Good news for Nashville-area homeowners: Housing market research firm CoreLogic says the average August home price in the region, including distressed sales, was 8.5 percent higher than a year earlier. That's up from the pace the market was setting earlier this year and also a little higher than CoreLogic's national number.
Capitol View in North Gulch site sees activity
Erosion barriers are in place at the Capitol View site on which Northwestern and Boyle Nashville are eying a mixed-use project.
The team is targeting a year's end construction start on a $90 million, six-story building (pictured) to be located at the northeast corner of the intersection of 11th Avenue North and Charlotte Avenue in the North Gulch.
Project officials could not be reached for comment.
Demo underway at Midtown site planned for tower
Full-scale demolition is underway on the Midtown site for which Lennar is targeting a mixed-used 19-story tower to be called M Residences.
Read more about the project here.
Goodyear building razing looms; hotel projects might follow
The SoBro building last home to Goodyear is having remediation work done as Fillmore Capital Group preps to raze the structure to make way for a planned Cambria Suites hotel project.
Read more here.
Core targets start for Five Points-area project
Nashville-based Core Development is targeting a January start on a residential project slated for a site located near Five Points in East Nashville, Nashville Business Journal reports.
The Nashville-based developer is eyeing 17 townhomes and six flats for the site, which it acquired from LIV Development and is located on West Eastland Avenue about one block west of Gallatin Road.
Read more here.
Waters to step down at Turnberry
Veteran hotel industry executive Ray Waters has resigned from Turnberry Associates, the Aventura, Florida-based developer eyeing a 35-story JW Marriott for SoBro, Nashville Business Journal reports.
Waters, who most recently served as president of Turnberry’s hospitality division and is recognized locally for his work with Hilton Nashville Downtown, told NBJ he is weighing various options.
Read more here.
Beaman sells Antioch land for $5.5M
Century Farms LLC, a partnership affiliated with Nashville-based Oldacre McDonald, has acquired about 132 acres of Antioch land for $5.54 million, The Tennessean reports.
Nashville automotive dealer Lee A. Beaman was the seller.
Century Farms is eyeing a massive mixed-use project on the site.
Local development firm Forbes|Plunkett Group will break ground Nov. 1 on its 4th Avenue Townhomes project, a four-unit project at 1610 Fourth Ave. N. in Germantown. Two of the four units will be 1,711 square feet, the others 1,391 square feet each. All will have rooftop terraces and are expected to be on the market by next April.
"Germantown is one of the most desired urban areas in Nashville," said developer Brandon Plunkett. "The response to our other residential projects in the neighborhood has been encouraging and we're excited to continue to expand our footprint with the 4th Avenue Townhomes.”
The Forbes|Plunkett team has been involved in the development of 10 homes in Germantown neighborhood. The 4th Avenue Townhomes were designed by Nashville-based RobinetteDyer Architects and will be built by Cygnus Construction. Franklin Synergy Bank is providing financing and the Forbes|Plunkett team at Fridrich & Clark Realty will market the properties.
(Image by RobinetteDyer Architects)
SEE ALSO: Details of Forbes|Plunkett's Sylvan Heights' project
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.
The Middle Tennessee housing market continues to heat up nicely — to the point where the year-over-year improvement in Freddie Mac's Multi-Indicator Market Index has reached double digits for the first time since June of last year. As in recent months, the biggest driver of those gains is an improvement in the payment-to-income ratios of local borrowers.
Here's Freddie Mac's national news release.
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