Even a very cursory check of Nashville's apartment market will show that rents continue to climb steadily even as new units are being brough to market by the hundreds. Now research firm Axiometrics has the numbers: The annual effective rent growth in the It City was 5.5 percent in June, up from 4.7 percent in March and 4.1 percent a year ago. Occupancy inched up to 96 percent, staying ahead of the national average by about a point.
Park 'N Fly Inc. has acquired the former Thomas Nelson distribution center on Royal Parkway near Nashville International Airport for $8.3 million, The Tennessean reports.
The Atlanta-based company plans an indoor and outdoor parking operation, according to the morning daily.
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Giarratana Development is targeting a combination of apartments and condominiums for its planned 505 CST skyscraper slated to rise at the southwest corner of the central business district’s Fifth Avenue and Church Street intersection.
Company President Tony Giarratana Monday night told attendees of an Urban Residents Association meeting he envisions 300 to 400 apartment units and 150 condo dwellings for the skyscraper, which, if built, would rise about 750 feet and be Nashville’s tallest building.
Giarratana Development officials could not be reached for comment.
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The Southern Poverty Law Center, Tennessee Justice Center and National Health Law Program are holding a press conference call at 11 a.m. Wednesday to announced the filing of a federal lawsuit against the state of Tennessee.
The suit is expected to address the failures within the state's Medicaid program, TennCare. Earlier this month, officials with the Center for Medicaid and CHIP Services outlined six areas in which TennCare is noncompliant with Affordable Care Act requirements.
Following the rebuke, the Times Free Press reported that the three legal advocacy groups were closely monitoring TennCare's response, and that a lawsuit would be a last resort in solving the state-run agency's issues.
Agero Inc., a Massachusetts-based company that markets roadside assistance and safety services, plans to add more than 100 people to its Clarksville call center. The company will hire its new employees throughout this year at the facility, which opened almost two years ago. Agero officials say they're also hiring for their Florida, Arizona and Ontario operations.
At about 1 p.m. Central Tuesday, shares of HealthStream were among the market's biggest movers, climbing almost 20 percent to about $26.50 on the back of its solid second-quarter earnings. Volume was heavy, with the number of shares changing hands on track to triple the stock's daily average.
Real estate data firm CoreLogic says the percentage of Nashville-area home loans that are at least 90 days behind fell in May to 3.08 percent from 3.15 percent the month before and 3.95 percent in May of 2013. If recent trends hold, the delinquency rate will be well below 3 percent by summer's end and about half its number during the peak of the Great Recession.
Similarly, CoreLogic says the Nashville MSA's foreclosure rate dipped to 0.53 percent from 0.57 percent in April and 1.02 percent a year earlier. That number peaked just under 2 percent in early 2011.
Southern/Alpha will in a few weeks host its second Spark:Nashville event, which is highlighted by a rapid-fire pitch competition. The event will take place Sept. 4 at Events on 3rd in Printer's Alley. Here's some info on the inaugural shindig.
Local brand strategist Paul Jankowski has changed the name of his Access Brand Strategies agency to New Heartland Group, a move that builds on his work identifying and studying a "largely misunderstood and underserved" demographic that accounts for 60 percent of U.S. consumers.
Just one example of the agency’s success is Pizza Hut’s barbeque pizza campaign, where they connected the brand with country music superstar Blake Shelton. Blake’s engaging personality and universal likability aligned seamlessly with Pizza Hut’s new line of barbeque pizzas, including “Blake’s Smokehouse.”
Jankowski will in September publish Speak American Too: Your Guide to Building Powerful Brands in the New Heartland, a book written with help from local firm Prince Market Research.
Charlotte-based Childress Klein Properties will use Element Music Row as the name of its 19-story mixed-use tower under construction at 1515 Demonbreun St. in Midtown.
The building — which will feature 431 apartment units, about 6,000 square feet of retail space and a 600-space garage — will front Musica on the Music Row Roundabout.
Fred Klein (pictured), CKP partner, said the marketing move involving the naming will be accompanied by a website that should go live in a few weeks.
“We plan to begin pre-leasing in summer 2015,” he said.
Klein said 1515 Demonbreun was a working name used in a general manner until an official name was given. Temporary signage with “Element Music Row” was installed at the worksite last week.
Element Music Row joins fellow Childress Klein buildings Element Uptown (located on the fringe of Charlotte’s central business district) and Element at Carolina Bay (located in Charleston, South Carolina). The development company is also working on Element South, to be located in Ballentyne near Charlotte.
Atlanta-based architect Rule Joy Trammell + Rubio, which designed Element Uptown, has designed the Music Row Roundabout tower.
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