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Posted Jul 10, 2014, 7:51 PM
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Registered User
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Join Date: Jun 2013
Location: Nashville, Tn
Posts: 479
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Music Row is exploding with development. The 'Cadence' apartment project is slated to begin in early September. It will be 6-7 stories with 200 units, 5 stories of residential sitting on top of a 1-2 story parking garage all above ground.
'Cadence' development near Music Row about to speed up
http://www.bizjournals.com/nashville...-to-speed.html
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A new-to-Nashville developer expects to break ground by early September on a project involving almost 200 apartments in Midtown, near Music Row.
General contractors now are bidding on The Cadence. Plans call for five floors of units sitting atop a one- or two-story parking garage, all above ground.
The site in question is the corner of 16th Avenue South and McGavock Street — one block away from both the Music Row roundabout and the intersection where Broadway and West End Avenue diverge.
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Hart said eight of the 193 units in the building will be targeted to professionals coming to Nashville for shorter-term, specific jobs or projects. Hart said those eight units will have home offices and loft-style vaulted ceilings.
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The Cadence will also have efficiency units of 550 square feet, one-bedroom units that range from 724 square feet to 858 square feet and two-bedroom units ranging from 1,129 square feet to 1,300 square feet.
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Hart declined to disclose what the project will cost, or what lenders are funding construction. Typically, those loans are worth around 75 percent of a project's total price tag. The rest of the necessary financing comes from equity investments raised by the developer.
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Yet another outside investor snatches up a downtown building. I can't even keep track of all the building's and properties sold downtown in the past year or so. I don't think there's much left to buy. Everything from the Pinnacle tower to this one has been sold to some outside investor trying to get a piece of the Nashville market.
Hilton DoubleTree hotel in downtown Nashville sells for $69M
http://www.bizjournals.com/nashville...nashville.html
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Chicago-based investors have paid $69.25 million for the DoubleTree hotel in downtown Nashville.
The hotel has 337 rooms. It was built in 1979, according to public records.
The new owner is Walton Street Capital, according to a deed filing. Walton Street is a private-equity real estate investment firm out of Chicago.
Walton Street bought the hotel from AEW Capital Management. An executive from that firm's Boston office signed the property deed.
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A dominant theme in Nashville real estate today is the volume of outside investors trying to establish a foothold. Walton Street, however, is familiar with Music City: The firm paid $37.5 million in 2012 to buy the 220 apartments that are part of Velocity in the Gulch, a mid-rise building that also includes condos.
The triangle-shaped DoubleTree hotel sits on a one-acre triangular site at 315 Fourth Ave. N. The hotel covers 240,000 square feet.
It last sold seven years ago, for $50 million.
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The race is on for a developer to acquire the First Baptist Church property that Tony Giarratana backed out of recently. This is no doubt a prime piece of property that will sell quick and have a substantial development built on it.
Hotel developers bidding, again, on First Baptist Church's property by convention center
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Hotel developers remain intent on buying a site owned by First Baptist Church in downtown Nashville in the aftermath of a similar project collapsing.
Developer Tony Giarratana recently had to abandon plans for a 400-room hotel, after pursuing the project for 18 months.
Now, First Baptist Church is ready to embark on a second round of bidding for its 1.26-acre parcel, which is located across the street from the Music City Center.
The activity ought to reassure Nashville city leaders who are working to recruit conventions to the hulking facility, which opened in the spring of 2013. By their count, 16 conventions have bypassed Nashville since then due to a lack of hotel rooms.
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Nashville's convention officials say the city needs another 800 to 1,000 rooms at full-service hotels — a gap that a hotel on the church's property could help fill.
Hugh Sloan, who chairs the church's master plan implementation committee, said the goal is to complete the sale of the land before the end of this year.
A "terms of offer" document for prospective buyers will be available within a week, Sloan said. That will open a 30-day window when the church will accept bids, Sloan said.
To this day, Giarratana contends the site is primed for a hotel. He had wanted to bring a Marriott there, had he bought the land.
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Giarratana spent $1.26 million to continue extending his purchase contract with the church. But he said he was unable to assemble the equity investment that lenders want to see before they agree to finance construction.
"Unquestionably, your property ... is the best site for Nashville's next full-service hotel," Giarratana wrote in a June 30 letter to church trustees.
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Gallatin auto-supplier adding 230 jobs as part of $25.5M expansion
http://www.bizjournals.com/nashville...s-part-of.html
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A subsidiary of ABC Group, an automotive supplier, is investing $25.5 million to expand its operations in Gallatin.
According to a news release, ABC Technologies will add an additional 180,000 square feet of space to its existing facility in response to increased demand. As part of the expansion, ABC will create 230 jobs over the next five years. The plant currently employs 196 people.
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Survey ranks Nashville the fifth-best city in the country for business startups
http://www.bizjournals.com/nashville...ty-in-the.html
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A new survey ranks Nashville as the fifth-best city in the country for startups.
Nerd Wallet Finance looked at factors including available funding, human capital, local economy, business-friendliness and affordability in compiling the rankings, NewsChannel 5 reports. Oklahoma City topped the list.
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Plan to transform zoo carries strong potential
http://nashvillepost.com/blogs/postb...rong_potential
Nashville Zoo expansion plans: Lions, cheetahs, otters and more
http://www.tennessean.com/story/news...lans/12418137/
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Lions, rhinos, cheetahs, gorillas, penguins and other new critters are headed to Nashville as part of a $160 million expansion plan unveiled Wednesday by the Nashville Zoo.
The plan, which promises to more than double both the number of animals on exhibit and the zoo's developed acreage by 2020, was touted as a major boon to economic development. Zoo President Rick Schwartz predicted that the expansion, which also will add hippos, giant otters, spider monkeys and Andean bears to the zoo's menagerie, will mean an anticipated 1.2 million visitors a year. That's more than a 50 percent increase.
The announcement also served as a launch point for a private fundraising effort to see the project through. The zoo has received $28 million in commitments so far, including $15 million from the city.
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"The potential here is unbelievable," said Mayor Karl Dean, who stood in front of the elephant enclosure as he endorsed the expansion plans.
Schwartz said the zoo's 188 acres would be developed once the plan is fully implemented. When the undeveloped land is included, the zoo is the ninth-largest in the United States.
Schwartz said the zoo has the capacity to rival some of the best zoos in the country, and mentioned the San Diego Zoo as one that draws visitors from afar.
"Our goal really is to make this a world-class zoo," he said. "A world-class zoo for a world-class city."
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http://www.thinglink.com/scene/543514212874321922
Last edited by MIRYDI; Jul 11, 2014 at 12:24 AM.
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