This could prove interesting.
Today is the deadline for prospective buyers to make an offer for a SoBro property located at 804 Fourth Ave. S.
Of note, the property (spanning 1.48 acres and home to the oddly named and non-descript Downtown Business Center building) is one of a minimum of 20 in SoBro that are for sale, under contract or being prepped for redevelopment, as the fast-changing area continues to attract major real estate industry interest.
The Nashville office of Colliers International (Nate Greene) and Green Hills-based Eakin Partners (Brian Jernigan) are co-brokering the effort for Greensboro I, which acquired the two-building property in June 2003 for $2.75 million.
An asking price is not listed. However, a nearby site is for sale with the undisclosed asking price, according to sources, the equivalent of $150 per foot. If the Downtown Business Center property fetches that per-foot number (true, a big "if"), it will sell for $10.27 million.
Greene (pictured) described the property as offering “an excellent development opportunity.” (We would not expect words any less glowing; however, and in fairness, the site sits near interstate access and straddling the future path of the planned Division/Ash connector. Perhaps most tantalizing, the property is zoned to accommodate a multi-unit residential building or an office building, either of up to 16 floors.)
See the property here courtesy of Google Maps.
Nashville-area homeowners continued to improve their financial standing in June: The 90-day delinquency rate among mortgage borrowers ticked down to 2.35 percent, half a point below where it was at the end of 2014. Here's how the delinquency and foreclosure rates have fared so far this year. And here's CoreLogic's national report.
A Charlotte Avenue building last home to used auto dealership Perry Auto Sales is now the space for Masaya & Co.
The retailer’s opening follows 3500 Charlotte Pike Partners' April acquisition of the property and suggests a redevelopment of the site will not happen quickly as some had speculated.
Based in Nashville, Masaya specializes in furniture made from sustainably sourced local materials and bills itself as offering a “responsible alternative to mass production goods.” The company has a tree nursery in Nicaragua.
3500 Charlotte Pike Partners, an entity affiliated with Spiva Hill Management Co. partners George Spiva and Nick Spiva, paid $1.65 million for the property, which spans the north side of Charlotte Avenue between 35th and 36th avenue north. Nick Spiva is undertaking a development in Berry Hill (read here).
Spiva could not be reached for comment.
The stretch of Charlotte between the inner-interstate loop on the east and 42nd Avenue on the west continues to see increased interest from businesses and prospective developers, according to local real estate sources.
HCA has landed a major permit for its mixed-use tower under construction in the North Gulch.
Skanska is handling the job, with the permit valued at about $90.6 million. The work involves constructing a 16-story shell for the tower.
To rise about 250 feet, the building will accommodate HCA divisions Sarah Cannon Research Institute and Parallon.
Read more about the project here.
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.
A stalled Sylvan Park commercial development is expected to be downsized so as to meet Metro compliance, Nashville Business Journal reports.
Quoting Metro Councilwoman-Elect Kathleen Murphy, NBJ reports Nashville-based boutique developer Priam Ventures will alter that massing of its retail building under construction at 46th and Utah avenues.
Read more here.
There seems to be no stopping the Nashville-area housing market these days. The latest Freddie Mac Multi-Indicator Market Index shows a local housing economy rising for the fifth straight month to 90.0. It was under 79 in January and is now up 58 percent from its fall 2010 trough. Freddie Mac says Middle Tennessee is now the eighth-strongest housing market in the United States. (The company's national news release is here.)
In what should be an encouraging sign for many other local businesses, Freddie Mac researchers say the biggest gains are coming thanks to better payment-to-income ratios. Given how steadily home prices are rising, that statistic might suggest local workers' compensation is more than keeping up.
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