for the low and middle income Americans.

The companies that rent out homes/neighborhoods are definitely causing issues, but it's to complicated to monitor and make laws against it. 

[downtownresident]

3 hours ago, Luvemtall said:

I recently seen a post on SSP that mentioned how eerily quiet the development news in Nashville has been. I’m starting to get that same feeling. It was going along at such a pace , it was hard to take it all in. Now we really haven’t had anything in weeks. Not even the much anticipated new updates on the NY project, which were expected “any day now” . So I ask the holder of the magic 8 ball and all the wizards out there… WHAT’S UP!!! 

I think we see at least three projects start full scale grading / demo (this includes the hotel on Rosa Parks) within the next 2 months, based on what I’ve seen in permit records and when driving around. 

[markhollin]

Uday Sehgal left A.J. Capital on Dec. 17th on amicable terms, and has formed a new development firm called Rise Investors.

“I’m off to the races,” he said in a phone interview. “We’re going big immediately.”

Rise Investors is focusing largely on the same arena that AJ Capital does: major urban development. Around half of its ventures are planned for Nashville, and the other half will land on the West Coast, Sehgal said.

Nashville could see Rise Investors' imprint soon. Sehgal and his new business partner, John Thomas — a former executive at the Abu Dhabi government-backed investor Mubadala Development Co. — already have a 500,000-square-foot local development in the works. He declined to state the location, but the project is slated for apartment units, 60,000 square feet of office, 30,000 square feet of retail, significant outdoor space and more.

More at NBJ here:

https://www.bizjournals.com/nashville/news/2022/01/24/uday-sehgal-leaves-aj-capital.html

https://www.bizjournals.com/nashville/news/2022/01/26/uday-sehgal-follow-up.html

[bnacincy]

Just read in the Nashville Post that Earl Swensson died-he was 91.

I always thought he was the designer of the Batman (AT&T) Building but it turns out his firm, according to Wikipedia, just did the interior design.

Nevertheless, a giant in Nashville's design community has passed.

Memory eternal.

 

Edited January 25, 2022 by bnacincy

[donNdonelson2]

10 minutes ago, bnacincy said:

Just read in the Nashville Post that Earl Swensson died-he was 91.

I always thought he was the designer of the Batman (AT&T) Building but it turns out his firm, according to Wikipedia, just did the interior design.

Nevertheless, a giant in Nashville's design community has passed.

Memory eternal.

 

Earl Swenson & Associates did design the Bellsouth Building (now ATT building).

 

Edited January 25, 2022 by donNdonelson2

[bnacincy]

Again, according to Wikipedia, Dallas based JPJ did the exterior design and Esa handled everything else.

Of course, Ol' Wiki could be wrong

[Baronakim]

11 minutes ago, bnacincy said:

Again, according to Wikipedia, Dallas based JPJ did the exterior design and Esa handled everything else.

Of course, Ol' Wiki could be wrong

Well, Wiki is DEAD WRONG.  I started work at ESa at the time the building was under design and there were several models of the tower spires being made in what we called the "WarRoom".  These were quite large.  I really don't consider the exterior design just "interiors".  To claim otherwise is horse pucky ( I mean something more pungent but folks with fragile ears censor it).

 

 

Edited January 25, 2022 by Baronakim

[fishsticks176]

"The Joys and Challenges of Being a Hot City"

https://www.governing.com/community/the-joys-and-challenges-of-being-a-hot-city

[markhollin]

Coverage of Earl Swensson of ESa's passing. Known for designing AT&T Tower (Batman Building), Schermerhorn Symphony Hall, Centennial Medical Center, The Monroe Carell Jr. Children’s Hospital at Vanderbilt, HCA, Noah Liff Opera Center,  and the Gaylord Opryland Resort and Convention Center, among many others.

At The Tennessean here:

https://www.tennessean.com/story/money/2022/01/24/earl-swensson-nashville-architect-batman-building-opryland-resort-dies/6636728001/


And behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/people/legendary-architect-earl-swensson-dies-at-91/article_e61be31a-7d76-11ec-9104-3ffdca07e674.html


And at NBJ here:

https://www.bizjournals.com/nashville/news/2022/01/25/earl-swensson-dies-at-the-age-of-91.html

[Flatrock]

Most building permits in Nashville's history (14,600) - issued in 2021.

https://fox17.com/news/local/more-than-14600-building-permits-issued-in-nashville-last-year-most-on-record-growth-tennessee-metro-codes-building-safety-administration

Edited January 25, 2022 by Flatrock
Spelling

[CandyAisles]

The AT&T Building (Batman) was most certainly designed by Earl Swensson Associates. Earl may not have done all the heavy lifting with the design but his company 1000% did. Some of his other notable projects of old are News Channel 5, Wessex Tower, the old Gideon’s International, and the Imperial House. For whatever reason the Wikipedia page for that building is super active and can confirm zero changes have been made by ESa to ever correct any of the information.