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Music City Center, 1.2 million sq. ft., $623 million


nashvol85

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KVB Property Values

Article on front page of today's Tennessean discussing property values, but what struck me is the characterization by the Tennessean of Korean Veterans Blvd being

... with not a single non Metro funded development on KVB, an extravagant NES substation fronting the 6th Ave entrance of the MCC at KVB, no public circulation on the south side, and etc .....not completely unfounded.

Is it to early to be envisioning what should go on the MCC when they tear it down?

How about this? - - DC Convention Site

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  • 3 months later...

Samsonh-

1. The MCC is not over budget. It is currently over for the budget set for acquiring the land, but not for the overall budget of the MCC.

2. The MDHA is appealing the court decision for a reason. I have no connection to convention centers or appraisals, but I truly do not believe that appraisal was correct.

We'll see what happens.

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Samsonh-

1. The MCC is not over budget. It is currently over for the budget set for acquiring the land, but not for the overall budget of the MCC.

2. The MDHA is appealing the court decision for a reason. I have no connection to convention centers or appraisals, but I truly do not believe that appraisal was correct.

We'll see what happens.

:)

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Samsonh-

1. The MCC is not over budget. It is currently over for the budget set for acquiring the land, but not for the overall budget of the MCC.

2. The MDHA is appealing the court decision for a reason. I have no connection to convention centers or appraisals, but I truly do not believe that appraisal was correct.

We'll see what happens.

You are correct they have very little remaining since the vast majority of the contingency budget was just taken. Would you care to wager whether they will finish under or at budget? I will take that bet all day long.

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You are correct they have very little remaining since the vast majority of the contingency budget was just taken. Would you care to wager whether they will finish under or at budget? I will take that bet all day long.

i will take the under on that one. Something will get cut if need be, but the facility will not be over budget.

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  • 3 months later...

I looked back at the history of this thread and now pose the following question. Based on all the activity and announcements we've been seeing over the past couple of weeks do y'all think we would have seen this level of building had we placed the CC further away from the core? Would a Lafayette, Church St, or East Bank site have resulted in this immediate of a rush to build more hotels?

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Good question.

I will have to say if the CC had been expanded in its current location the we would not have as much proposed development because there are not a lot of places in the CBD to do it. Traffic would have been a nightmare and frankly there was not enough space to do what they are doing with the new CC.

I think any of the other location would have caused some type of development around the CC such as hotels, services and shopping. We have not seen the full impact of what kind of development will happen. There will be more in SoBro for sure. Its just a matter of time. The East bank would have been too cut off from the rest of DT, IMO. The Lafayette location would have been a little too far out but may have created a lot of connective development between there and DT.

That all being said , I think there would have been a good bit of hotel development around the CC where ever it went because of convience for the convention goers. The closer you are the higher occupancy you are going to have related to the CC.

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  • 1 month later...

http://www.tennessean.com/article/20120113/NEWS0201/301130099/MDHA-appeal-ruling-eminent-domain-case?odyssey=tab{sodEmoji.|}topnews{sodEmoji.|}text{sodEmoji.|}FRONTPAGE

Metro appealing court's ruling that Tower is owed $30mm for their property which the Omni Hotel is currently being built.

In my opinion, this appeal is the right move, and I hope it is overturned. Has anyone else property doubled in value during this recession?

Producer2, do you think there's a chance Metro will win?

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Will win or should win are two vastly different scenarios in today's climate. The simple fact that real estate experts whomever hired them put the value at 16 million would indicate that the last reward by a jury is way over the top. I am not saying the property was not worth more than 16 million, just not that much more...Now that the final decision will not be heard by a jury but instead by the courts, Metro may have a shot.

And I should mention that the land in question is not where the Omni is being built. Metro made sure that Tower was handsomely paid for that piece of property. The property in question is the corner of 5th and Demonbreun where a portion of the MCC is being built.

Edited by producer2
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Will win or should win are two vastly different scenarios in today's climate. The simple fact that real estate experts whomever hired them put the value at 16 million would indicate that the last reward by a jury is way over the top. I am not saying the property was not worth more than 16 million, just not that much more...Now that the final decision will not be heard by a jury but instead by the courts, Metro may have a shot.

And I should mention that the land in question is not where the Omni is being built. Metro made sure that Tower was handsomely paid for that piece of property. The property in question is the corner of 5th and Demonbreun where a portion of the MCC is being built.

I don't think that a property doubles when EVERY other property around it within 5 radial miles is depreciating or stagnant. The judge who made that ruling was on a high horse to award the $30M in the first place, I don't see what Metro SHOULDN'T win the appeal and maybe pay them a few more - maybe $16 or $17M.

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Completely agree. If this property was appraised in 2005/2006, I could believe a property doubling in value, but this appraisal happened during The Great Recession. I think this should not be $30MM. If you had asked Tower what they personally thought the property was value, I bet they would be very satisfied at $20MM. When the judge stated $30MM I bet they were astonished but happy, especially after independent real estate experts valued the property at $16MM.

I hope the appeal is reversed.

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