On-site work has begun on 909 Flats, the five-story apartment building to rise in Hope Gardens across from the Nashville Farmer’s Market.
Dallas-based Lincoln Property Co. and MetLife Inc., which are co-developing 909 Flats, have secured multiple permits, valued at about $31.9 million, for the work, according to the Metro Codes Administration Department. Originally, Lincoln had wanted to break ground by the end of 2013. (Read more about the project here and here.)
Cambridge Swinerton Builders Inc. is serving as the general contractor for the project. Relatedly, the Atlanta-based company is the GC for Artisan on 18th, which Nashville-based Stonehenge Real Estate Group has under construction in Midtown. Both Lincoln and Stonehenge have offices in Atlanta.
Of note, the 232-units 909 Flats is expected to be U.S. Green Building Council Leadership in Energy and Environmental Design (LEED) certified. The street address is 909 Rosa L. Parks Blvd.
Look here, Nashville is at the top of another list.
Research firm RealtyTrac has updated its data on foreclosures around the country, and it turns out that Music City is the city where no fewer than 80 percent of foreclosed properties are still occupied by a former homeowner or tenant. Only Richmond, Va., comes close.
Nationally, foreclosures in March were down 23 percent from the year before.
"Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold," said Daren Blomquist, vice president at RealtyTrac. "Our estimates indicate only 10 percent of these bank-owned properties are listed for sale and more than half are still occupied by the former homeowner or tenant."
Jay Parsons at MPF Research has delivered an update on Nashville's red-hot apartment market, which produced year-over-year rent growth of 4.3 percent in the first quarter, one of the best numbers in the country. But all those construction cranes and work crews will soon give way to hundreds of finished units, which will push down both occupancy and rent growth about a year from now. But renters shouldn't expect that dip to hold: Parson says "market fundamentals could heat up again 2015 and 2016."
Nashville-based Split Rock Development has released a rendering for its infill townhouse project in Midtown.
The boutique development company has enlisted Nashville-based Tarl LaRocco Designs (read about here) to serve as architect for the three-story building, which will feature an exterior comprising brick and cast stone. The color scheme will be off white and Ryan Talbert, Split Rock owner, said the structure will reach a height of almost 40 feet.
“Our effort is to provide executive-focused housing with high-end finish levels,” Talbert said. “The homes will be convenient to Vanderbilt, various hospitals and downtown-based businesses.”
Talbert (pictured) is teaming with Franklin-based real estate investor Joe Bauer on the six-unit approximately $4 million project. Bauer created JJB Properties LLC for the effort and recently paid $1.1 million for the two parcels, located at 2118 and 2120 Hayes St., on which the project will rise. (Read more here.)
(Image courtesy of Tarl LaRocco Designs)
Real estate research firm CoreLogic says Nashville-area home prices in February were up 10.0 percent year over year, excluding distressed sales. That's down only a bit from January's number. Interestingly, excluding distressed sales pushed that price gain up to 10.4 percent. That suggests we've just about digested the last of the leftovers from the property bubble's bursting — and makes us think 2014 forecasts of very small price gains for local homeowners may soon prove to be too conservative.
If you're concerned about the Middle Tennessee housing market running out of gas — February home sales were up only 4 percent year over year, after all — the researchers at Freddie Mac have a clear message: Not by a long shot.
The mortgage capital giant on Wednesday unveiled MiMi, its new Multi-Indicator Market Index that incorporates local data with proprietary numbers for a range of markets around the country. The metric places national, state and local housing activity on a scale relative to its healthy range, and its first data sets were for January.
"MiMi is the right housing index at the right time as we once again transition to a purchase-dominated housing market," said Freddie Mac Chief Economist Frank Nothaft. "With recent history demonstrating that housing activity differs substantially from market to market, MiMi offers a fresh perspective on housing at the local level just as we are entering this new purchase market landscape. MiMi helps to pinpoint each market's 'sweet spot' by focusing on local housing differences while also tracking the fundamentals necessary for a stable market."
Based on recent trends and as of early this year, Nashville was still a year away from getting to that range.
But we were among the top markets in the country. It's also worth noting that, of the cities above us, only top-rated San Antonio improved more in January than Nashville. And no market in the top 15 moved faster forward from November through January.
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR