Buckingham Cos.' efforts to build a tall residential tower at a prime spot in The Gulch were met with opposition from residents of the nearby Terrazzo development. A number of those people have now hired noted local real estate attorney Tom White. But that, writes Adam Sichko at the Business Journal, doesn't mean a big fight is brewing. Said White to the NBJ:
"I feel very strongly that the best advice I can give is to see if we can get some common ground," White added. "We don't intend to roll over on every request Buckingham wants. But when someone can do something as a matter of right, you want to be very careful you don't come out and oppose something that might be a more creative and better solution."
Over at The Tennessean, Getahn Ward reports that global developer and property manager Lendlease is in talks to move its offices from Midtown's Palmer Plaza to the 1201 Demonbreun building rising in The Gulch. Lendlease officials are in the market for at least a floor of the building, where the typical floorplate will be 26,000 square feet.
And lastly, the North Carolina owners of Tupelo Honey Cafe have picked Oct. 19 to open their Cool Springs restaurant in Boyle's Meridian development adjacent to Interstate 65. Tupelo Honey is setting up shop in the almost-7,300-square-foot former Bosco's space and will be able to seat 172 people inside and another 50 on a patio. The kitchen will serve up scratch-made Southern food as well as soups, salads and sandwiches. Initially, its hours will be for dinner only, with lunch starting on Nov. 2. Check out more info here.
Scott Travis is senior vice president of Buckingham Companies, which recently announced its hopes for a 38-story apartment tower in The Gulch.
The Indianapolis-based developer and its team will go before the Metro Codes Department’s Board of Zoning Appeals today to request a “special exception for height restriction” related to the proposed skyscraper’s 0.48-acre site, which is located at the southwest corner of 12th Avenue South and Division Street and which many folks call the “sliver lot.”
Post Managing Editor William Williams caught up with Travis to gauge his take on the possible form and function of the tower (read more here).
This is a very unusual site on many levels and, some would contend, offers limitations (along with its potential). Why do you find it appealing?
It is a very challenging site, mainly due to the triangular shape of the lot, but the location also presents a number of opportunities for Buckingham Companies and the city — specifically, its location on I-40 and visibility as one of the front doors of downtown Nashville. While the site is on the outer edge of The Gulch, its proximity to the heart of The Gulch offers the ability to be an integral part of the neighborhood and add to its vibrancy. We look forward to that.
If the tower materializes, what will be the exterior materials, color scheme, night lighting options, etc.?
We have several months of design and development, including input from MDHA and the Planning Department through the public approvals process, before those decisions can be made. In any case, we are committed to creating an iconic structure that is also responsive to input gathered from our new neighbors and throughout the review process.
By right, you can construct a building of up to 28 stories. You want to undertake a 38-story building. You have said you want to “go tall” so as to be a good neighbor (that is, to minimize the blocks of views for residents of Icon and Terrazzo). However, one could argue you will also be able to command, in theory, higher rents than otherwise. Your thoughts?
The Downtown Code allows a building somewhere between 24 and 28 stories. The request to go to 38 stories is based on a desire to redistribute square footage and go taller and thinner for the benefit of our neighbors. The taller and thinner massing redistributes the allowable square footage, which reduces shadows cast on our neighbors and helps maintains sightlines that would otherwise be blocked by the building we can build as a right under the zoning guidelines.
Any benefit in additional revenue generated from the added height of the building would be offset by the inherent cost premiums associated with constructing a taller, thinner model — particularly in structural systems and additional building skin required per rentable square foot.
The intersection of 12th and Division is already traffic heavy. Your building would increase the vehicle count. How will you minimize negative traffic impact?
Division and 12th are well trafficked but they are also major arteries to and from The Gulch. We believe a project like this makes the most sense on the periphery of the district and keeps the core as low-traffic and walkable as possible. Furthermore, the taller and thinner scheme does not materially increase square footage or unit count, so any impact will be virtually the same, regardless of the building’s shape.
In the current design, we have pushed the curb cuts to the farthest distance from the intersection possible in an effort to minimize traffic conflicts. The initial review by our traffic consultant indicates that the project will not negatively affect the level of vehicular service of 12th Ave. or Division Street. A full traffic study will be required prior to final design approval.
Buckingham has enlisted Chicago-based Skidmore Owings & Merrill to serve as architect. The firm was the first national entity to design a Nashville skyscraper (The Tennessee Tower) and is considered a major player. Thoughts?
We specifically selected Skidmore Owings & Merrill based on their experience dealing with very difficult sites and high-rise construction. We consider the results thus far to be very positive and believe the benefits to our neighbors and The Gulch community are tangible.
What happens if the BZA disapproves today the special exception to the current height allowed on the site?
We are focused on a design that addresses any concerns that may arise. However, if our proposed design were not approved, we plan to proceed with the alternative design that meets current zoning guidelines.
(Image courtesy of Buckingham Cos. and Skidmore Owings & Merrill)
Per usual, there is much happening with the local real estate scene.
Following are a few quick hits:
City Lights progress
It looks as if progress is being made for City Lights Nashville (pictured here and to be located in Rutledge Hill). A permit has been issued related to a temporary sales office on the site, the address for which is 24 Lea Ave. The building will feature 72 for-sale condominiums.
R.G. Anderson will install the trailer, with the permit valued at $2,000. Project officials could not be reached for information regarding a possible groundbreaking.
Read more about the project here.
Gulch site under contract
An investor group with a local property has a Gulch property located near Peg Leg Porker under contract, Nashville Business Journal reports.
David W. Creed and Stan Snipes, senior advisers with the Nashville-area office of Sperry Van Ness | Investec, are leading the buyer entity and are part of the investment group. The two are focused on purchasing urban real estate across the U.S., Creed said, having recently bought a property in downtown Cincinnati.
The Gulch property (see here courtesy of Google Maps) has an address of 600 Ninth Ave. S. and sits on the southeast corneer of Ninth and Gleaves Street.
“As you can imagine, we are obviously very focused on our own backyard and we are very eager to purchase more real estate in Nashville,” Creed said.
“Gleaves and Division is my favorite untouched area of the Gulch," he added. "There is no question, this is a killer location for development with its proximity to the convention center, the new connector, Arnold's, Jackalope, Yazoo, Peg Leg Porker and Flyte.
Of note, the property is located next to a site that Bravo Development has under contract (read more here). Creed declined to identify the other investors in the group. He said a closing could take place in early 2016.
Read the NBJ article here.
Panattoni looks at second office building as first nears finish
The Nashville office of Panattoni Development Co. is under contract to buy the Music Row building home to the CMA administrative offices and located at 1 Music Circle South (see here courtesy of Google Maps) and is eyeing a potential replacement building, Nashville Business Journal reports.
Panattoni (brothers Whitfield and Hayne Hamilton run the local office) is finishing an office building nearby at 35 Music Square East (16th Avenue South) and to which CMA (and SESAC) will move.
Read more here.
Blakeford slated for upgrades
Green Hills-based senior living community The Blakeford is slated for renovations. According to a Metro permit, Solomon Builders will handle the work. The permit is valued at about $1.2 million.
The Blakeford is located at 11 Burton Hills Blvd.
LLC formed related to Tarkington & Harwell
The state has granted LLC status to an entity called Division Street Associates LLC. The LLC shares a 1705 Division St. address with Midtown-based property management services and real estate investor Tarkington & Harwell Co.
Officials with the entity could not be reached for comment.
Nashville-based law firm Keller Turner Ruth Andrews Ghanem & Heller has a contract to purchase the two-story office building at 20 Music Square West, as first reported by Nashville Business Journal.
Keller Turner Ruth Andrews Ghanem & Heller, which currently operates from Terrazzo in The Gulch, boasts clients including Backstreet Boys and OneRepublic.
Read more here at MusicRow.com.
Lots happened on the local commercial real estate front last week. Let’s take a quick look.
• Another prime SoBro site is for sale. The property located at 500 Eighth Ave. S. and in the shadows of the Music City Center Roundabout recently hit the market, according to Loop Net info. Maria Chrzan, Principal Broker & Owner at MAP Group, LLC, is listing the property for owner AMEC. No listing price is being disclosed.
“It’s a super site and within walking distance to the MCC,” said Chrzan (pictured).
• Nashville-based real estate investor Brad Daniel seemingly is planning some residences for Second Avenue North. Daniel — who wanted to develop with Gary Belz a large-scale apartment building on 16th Avenue South (a project that, in large part, spurred the Metro Planning Commission to essentially place a temporary halt on approving new construction for Music Row) — is now the registered agent for Nashville Riverfront Lofts LLC.
Daniel could not be reached for comment.
• The Metro Planning Commission approved an amendment to the land-use policy and specific plan zoning related to Eakin Partners’ office building planned for the northwest corner of 30th Avenue South and Vanderbilt Place. The building will rise 12 stories and span 200,000 square feet.
• A Sept. 4 groundbreaking is set for the $25 million Division Street Extension and Bridge complete street project to connect The Gulch and SoBro, The Tennessean reports.
Bell and Associates Construction, Gresham Smith and Partners and HDR|ICA Engineering Inc. will work on the project, which will see Division connect with Ash Street. The connector is expected to spur development in lower SoBro.
• Groundbreaking looms for the Lennar Multifamily Communities high-rise slated for 19th Avenue North near Music Row. All the buildings sitting within the footprint of the future 19-story building are now empty.
Read more about the project here.
Division Division Street Extension and Bridge
Eakin Partners building
A trio of development groups is attempting to acquire a Gulch site from which a storage business operates across Division Street from Yazoo Brewing Co.
The Tennessean reports that Tommy Pierce, president of A+ Storage of Tennessee and majority owner of the property, expects to reach an agreement with one of the prospective suitors by the end of September.
The morning daily notes the developers are based in Georgia, Texas and Nashville, respectively. Options include a residential tower, a building with luxury apartments or condos, and a luxury hotel building with a music/television studio.
The two-acre property sits at 909 and 911 Division St., sandwiched by the sites of the Fairfield Inn & Suites and mixed-use mid-rise Terrazzo. It also is located a few blocks west of the point at which Metro will connect Division and Ash Street via a viaduct, a move that is expected to spur development on what is the southern segment of downtown.
See the site here courtesy of Google Maps.
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