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  #4321  
Old Posted Oct 29, 2022, 12:44 AM
downtownNashville downtownNashville is offline
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Originally Posted by Innsertnamehere View Post
Why does Nashville need an indoor stadium? Even Buffalo isn’t building and indoor facility.
Nashville is chasing a Super Bowl, Final Four, and CFB Playoff as possible events for the new stadium, and the climate is not warm enough for those events during the winter / early spring.
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  #4322  
Old Posted Nov 10, 2022, 6:30 PM
Texcitement Texcitement is offline
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Station East is the latest new multi-tower project announced for the East Bank adjacent to the new Titans dome.

Courtesy Nashville Business Journal: https://www.bizjournals.com/nashvill...elcenters.html

Renderings and video courtesy of RMR & Hastings: https://rmrnashville.wpengine.com/#leasing

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  #4323  
Old Posted Nov 10, 2022, 6:59 PM
nashvilleron nashvilleron is offline
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Originally Posted by Texcitement View Post
Station East is the latest new multi-tower project announced for the East Bank adjacent to the new Titans dome.

Courtesy Nashville Business Journal: https://www.bizjournals.com/nashvill...elcenters.html

Renderings and video courtesy of RMR & Hastings: https://rmrnashville.wpengine.com/#leasing

Thanks for beating me to this as I just posted all of the renderings on THE OTHER site I belong to. I was also helping getting it live on the Post as well.
I was wondering when our next hit would come. I think things will slow some as money is starting to tighten quite a bit from what I am hearing talking to folks in the development industry. I think the land speculation is done for a bit as well. I know of a few lots that have come down in price.....
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  #4324  
Old Posted Nov 28, 2022, 7:41 PM
jmecklenborg jmecklenborg is offline
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Originally Posted by nashvilleron View Post
I think things will slow some as money is starting to tighten quite a bit from what I am hearing talking to folks in the development industry. I think the land speculation is done for a bit as well. I know of a few lots that have come down in price.....
I was in town for the holiday and a friend told me that he knows someone who listed a flip in early October (I'm not sure of the neighborhood or price) and it hasn't had a single showing or offer.

If credit starts really tightening, or seizes up as it did in 2008, you will see people who can't finish projects. Even for flips, if a flipper's credit card shuts down his account, they're finished.

I remember back in 2008 having all of my credit cards except one proactively closed. I had no balance and I had never made a late payment, but poof, away they went.
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  #4325  
Old Posted Nov 28, 2022, 11:20 PM
Texcitement Texcitement is offline
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I've already seen the pullback. I'm with a R/E development firm and we've canceled several large projects already, with prospects for delaying others indefinitely. Yes, the interest rates are rising, but the crux of the matter is the cost of energy. It's already 2X over the past 20 months, and our firm is bracing for another doubling of gasoline in the
next 18 months unless demand drops, and it very likely could with a recession looming. Everyone knows that diesel is higher than ever, but heating oil in major population centers is up to 3X higher for many residents. Restricted energy production is not sustainable to keep an economy humming.
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  #4326  
Old Posted Nov 29, 2022, 8:31 PM
jmecklenborg jmecklenborg is offline
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Originally Posted by Texcitement View Post
I've already seen the pullback. I'm with a R/E development firm and we've canceled several large projects already, with prospects for delaying others indefinitely. Yes, the interest rates are rising, but the crux of the matter is the cost of energy. It's already 2X over the past 20 months, and our firm is bracing for another doubling of gasoline in the
next 18 months unless demand drops, and it very likely could with a recession looming. Everyone knows that diesel is higher than ever, but heating oil in major population centers is up to 3X higher for many residents. Restricted energy production is not sustainable to keep an economy humming.

Yeah the diesel prices are ridiculous. It's a bit mind-bending for those of us who remember diesel fuel always being a nickel or dime cheaper than gasoline.

There are still tons of cranes above Nashville and new projects breaking ground. On Sunday I passed the foundation prep work for this tower across from Green Hills Mall:
https://nashvillenownext.com/2022/02...m-hill-center/
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  #4327  
Old Posted Nov 30, 2022, 2:42 AM
cecilism cecilism is offline
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Originally Posted by nashvilleron View Post
Thanks for beating me to this as I just posted all of the renderings on THE OTHER site I belong to. I was also helping getting it live on the Post as well.
I was wondering when our next hit would come. I think things will slow some as money is starting to tighten quite a bit from what I am hearing talking to folks in the development industry. I think the land speculation is done for a bit as well. I know of a few lots that have come down in price.....
Man this economy has really gone downhill over the past couple of years hasn't it?

So much so that it has finally affected the real estate industry. Maybe the economy will right itself and the current economic disaster will then be left behind.
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  #4328  
Old Posted Nov 30, 2022, 3:17 AM
Dale Dale is offline
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I don’t doubt that rough(er) times are ahead. But it is interesting to me that Nashville thread is the only thread where this has become a topic of concern. Is concerned heightened due to Amazon cutbacks ?
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  #4329  
Old Posted Nov 30, 2022, 3:23 AM
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BnaBreaker BnaBreaker is offline
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Originally Posted by cecilism View Post
Man this economy has really gone downhill over the past couple of years hasn't it?

So much so that it has finally affected the real estate industry. Maybe the economy will right itself and the current economic disaster will then be left behind.
I have no doubt that in your mind the state of the economy immediately went from 'great' to 'terrible' the very second the current administration took over and that this is somehow all their fault exclusively. But in actuality, by most metrics, the economy has been outperforming post-pandemic expectations over the last couple of years. But it is obviously true that high costs due to a multitude of factors such as kinks in the supply chain, environmental factors, continuing pandemic impact waves, global inflation, war in Ukraine, and others are finally starting to catch up to us, and it is unlikely that even the Nashvilles and Austins of the world will come out on the other side completely unscathed. Unfortunately, I think it was bound to happen eventually regardless of who sat in the Oval Office. But I also think that Nashville is uniquely positioned to weather the storm better than most.
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Last edited by BnaBreaker; Nov 30, 2022 at 6:03 AM.
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  #4330  
Old Posted Nov 30, 2022, 3:21 PM
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Whenever I hear anyone talk about how "bad" the economy is coming out of a once in a century global health and economic shock without also acknowledging that unemployment is at 6 decade lows and job creation is strong it pretty much tells me all I need to know about where that person gets their news. Other than inflation due to the reasons listed above by BnaBreaker the economy is fundamentally pretty strong. Anyway, was just in Nashville for Thanksgiving and the city is looking terrific! The upgrades to the airport are looking good, too.
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  #4331  
Old Posted Nov 30, 2022, 8:14 PM
Texcitement Texcitement is offline
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Originally Posted by Dale View Post
I don’t doubt that rough(er) times are ahead. But it is interesting to me that Nashville thread is the only thread where this has become a topic of concern. Is concerned heightened due to Amazon cutbacks ?
The developments my firm has canceled were in other cities, not Nashville; however we've put a couple here on delay. Nashville is still comparatively stronger than nearly every market in the USA.

This is not intended to be a political comment. A recession would destroy my livelihood. There are basic reasons why some projects are being canceled now and others are being pushed through as this is inherently a risky business due to the development timeline. The owners of my firm are more risk averse than most. Our projects are midsized mixed-use and fully capitalized before first shovels in the ground. The sources of our funding for future/proposed projects have slowed dramatically in the past 6 months. I wish I could change that, but it's a fact.

The CRE industry is a small community, and we 'get' our news mostly from each other. Fuel, lending, and labor costs are the most direct factors to everything we do. When the large development firms start pulling back, that will be THE tipoff to recession. The Fed has cautioned about recession, as noted by recent hikes in the Fed Funds Rates, which are actually closer to where they normally historically should be. The Fed has stated there are likely to be more in the near future.

To Nashville in particular, and I live here, caution about the economy is mostly linked to the two big fish the city landed just before the pandemic. Their plans for Nashville have caused a historic boom. Amazon's and Oracle's impact on Nashville is still perceived by many in my industry to be fluid. Mind you, I have NO inside knowledge of either of those companies.
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  #4332  
Old Posted Nov 30, 2022, 8:52 PM
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Hoping for you and your firms continued strength and success in the future, Texcitement. I don’t think it’s a political statement to acknowledge that the Fed should have begun raising rates from near zero years ago, long after the recovery from the Great Recession began, to more historically normal.
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  #4333  
Old Posted Dec 1, 2022, 6:30 PM
jmecklenborg jmecklenborg is offline
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Originally Posted by tdawg View Post
the Fed should have begun raising rates from near zero years ago, long after the recovery from the Great Recession began, to more historically normal.
Yeah, back in 2015-16.

What's crazy is that the rate plunge in early 2020 motivated me and a couple million other people to refinance our homes. What did we do with the cash-out and lower monthly payment? Most probably spent it on dumb stuff, but a lot re-invested it in stocks or another property. So that rate drop really set off a broad wave of investing/speculation.

The Fed really needed to start raising rates almost immediately after that drop. Instead, things got superheated in 2021 and now we're in a soft crash. So dumb. So predictable.
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  #4334  
Old Posted Dec 2, 2022, 1:47 AM
Texcitement Texcitement is offline
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So things are still very very good here, as indicated by today's (latest) tower announcement. Mind you, the towers are really the ones that get highlighted here. There are over a hundred solidly large developments underway in Nashville. This is another tower in Midtown, and there are still lots of big projects that are ON SCHEDULE. This one is at the lot between 16th & 17th Avenues along McGavock Street in Midtown, adjacent to the big project planned for the Beaman property that will have 6-8 towers on it.

Here's the latest with rendering from Nashville Post.





Last edited by Texcitement; Dec 2, 2022 at 3:08 AM.
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