Condo owners on Velocity's future

NewsChannel 5 spoke with some of the 44 condo owners in The Velocity in the Gulch about the future of the building, now that its 220 unsold units will be available for rent following Atlanta-based Pollack Partners' purchase of the building earlier this month.

According to the story, residents recently met with Pollack Partners people and it seemed both parties were "on the same page" about what they wanted to see happen in the community:

Johnson says this left many of the condo owners "cautiously excited" and there are no plans of buying anyone out.

Mar 21, 2011 7:58 AM

'One of the best deals in town'

ACQ Equities, the Chicago company that recently paid $11 million at an auction for the 5th & Main development in East Nashville, is not converting the building into all apartments, as had been expected. Instead, the company has teamed up with Village Real Estate, The Mathews Company and Seigenthaler Public Relations and will soon roll out "bold new pricing" to lure buyers.
This April, Fifth and Main will open sales to the public, with its units priced lower than any other comparable condo complex on the market. With a mixture of contemporary flats, lofts and townhomes, the six-story development offers unobstructed views of the Nashville skyline. The homes feature spacious layouts, balconies or rooftop terraces and sizeable kitchens. “This is one of the best deals in town, with reduced pricing in an area that has seen steady revitalization throughout the economic downturn,” Lang said.
Mar 4, 2011 7:45 AM

The 5th & Main foreclosure

East Nashville's $47 million 5th & Main development is headed to foreclosure after selling only nine of its 129 units. The NBJ has the story here.
Feb 9, 2011 8:13 AM

Encore has new leasing agent

Tony Giarratana has turned to Colliers International agent Austin Benedict to help lease the street-level retail space at his Encore condominium tower. Colliers takes over from Holrob.
Dec 14, 2010 7:09 AM

Terrazzo's tense owners

Some residents of Gulch mixed-use tower Terrazzo are uneasy about some of the legal maneuvers made by developer Crosland, which has incorporated a number of new subsidiaries to sell units. One buyer says residents "don’t know who we’re dealing with," but the company says it's perfectly normal practice.
Terrazzo is actually one of the healthier new-build condos in Music City, and Crosland doesn’t appear to be buying units under shells, just selling them. That’s another hint they might be simply trying to avoid Land Act lawsuits from nervous owners.
Nov 22, 2010 7:53 AM

Not at all a 'dead end world'

Grant Hammond has the breakdown of Saturday's auction at The West End. A surprising success with the 32 units auctioned off and 40 total units sold. The Nashville condo guru had predicted as few as five to seven total units sold. Price per square foot ranged from $226 down to $153, with overall prices between $250,000 to $412,000. On average, the condos caught 51 cents on the dollar relative to asking price, about 11 percent lower than what The Terrazzo averaged a few weeks ago. And because it's Nashville, there was some star power at the auction (or least the parents-of-star power):
Reportedly, Reese Witherspoon’s father as well as Taylor Swift’s mother had low offers rejected on the two largest penthouses in the building. However, it is believed that at least 5 more auction condos sold during this time.
Dec 7, 2009 4:30 PM

'How much have you got?' The West End auction tomorrow

Nashville's second condo auction in the last few weeks is on-site at The West End, on the corner of 31st and, appropriately, West End. Grant Hammond broke it all down a few weeks ago. After the success at Terrazzo two Saturdays ago, will the West End town be a dead-end world? Or will more residents make it a wild West End?
Dec 4, 2009 1:09 PM

Breakdown: The Great Terrazzo Auction of 2009

Grant Hammond got the results from Saturday's highly anticipated auction at The Terrazzo. All told, 21 units sold during auction and additional six were sold during floor negotiations. Note Hammond only has four of those listed, but the remaining two went at the same $235-per-square-foot price. On average, the condos caught 62 cents on the dollar relative to list price - a great deal for the seller to be sure - but one lucky (or smart) buyer managed to catch a 1,000-square-foot, one-bedroom for $236,000, a mere 44 percent of the list price. The big question is how the success of The Terrazzo's sell-off will affect Nashville's next condo auction, slated for Dec. 5 at The West End.
Nov 23, 2009 1:32 PM

Something, anything

Crosland takes a drastic step in an attempt to start shipping condos at its Terrazzo tower. It will hold an auction the weekend before Thanksgiving with minimum bids starting below $200 per square foot.
The condominium homes offered in the sales event include a broad array of floorplans, and minimum offering bids are approximately 40-50% of the list price. One-bedroom and one-bedroom den residences available at the sales event range from 891 to 1,150 square feet with minimum offering bids of $159,000 - $225,000. Two-bedroom, two-bath and two-bedroom plus den residences available at the sales event range from 1,320 to 1,617 square feet with minimum offering bids of $250,000 - $310,000. Three-bedroom, three-bath residences available at the sales event have 2,090 square feet with minimum offering bids of $399,000. The minimum bid prices include one parking space in the access-controlled, underground garage.
Oct 28, 2009 10:28 AM

Dickson townhome development progressing

Developer Tom Lochbihler has sold the first eight units in his West Lake Villas project in Dickson and is starting work on two more. The complex, aimed at empty nesters, sits next Luther Lake City Park.
Aug 14, 2009 6:43 AM