NASHVILLE | Development Showcase

[MidTenn1]

Originally Posted by MIRYDI

A pretty big surprise this morning after a few quiet days! A $75M 23 story luxury apartment tower was announced this morning. The name of the tower will be "Crescendo" and will feature 330 units, retail space for shops and restaurants, and an attached parking garage with 600 spaces. Construction is expected to start by year's end with completion expected in late 2016...

This tower is to be located in the Gulch on Division Street

No renderings have been released yet.

$75M luxury apartment project planned for Gulch
http://www.tennessean.com/story/mone...pment/9710153/

The project would stand on a hill next to the I-40/I-65 interchange and be very prominent to travelers through the City. In relation to The Gulch, it would be in the very low right corner of the map of the Gulch is this article.



It looks like it will be primarily located on the Flooring company building as shown.



The actual plan for the Division Street Extension:



Hopefully, it will be a well done design (the developer has a reputation for proposing some goofy projects and the Architect apparently has no experience with high rises).

[arkitekte]

MidTenn1, thanks for the constant updates and map diagrams with locations of these projects.

Originally Posted by MidTenn1

Hopefully, it will be a well done design (the developer has a reputation for proposing some goofy projects and the Architect apparently has no experience with high rises).

That's what I'm mainly worried about. The understanding that I had with Strings was that they got a student to sketch up that concept rendering, but from that article it sounds like KSP came up with that concept (at least that's what I took from the article). I understand giving the client what they want, especially in a simplified dream concept, but that think was hideous. I looked at some of their other projects and there's nothing that just stands out that's horrible, but there's not much to reference from to get an idea of what we might see in a preliminary rendering of this new tower. In any case, proposals like these are exciting, and I'm looking forward (nervously) to see a rendering.

[MIRYDI]

Originally Posted by arkitekte

MidTenn1, thanks for the constant updates and map diagrams with locations of these projects.

I second that. Love em!...

MidTenn1, would you mind if I posted that over on SSC?

[MidTenn1]

Originally Posted by MIRYDI

I second that. Love em!...

MidTenn1, would you mind if I posted that over on SSC?

Have at it!!

[Dr Nevergold]

Originally Posted by MIRYDI

A pretty big surprise this morning after a few quiet days! A $75M 23 story luxury apartment tower was announced this morning. The name of the tower will be "Crescendo" and will feature 330 units, retail space for shops and restaurants, and an attached parking garage with 600 spaces.

Fantastic news!

[MIRYDI]

The hospitality industry in Nashville is BOOMING! Time to build some more hotels...

Trump / Four Seasons are you paying attention??

Nashville hotels set new record
http://www.bizjournals.com/nashville...ew-record.html

According to Smith Travel Research (STR), Nashville sold more than 640,000 rooms in March, breaking October 2013’s record for highest number of rooms sold in one month in the city’s history. Among the Top 25 Markets for March, Nashville had the second largest increases in rooms sold, Average Daily Rate (ADR), Revenue per Available Room (RevPAR) and hotel revenue. Nashville was in the top five for occupancy growth.

March tax collections were $4,753,693.34, an increase of 33.9% over March 2013. Tax collections year-to-date are $31,321,833, an increase of 20.17% over year-to-date in 2013. Since December 2010, Nashville’s hotel occupancy tax collections have experienced 39 consecutive months of growth.

Nashville tourist industry hits all-time high
http://www.tennessean.com/story/mone...-high/9763481/

Nashville’s tourist economy is hitting on all cylinders.

March marked the highest number of hotel rooms sold in one month in the city’s history, surpassing October 2013’s record by nearly 7 percent, according to Hendersonville-based Smith Travel Research.

Occupancy tax, a key indicator for performance in the hospitality industry, also experienced growth. That total is up 34 percent as compared to March 2013.

Tourist tax collections topped $4.75 million in March, up 33.9 percent from March 2013. So far this year, the city has collected $31.3 million, an increase of 20.2 percent over the same period in 2013.

“Once again we are seeing unprecedented growth in Nashville’s hospitality industry,” said Ed Hardy, chairman of the NCVC board of directors. “The numbers are reaching incredible heights. We must focus on sustaining this momentum and keeping Nashville a top destination for years to come.”

By the Numbers:

· Nashville sold 641,932 hotel room nights during the month of March, an increase of 12.4 percent over March 2013.
· Occupancy increased 7.2 percent over the previous year.
· Average daily rate increased 16.9 percent over the previous year.
· Revenue per available room increased 25.3 percent over the previous year.
· Hotel revenue increased 31.4 percent over the previous year.
· Supply increased 4.9 percent over the previous year.

[Baronakim]

MidTenn, Your graphic for the extension of Division Street is way off. The new route takes new R.O.W. from the Crescendo site parallel to Meyers building so the new bridge can be built along the south side of the Tennessee Brew Works propery and then arc north over Ewing to a new ramped structure through the site of the building directly across from the Brew Works. The existing street that your graph shows being connected will be closed except for alley access to the back of Ed's Suppy.

You can see the full Division Street extension proposal on one of Metro's websites. it appears that the new Nashville Greyhound station will lose about half of its automobile parking lot as well.

On the luxury tower, this is a lousy location for expensive condos or apartments. The neighborhood sucks and IMO it will be the very last area of the Gulch/SoBro area to be developed into a better environment. The deafening train noise from the on grade crossing every hour of the day and night alone makes this proposal a very bad idea. Icon and the other Gulch properties are next to the CSX yard, yes, but the trains don't blast the residents with their horns as they do at grade crossings like at this site.

[arkitekte]

Originally Posted by Baronakim

On the luxury tower, this is a lousy location for expensive condos or apartments. The neighborhood sucks and IMO it will be the very last area of the Gulch/SoBro area to be developed into a better environment. The deafening train noise from the on grade crossing every hour of the day and night alone makes this proposal a very bad idea. Icon and the other Gulch properties are next to the CSX yard, yes, but the trains don't blast the residents with their horns as they do at grade crossings like at this site.

A few years can generally turn a lousy location into a great location; especially in a neighborhood like the Gulch or SoBro. The rumbling of the trains isn't necessarily a bad thing; that's just something that most cities have in their core and that you get used to and eventually ignore...if you've ever lived or worked in a building above or near a subway or elevated train line (or even near a freight line) you'll know what I mean.

This proposal isn't a bad idea because of the state of its proposed location (neighborhood, trains, etc.), it sucks because the developer doesn't have the money, taste, or vision to develop a decent tower. He still believes that Strings will happen too.

[Baronakim]

The rumbling of the train is not the problem on this site; it is the train HORNS. An on-grade crossing is very close and the trains sound off right at the point of Division Street. I estimate the decibel rating of prolonged blasts exceeds 100 to 120 and it goes on with these slow moving trains here for more than a minute. I am an architect with 40 years of experience and know that the big expanses of glass desired in luxury construction for the superior downtown vista at this site will be very difficult to reconcile with acoustic levels which are reasonable with any residential occupancies, much less luxury units.

Years are not going to make this problem go away. Only the elimination of the grade crossing will solve the presence of excessively loud warning blasts here. I don't see that happening here anytime soon.

[arkitekte]

Originally Posted by Baronakim

The rumbling of the train is not the problem on this site; it is the train HORNS. An on-grade crossing is very close and the trains sound off right at the point of Division Street. I estimate the decibel rating of prolonged blasts exceeds 100 to 120 and it goes on with these slow moving trains here for more than a minute. I am an architect with 40 years of experience and know that the big expanses of glass desired in luxury construction for the superior downtown vista at this site will be very difficult to reconcile with acoustic levels which are reasonable with any residential occupancies, much less luxury units.

Years are not going to make this problem go away. Only the elimination of the grade crossing will solve the presence of excessively loud warning blasts here. I don't see that happening here anytime soon.

I don't think it's that much of an issue (train horns), but if it is then the City should consider the establishment of a quiet zone with the Federal Rail Administration. I'm ignorant to if that's been attempted for this neighborhood before and while this is a much more active area than some other that have been granted quiet zones, city planners should consider that solution. In fact, with the extension of Division (unless there's a proposed bridge), I would think that they've already discussed this issue.

As far as the design of this tower, the design team should think outside of the box, but that might be too much for this developer and it would be fairly expensive. I understand your point on that. Also, congrats on your 40 years...many many many more than myself.

[Dr Nevergold]

I just recently learned my job is ending, it was a great 5 year run. I'll be relocating back to the Nashville area soon so I will be able to see some more of these projects as they rise.

[MIRYDI]

Originally Posted by Dr Nevergold

I just recently learned my job is ending, it was a great 5 year run. I'll be relocating back to the Nashville area soon so I will be able to see some more of these projects as they rise.

Well, welcome back to Nashville!...

[ariesjow]

Originally Posted by Dr Nevergold

I just recently learned my job is ending, it was a great 5 year run. I'll be relocating back to the Nashville area soon so I will be able to see some more of these projects as they rise.

An early "welcome back to Nashville" from me. Definitely make sure to come out to some of the UP meetups. I've always enjoyed your posts and recall you posting even back a decade ago when I first started following urban development. I know your involvement would be much appreciated. This is probably the best time ever to live in Nashville. There's still so much to do, but I was happy to come back and be a part of the all the palpable energy just as the city was starting to take off.

[Dr Nevergold]

Thanks, although last time I was on UP it didn't end well as it seems the hyper-moderation over there is a bit much. You guys are more than welcome to post more here, we can even accommodate a Nashville section in our Southeast portion if demand goes up.

[MIRYDI]

The developers of the yet to be named Eakin tower in the Gulch (Eakin Partners) have secured financing, landed some tenants, and is scheduled to break ground in August. The tower will be 15 stories (around 200' or so), and have ground floor retail with a covered parking garage on top of that. It will also feature a bank, a gym, and a snack shop, as well as what is described as a "Chicago" or "New York City" quality expansive lobby. On top of the building there will be a 'green' rooftop large enough to entertain 450 people.

Eakin secures financing, initial tenants for Gulch office building
http://www.bizjournals.com/nashville...for-gulch.html

An initial batch of tenants has signed leases to move to a Gulch office building being built by Nashville developer Eakin Partners.
The yet-unnamed building, at 1201 Demonbreun St., will feature 275,000 square feet of top-shelf commercial office space. It is the uncommon case of Class A office space being added to Nashville's urban core — a barrier often faulted for hindering potential corporate relocations to downtown.

John Eakin, chairman and co-founder of Eakin Partners, also told me he has secured financing for the $97 million project, scheduled to break ground in August.

"We're starting with a lower percentage (pre-leased) than we typically do, just because of the location and the demand we expected," Eakin said.
Typically, that figure is 50 percent, Eakin said. He said he has enough tenants at this stage to satisfy his lender's requirements before loaning the money for construction. Eakin's primary equity partner is local banker and entrepreneur Gaylon Lawrence Jr., vice chairman of Tennessee Bank and Trust.

Eakin's 15-story building will cozy up to Twelve Twelve, the condo high-rise Ray Hensler is building. Hensler bought his land from Eakin and fellow investors two years ago.

Eakin's building will have ground-floor retail, then covered parking on top of that. The office space will span 10 levels, from floors six through 15. The building will have a bank, a gym and a snack shop, among other amenities — and an expansive lobby Eakin described as "a Chicago- or New York City-quality lobby."
Topping off the building is a 'green' rooftop with a sweeping view of downtown, and room to entertain up to 450 people.
Hastings Architecture handled the design. Brasfield & Gorrie will oversee construction, which should complete at the end of 2016.

[Dale]

I would think that an office tower of 15 stories these days would be closer to 250 than to 200.

[arkitekte]

Originally Posted by Dale

I would think that an office tower of 15 stories these days would be closer to 250 than to 200.

5 or 6 of those floors will be parking from what I'm understanding. I might be wrong.

[Dr Nevergold]

I find the parking deck above the retail to be slightly odd, but it may be for keeping construction costs down. Digging into bedrock is not a cheap enterprise.

[MIRYDI]

Originally Posted by Dale

I would think that an office tower of 15 stories these days would be closer to 250 than to 200.

That would be great if this were close to 250' tall, but I'm not so sure it will reach that high unfortunately. The article states that the building will only have 10 floors of office space, and the other 5 floors will be lobby/ground retail and the parking garage. I'm pretty sure it will break the 200' mark, but not by too much. I was just playing it conservative till we know for sure what the final height will be.

What is the standard floor height of an office building these days anyway?

[MIRYDI]

Originally Posted by Dr Nevergold

I find the parking deck above the retail to be slightly odd, but it may be for keeping construction costs down. Digging into bedrock is not a cheap enterprise.

I actually like how they integrated it into the building and covered it with glass. The main reason being is that it makes the building taller...

If the parking garage were a separate structure we would be looking at a 10 story office building instead of a 15 story one. I wish all buildings did this.