NASHVILLE | Development Showcase

[nashvol85]

Originally Posted by Dariusb

Just curious, what city has more highrises, Memphis or Nashville?

Nashville.

[PillowTalk4]

Quote:
Originally Posted by Dariusb View Post
Just curious, what city has more highrises, Memphis or Nashville?

Originally Posted by nashvol85

Nashville.

According to the data on this site the number of "built" highrises in each city is as follows:

Nashville 126
Memphis 96

This site determines a highrise to be at least 12 stories or 35 meters.

[gannman]

Originally Posted by Dariusb

Just curious, what city has more highrises, Memphis or Nashville?

According to Emporis.com, Memphis has 68 high-rise buildings and Nashville has 139.

[Dr Nevergold]

Emporis is a very imperfect database FWIW (mostly when it comes to smaller buildings and not the top towers), but I think its safe to say that Nashville does have more "highrise" buildings than Memphis at this stage in development.

[MIRYDI]

The Pinnacle tower is now full.

PricewaterhouseCoopers takes its 120 jobs to Nashville's Pinnacle tower
http://www.bizjournals.com/nashville...-pinnacle.html

The white-collar firm PricewaterhouseCoopers is moving its 120 local employees into Nashville's most expensive office tower, the Pinnacle at Symphony Place.
That adds more workers to the quickly growing SoBro part of downtown — and, as we reported earlier this summer, it also means Pinnacle has hit the milestone of being effectively full.
The move will occur later this fall, the company said in a statement.
PricewaterhouseCoopers is relocating from offices at 830 Crescent Centre Drive, in the commercial hub of Cool Springs, 17 miles south of downtown Nashville. That building is owned and leased by Spectrum Properties | Emery.

The developer Highwoods Properties, based in North Carolina, paid $153 million one year ago to buy the Pinnacle tower. The company leases the building through its Nashville office.
Pinnacle contains 520,000 square feet, making it Nashville's third-largest office building, behind the AT&T("Batman Building") and UBS towers.

[MIRYDI]

Charlotte developer eyes early 2015 groundbreaking in Germantown for 220-unit residential building
https://www.nashvillepost.com/news/2...antown_project








Developer plans to tear down Music Row's Studio A, build five stories of condos
http://www.bizjournals.com/nashville...-studio-a.html

[Dr Nevergold]

^^Great news. As decentralized as Nashville is, there's no need to keep building suburban office space and hopefully the trend will be more downtown and central urban office relocations.

[arkitekte]

Originally Posted by Dr Nevergold

^^Great news. As decentralized as Nashville is, there's no need to keep building suburban office space and hopefully the trend will be more downtown and central urban office relocations.

I'd love to see this in the suburbs if it meant keeping Studio A.

[Dr Nevergold]

I was referring to Pricewaterhousecooper's move to downtown, I don't think that's related to Studio A.

In regards to Studio A, I think its sad for any historic site to be lost. However, its private property and they should be allowed to do as they see fit. It is what it is... If a last minute buyer with the financing can come in to save it and keep it a historic studio then that's all that could save it.

[arkitekte]

Originally Posted by Dr Nevergold

I was referring to Pricewaterhousecooper's move to downtown, I don't think that's related to Studio A.

I gotcha. I just saw the up arrows and I figured you were referring to the post directly above.

[MIRYDI]

This is interesting.

Running out of room in Brentwood, Delek may move headquarters to Nashville
http://www.bizjournals.com/nashville...-may-move.html

One of the Nashville region's largest public companies is searching for a new headquarters.
Delek primarily is an energy business, with petroleum refineries in Texas and Arkansas. Delek also owns the majority of a logistics operation and 361 convenience stores, mainly under the brand name Mapco.
Delek (NYSE: DK) ranks as the fourth-biggest public company in the Nashville region, based on last year's revenue of $8.7 billion, according to Nashville Business Journal research. It has 300 local employees.

Delek currently is headquartered at 7102 Commerce Way, in Brentwood, at exit 69 of Interstate 65.
"Every space in this building, we've filled up. We've reached our limits. We are growing and we need more office space," said Keith Johnson, who is Delek's vice president of investor relations. Johnson said the eight-year-old building current has about 56,000 square feet of space.
Johnson said Delek is evaluating options in Williamson and Davidson counties. He said he was not aware of a timeline for Delek's relocation.

And.......

Warby Parker eyes downtown high-rise for temp space
http://www.bizjournals.com/nashville...-for-temp.html

New York-based eyewear company Warby Parker is looking to lease space in downtown Nashville's L&C Tower as it launches a new presence in Music City.
The company announced early this month that a new corporate office in Nashville, its first outside of New York City, will create more than 250 jobs over the next five years. The Tennessean reports that Warby Parker is negotiating a lease for one floor, or about 6,000 square feet, in L&C Tower that it would occupy for the next 18 months.
The company is expected to take up to 30,000 square feet for its permanent space, for which L&C Tower is expected to be in the running.

[MIRYDI]

Developer lands permit for Midtown apartment project
https://www.nashvillepost.com/blogs/...rtment_project

Dallas-based Lincoln Property Co. has landed a permit for parking garage foundation work for its residential project Aspire under construction in Midtown.

The 279-unit apartment building will be located at 2400 Charlotte Ave. and also face a portion of 23rd Avenue.

LPC Contractors, a division of Lincoln Property, is handling the building effort, with the permit valued at about $535,000.

Giarratana releases rendering for Midtown project
https://www.nashvillepost.com/blogs/...idtown_project

I&G 2200 State Inc., a development entity with a Nashville connection, has released an image for its 22state micro-housing apartment project currently under construction in Midtown.

Giarratana Nashville and equity partner LaSalle Investment Management created I&G to undertake the project, which will feature 138 one-bedroom units and eight two-bedroom units. Of note, the bulk of the building's 146 units will be smaller than 500 square feet. The building will be located at the northwest corner of the intersection of 22nd Avenue North and State Street.

An updated rendering of the new SESAC headquarters on Music Row. Excavation currently underway.






HCA set to break ground on North Gulch building
http://www.tennessean.com/story/mone...ding/16229449/

[JoninATX]

Looking impressive Nashville.

[MIRYDI]

Originally Posted by JoninATX

Looking impressive Nashville.

Not quite as impressive as Austin, but hopefully we can get to that point in due time...




On-site work begins for Midtown development
https://www.nashvillepost.com/blogs/...wn_development

Erosion barriers have been set up at the Midtown site on which Dallas-based developer Phoenix Property Group plans a 194-unit six-story apartment building to be called Cadence.

The company recently paid $6.2 million for the site, which sits at the northwest corner of the intersection of 16th Avenue South and McGavock Street.

Nashville-based R.C. Mathews Contractor will serve as general contractor for the project.

PPG is targeting an early 2016 opening for Cadence, which will include some ground-level retail space.

[JoninATX]

It will. The amount of construction going on in Nashville is astounding.

[MIRYDI]

The official groundbreaking ceremony for HCA's 17 story headquarters in the North Gulch is set for this Friday. It's reported that heavy equipment is already on site and moving dirt.

HCA sets North Gulch tower groundbreaking
https://www.nashvillepost.com/blogs/...groundbreaking

HCA will break ground Friday on its North Gulch office tower that will eventually house company divisions Sarah Cannon Research Institute and Parallon Business Solutions.

The 17-story building will represent an approximately $300 million investment. About 2,000 jobs are part of the equation.

To be located in what is being called Capitol View, the 247-foot-tall tower will be the first development on the overall 32-acre site. HCA, which own about 11 acres, is working with Boyle Nashville, which will handle marketing and leasing of retail space in the tower. Similarly, Boyle and Northwestern Mutual Real Estate are working to develop about 21 acres of adjoining property.

The ceremony starts at 10 a.m. and will include remarks from HCA President and CEO Milton Johnson and Nashville Mayor Karl Dean.

'The Possum' lives on: George Jones museum planned downtown
http://www.bizjournals.com/nashville...e-in-to-a.html

[PillowTalk4]

I was in Nashville last Thursday through Sunday. My last visit was last October. It amazes me just how much has started construction has started since that time. I was on the campus of TSU on Friday and I saw the new Agriculture Research facility and it is very nice and a great addition to the campus. There's so much potential for the TSU campus, so I hope to see it grow and bring more development to the area. It's an area not talked about much, but there are new townhomes in the area and you can see homeowners starting to fix up their properties.

I'm loving how the skylines of midtown and the Gulch area are starting to become closer, flanking the interstate. It really provides for a nice visual impact as you ride along I-40 on the west side of downtown. On the south side I can't wait to see the skyline move closer to I-65.

Got a glimpse of the North Gulch area and while I wish the HCA headquarters would be taller, I think it'll be a nice property to view from I-40. I do wonder how other developments around it are going to impact the area. I'd like to see the North Gulch fill in with 15 - 25 story buildings, so I hope the developers aren't restricted by the HCA building or the Capitol.

As always, I feared my life at times as I was transitioning from the I-24/40 split to the I-65/40 portion of the loop. The stretch on the south side of town is just so congested and too short for the amount of traffic and the decisions that drivers must make. Have there been any discussion on how to address the area of interstate. It seems to be getting more and more dangerous with each visit I have there.

[MidTenn1]

Mirydi posted a link to a nice promotional Youtube video for the soon to open 23 story '12/12' Condos in the Gulch. There is a glitch in the video and it wants to begin 2/3rds of the way in, so be sure to start at the beginning.

LINK

A few screen caps...

[MIRYDI]

Here's an article discussing the lack of Class A office space. I can't think of a better time for Tony Giarratana to get Sheet Music going...


Nashville's Class A office space 'massively under-supplied relative to demand'
Cassidy Turley chief economist bullish on booming Music City

https://www.nashvillepost.com/news/2...tive_to_demand

The Nashville office market Class A space is "massively undersupplied relative to demand," creating the potential for new construction and the upgrading of Class B and C buildings, according to a key official and research expert with Cassidy Turley Commercial Real Estate Services.

"The market is running out of space to lease," Kevin Thorpe, who serves as chief economist in the Washington, D.C., office of the company, told a crowd of about 200 folks attending Cassidy Turley's The 2014 State of Real Estate Nashville event held today at the Frist Center for the Visual Arts. Thorpe said the Nashville market's Class A office space vacancy rate of 3.7 percent has the city in a "supply-constrained" state.

About 60 percent of Nashville's office inventory is at least 20 years old, thus creating opportunities in what is a boom city, Thorpe (pictured) said. And even with 10 new office buildings to hit the market by 2015's end, the amount of Class A space will remain insufficient, he said.

"You don't want supply to become so tight that if forces companies to move," Thorpe said. "This market is running out of space to lease."

Thorpe said he is very bullish on Nashville in general and on both the city's office and industrial sectors (the vacancy rate for the latter is 7.6 percent and is expected to be 6.5 percent by this time next year). He said the greater Nashville market has about 828,000 workers, with that number expected to increase to 1.24 million by 2030.

"The perception that Nashville is a secondary market is about to change," Thorpe said. "Nashville is one of the most recession-resilient markets."

According to statistics the local Cassidy Turley office provided, Nashville’s overall office vacancy rate dropped to 9.3 percent in the third quarter compared to 10.3 percent in the same period of 2013, a dip that likely was driven, in part, by the city’s economy ranking within the 10 percent of fastest-growing of U.S. metro areas.

Year-to-date office space absorption for Nashville totals about 412,000 square feet, well below the 10-year, pre-recession annual average of nearly 700,000 square feet. Class A absorption has been strong, according to the statistics, with 340,000 square feet of the total absorption occurring in Class A buildings to date this year.

Expansions, relocations added 20K jobs to Nashville area last year
http://www.tennessean.com/story/mone...year/16565465/




Ryman Auditorium begins work on $14 million expansion
http://www.tennessean.com/story/ente...sion/16561679/




Work to restart on controversial Avenue Diner downtown
http://www.tennessean.com/story/mone...town/16558137/





Work begins on mammoth Ovation development in Cool Springs
http://www.bizjournals.com/nashville...t-in-cool.html

]

An Oct. 22 ceremony will mark the formal start of work creating Ovation, a massive all-in-one development aiming to be urban in the middle of the suburban commercial hub of Cool Springs.
Ovation is designed to include just about everything: 1.4 million square feet of top-grade office space, upscale retailers, two hotels, entertainment venues, a grocery store, an array of high-end restaurants and close to 1,000 residences.
Highwoods Properties is developing the office piece; SouthStar, of Franklin, is handling everything else, roping in Bristol Development Group, also of Franklin, for the residential component.

The original price tag was $700 million — before SouthStar increased the number of planned hotel rooms by 50 percent (from 300 to 450), and boosted the planned retail space by 40 percent (to 480,000 square feet).
Ovation consumes one corner of the intersection of Carothers Parkway and McEwen Drive, a crossroads that is ground zero for the next decade of economic development in Cool Springs.

Under Armour expected to announce huge Mt. Juliet distribution project today
sources have said will create about 1,000 jobs

http://www.bizjournals.com/nashville...mt-juliet.html

Mt. Juliet is set to get some very good news today.
Under Armour is expected to announce plans for a massive new distribution facility, which sources have said will create about 1,000 jobs.
Under Armour has been eyeing Mt. Juliet alongside Atlanta and Greenville, S.C., for a massive new distribution hub. Last week, Nashville Business Journal reported Mt. Juliet was the front-runner for the new facility.
Sources have also told the Nashville Business Journal that Under Armour’s preferred site is Panattoni Development Co.'s Beckwith Farms industrial park.

Gov. Bill Haslam will make “a significant economic development announcement” in Mt. Juliet this afternoon, according to a news release from his office Wednesday afternoon. The announcement is slated for 1:45 p.m. today at Beckwith Farms.
Mt. Juliet is also in the running for a new FedEx distribution hub. That project recently received final zoning approval from the Mt. Juliet Planning Commission.

Experts on Nashville's real estate scene: It's stupid good
http://www.bizjournals.com/nashville...ts-stupid.html




Nashville's billion-dollar office market, and other numbers you should know
http://www.bizjournals.com/nashville...and-other.html

[PillowTalk4]

I hope these type of reports on the lack of class A office space in Nashville will open up lenders to providing financing based on speculative opportunities for new office towers in Nashville. It seems to me this would be an ideal time to start building the next 2-4 major office towers in Nashville. Just as the MCC is missing out on large conventions due to the lack of hotel space, Nashville has to be concerned about the prospect of losing big relocations or new national/regional headquarter offices due to inadequate office space.