Here is an interesting tidbit.
Nashville-based engineering firm Littlejohn recently surveyed properties located within the 1900 block of Church Street in Midtown.
According to a source who asked to go unnamed, a developer (believed to be Texas based) is hoping to buy various parcels on the south side of Church, demolish the buildings on them and construct a mixed-use building.
Littlejohn officials could not be reached for comment. See the site here courtesy of Google Maps.
Atlanta developer eyes Germantown project
Atlanta-based TriBridge Residential has a contract to buy a 3.8-acre site that is part of the Neuhoff complex in Germantown, Nashville Business Journal reports.
The developer is eyeing a 250-unit residential building and hopes to reinvent an existing 20,000-square-foot building with commercial space targeting Atlanta restaurants.
Read more here.
Gulch Crossing lands Canadian company
Toronto-based Canaccord Genuity has signed a lease for space at MarketStreet Enterprises’ mixed-use Gulch Crossing, according to The Tennessean.
With the signing, the Gulch-based building is 90 percent leased.
Charlotte Avenue project renamed
Atlanta-based developer The Worthing Companies and Simpson Housing of Denver have renamed their under-construction apartment project 2700 Charlotte. The building had been called The Heights at Charlotte.
Relatedly, Simpson Property Group (a sister company to Simpson Housing) is handling marketing and leasing. The 2700 Charlotte website features an image Worthing had not previously released (see below).
Read more about the project here.
(Image courtesy of Worthing, Simpson and Rule Joy Trammell Rubio)
The Grassmere Business Park building home to Asurion Insurance Services is slated for a major update, a mere five months after it changed ownership hands.
MarketStreet Enterprises, through its MarketStreet Grassmere, owns the building, having paid $25.9 million for it in June (read more here).
The Nashville office of Utah-based The Layton Companies Inc. is handling the work, with the permit valued at $1.2 million.
The building has an address of 648 Grassmere Park. Grassmere Business Park is located in South Nashville.
Nashville-based MarketStreet Enterprises has landed a permit for its Thompson Nashville hotel building under construction in The Gulch, according to a Metro Codes Department document.
The 12-story 224-room boutique hotel will have an address of 401 11th Ave. S. MarketStreet is teaming with Commune Hotels & Resorts, AJ Capital Partners and The Berger Company on the development.
JE Dunn Construction is handling the work, with the permit valued at about $25 million.
Nashville-based Hastings Architecture Associates is designing the building, which also will feature retail space and is slated for a late 2016 completion.
Read more here.
On a recent sunny day and with my spirits lifted by the thought of taking a brief break from the modest office space from which I work, I joined MarketStreet Enterprises Development Director Dirk Melton for a tour of the company’s now-open Gulch Crossing mixed-use building.
I left the sleek structure 30 minutes later — impressed.
Architect Earl Swensson Associates did a strong job of melding contemporary materials and forms (glass, metal, aluminum, concrete, etc.) with traditional concepts — particularly multiple access points (for both humans and vehicles) and an interesting mixture of uses (11th Avenue retail, lobby service retail with The Bank of Nashville and office space).
One of the design highlights is the building’s color scheme of dark blue, charcoal, light gray and white.
In addition, the lobby and outdoor commons areas — highlighted by stunning art pieces — rank among the best in the city.
In fairness, I have heard criticism of the building. Some folks contend it is too “boxy,” while others (this writer included) are not fans of the tubular columns that suggest “stilts” and on which the building sits at the Demonbreun Street Viaduct level.
But overall, Gulch Crossing succeeds in so many ways.
An exterior highlight of specific note are the two roof-level signs for The Bank of Nashville and Raymond James. The simple white lighting and appropriate proportionality are quite tasteful.
Relatedly, the “inverted L” lights on the structure’s north and south faces and, similarly, the well-lit staircase that spans 11th to the viaduct are attractive and eye-catching. As is the water feature near the viaduct.
In short, this is a handsome building befitting of a distinctive site.
I left Gulch Crossing pining for the day that my employer could relocate to the building — yet knowing that if that move never happens, I can at least stroll through its lobby on my post-workday walk home.
(Photos courtesy of Attic Fire Photography)
In a preliminary move for a possible future effort, Nashville Urban Venture is requesting that Metro consolidate seven Gulch lots.
The parcels — which include the building home to The Turnip Truck Urban Fare & Natural Market, among others — are bordered by Laurel Street on the north, 12th Avenue on the east, Pine Street on the south and the inner-interstate loop on the west. (See the site here courtesy of Google Maps.)
Joe Barker, chairman of the executive committee of MarketStreet Enterprises (for which Nashville Urban Venture is an affiliate), said the team is still working on documentation and no date has been set to appear before the Metro Planning Commission. MarketStreet Equities is the master developer of The Gulch as appointed by the Metro Development and Housing Agency.
“It’s the same method we used with regard to the development of the CSX property on which Gulch Crossing, Velocity and Pine Street now sit,” Barker said.
“We’ve decided that the piece occupied by The Turnip Truck and its associated tenants will stay long term,” Barker added.
Dirk Melton is development director of MarketStreet Enterprises and the 2015 president of the Nashville chapter of commercial real estate association NAIOP.
The chapter announced its annual award winners last week and, shortly thereafter, Post Managing Editor caught up with Melton for a brief chat.
It seems 2014 was a strong year for the local NAIOP chapter. Any surprises or general thoughts about the year?
The NAIOP Nashville chapter has never been stronger than it is today in terms of our membership, financial stability and member engagement. I credit this success to the amazing effort put forth by our board of directors, by our executive committee and by our executive director, Caroline Mullen. This “three-legged stool” of chapter leadership continually puts our members first with high-quality events, networking and advocacy. And I think that’s what makes NAIOP Nashville a vital and essential commercial real estate organization for Nashville.
What do you expect from the chapter and the city’s commercial real estate sector this year?
This year all eyes are on Nashville’s mayoral race. NAIOP Nashville just awarded Karl Dean with the Legacy Award, our chapter’s highest honor and the first such award since 2010, for his contributions to the built environment of our city. Mayor Dean’s focus on economic development has paid huge dividends for Nashville, and NAIOP Nashville’s Government Affairs Committee looks forward to working with the next administration to maintain our city’s positive momentum.
Where does membership and engagement stand?
NAIOP Nashville has over 400 members, making us the only mid-sized market with a large chapter in the country. Our awards gala is a must-attend event with ticket sales doubling in the past three years, and our attendance at the monthly membership meetings grew to the point that we had to move our meetings from the Nashville School of Law to the Adventure Science Center. This growth demonstrates that NAIOP is bringing great value to its members and that our efforts are being recognized.
What is the main challenge the real estate industry faces in Nashville?
Middle Tennessee has been experiencing strong population growth and job creation in recent years, and all that activity directly benefits commercial real estate. Of course, growth creates more traffic, so I think the main challenge is our region establishing a comprehensive mass transit solution. As a national advocacy organization, NAIOP has a lot of resources to offer, and our Nashville chapter looks forward to working with civic leaders in promoting transportation initiatives that enhance the economic vitality and quality of life of our region that we all enjoy.
MarketStreet Enterprises captured the developer of the year award. The company will deliver this summer its Gulch Crossing mixed-use building and has started on-site work for its Thompson Nashville hotel project. Your thoughts?
Obviously we were delighted and honored to be recognized with the developer of the year award. It is exciting to observe all the activity in the Gulch right now with major projects underway, advancing our firm’s Gulch master plan that has been 15 years in the making. The delivery of our first Class A office building and the start of our first boutique hotel simply continues our mission, which is to create a lasting and positive impact on downtown Nashville.
A permit has been issued for office build-out work in the Gulch Crossing building soon to be completed on a site that addresses both Demonbreun Street and 11th Avenue North, according to Metro Codes Department documents.
The permit is for the completion of seventh- and eighth-floor space to be occupied by Earl Swensson Associates, the architectural firm that has deigned the Gulch-based mid-rise.
MarketStreet Enterprises is the developer of Gulch Crossing (skinned in blue glass in below photo).
JE Dunn Construction Co. is handling the work, with the permit valued at about $3.09 million.
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