Bristol Development Group continues to focus on its Bristol 12 South targeted for the Nashville district from which the project's moniker is derived. Though the Metro Planning Commission recently disapproved a rezoning that would allow the project to move forward, Bristol is working on an alternative plan, according to David Hanchrow, the Franklin-based company’s chief investment officer.
Post Managing Editor William Williams recently caught up with Hanchrow (pictured) to gauge his thoughts on the effort (see an image and read more here).
Many 12South-area residents and business owners have voiced concerns about Bristol 12 South as previously proposed, with a key being the overall height (four stories) and massing of the original iteration. You altered that design with a more modest segment of the building rising four floors and the structure, as such, playing more so like a three-story building. Then you changed to a three-story building only. That plan had the support of the Metro Planning department staff and many neighbors. Plus it and met the standards of the urban design overlay proposed for 12South. Where do you stand now?
There were a number of issues at play most recently. There was still some concern from a small but vocal group of neighbors. I certainly appreciate their concerns and passion for their neighborhood. But we felt we had listened to people and had planning department staff support. Another thing working against us might have been the timing of Nashville Next, the adoption for which is pending. That combination gave a number of commissioners pause.
But we are by no means walking away from this. We will look at other options and consider comments from neighbors and planning staff and get a plan we hope will be more accepted the next go-around. We are still very engaged with the Tabernacle Baptist Church officials.
When is the latest you must close on the acquisition of the church property before the deal is dissolved?
It wouldn’t be appropriate to comment on a prospective transaction.
What is the next step?
Smith Gee Studio is our architect and Littlejohn is our engineer. We are planning to meet with the church and the design team very soon and talk about how we move forward.
If the project materializes in a new form, could the building offer retail and/or parking for non-residents?
One thing we’ve learned — and that was different from what we heard originally — is that the building needs retail. We had no retail space in the original plan because we had heard that retail would lead to parking problems on the side streets. Now we’re hearing most folks want retail. Whatever we do in the next proposal will most likely have a retail element to it.
Could the building offer condos?
That is a market-driven question and we will keep our options open. Condo construction financing is hard to obtain and, given the apartment market, we feel confident this can be successful as an apartment project. But as any good developer would do, we are not ruling out options.
Given the setbacks, what realistically is the earliest a demolition and groundbreaking could take place?
We are not going to submit a new plan before Nashville Next is adopted (expected this summer) and we’ve had a chance to review the Nashville Next suggestions for the area.
It's not necessarily a surprise, but it is encouraging. Real estate research firm CoreLogic's latest numbers show that more and more Middle Tennessee homeowners are becoming current on their payments. The 2.71 percent delinquency rate for February was 70 basis points better than that of a year earlier and just about a full point below the number from October of 2013. That trend has had a positive effect on local banks' earnings and is showing little sign of slowing down.
Nashville-based Split Rock Development had enlisted Brentview Realty Realtors Andy Beasley and Garrett Beasley to handle sales and marketing of its Hayes Executive Lofts units slated for an early June completion in Midtown.
Ryan Talbert, Split Rock owner, told the Post Wednesday that “several” of the six row homes in the 2100 block of Hayes Street were recently placed on the market.
“We’re pleased to be almost finished with the project and are optimistic sales will go well,” Talbert (pictured) said.
Talbert is teaming with Franklin-based real estate investor Joe Bauer on the approximately $4 million project. Designed by Tarl LaRocco Designs, the units will sport prices in the mid-$800,000s.
Read more here.
(Photo courtesy of Nicholas Sala)
On the heels of this past weekend’s erection of a roughly 200-foot-tall tower crane at the site of the Westin Nashville Hotel project, the timing of this quick photo overview of some residential projects on the city’s west side seems appropriate.
Post contributor Nicholas Sala took the photos, which show the skins of the four buildings being applied.
Photo No. 1 is of Acklen in Historic West End Park. (Read more here.)
Photo No. 2 is of Mezzo, also in Historic West End Park. (Read more here.)
Photo No. 3 is of Opus 29 in the Centennial Park area. (Read more here.)
Photo No. 4 is of the Hayes Executive Lofts project on Hayes Street. (Read more here.)
Relatedly, a D.F. Chase official (Chase is the general contractor for the Westin project) said the crane should eventually rise 360 feet (the building will be about 310 feet tall).
(Photos courtesy of Nicholas Sala)
Middle Tennessee's housing market improved ever so slightly in February, according to a Freddie Mac index that incorporates a number of factors. But slight improvements mean the year-over-year comparisons are beginning to look rather less impressive than the 8 percent gains we were seeing late last year.
Nationally, 60 of the country's 100 largest metro markets are on the upswing. Check the details here.
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