Core Development now has a website for its 1260Martin residential project planned for Wedgewood-Houston.
The website (see here) does not offer full details, and Core officials could not be reached for comment Friday morning.
However, images show the building, to sit at the northeast corner of the intersection of Merritt Avenue and Martin Street, would rise five stories and offer an industrial-esque exterior vibe. Village Real Estate Services (a Core sister company) is listed on the website, which references "townhouse units."
Smith Gee Studio is the architect for the project. Of note, the Nashville-based company has designed Core’s Six10 Merritt (read more here), planned for a site located across Martin from 1260Martin.
The two buildings will be part of what Nashville-based Core is calling The Finery.
(Image courtesy of Core and Smith Gee)
One of the drivers of Nashville's hot real estate market in recent years has been the infusion of capital from large out-of-market investors. That group is as enthusiastic as ever about the Music City's propsects: In "Emerging Trends in Real Estate 2016," a wide-ranging industry report, investors and other industry players rank Nashville's commercial real estate prospects seventh in the country. Many of them place the city in a small group of Southeastern "villes" (including Knoxville, Jacksonville and Gainesville, Florida) that have become attractive second-tier investment markets.
The “villes” are seen as offering opportunities to take advantage of faster-growing demographics, economies, concentrations in desirable industries, and, in many cases, aggressive development plans to establish growth centers within the community. A number of these markets appear to offer benefits similar to key 18-hour cities: growing urban centers, good in-migration (specifically among desired workers), attractive quality of life, and a lower cost of doing business.
One red flag to watch: Almost half of respondents to PwC's survey say it's time to get out of Nashville's sizzling hotel sector.
Here are a few snapshots from the PwC/ULI report, which is available in full here.
Demand for Class A office space in the Nashville market remained strong through the third quarter, with only 25,000 square feet available within two Class A buildings opened during the past 12 months, according to a report from the Nashville office of Colliers International.
With direct vacancy down to 4.2 percent at the close of the third quarter, Nashville’s office market needs construction to keep pace with the leasing momentum for office space, according to the report.
Relatedly, year-to-date net absorption is positive 1.3 million square feet, equating to 106 percent of 2014's total absorption. Nashville is expected to close out 2015 with the highest occupancy gain since 2008.
The report notes that according to Colliers Global Research, Nashville’s direct vacancy rate of 5.8 percent during the year’s second quarter was lower than that of Toronto (6.1 percent), San Francisco (6.3 percent), Montreal (6.6 percent) and San Jose (7.2 percent).
Of note, and for the Nashville market, Class A office space average $24.68 per foot for the quarter. For downtown Class A space, the figure was $26.42, and $36-$38 for downtown Class A new construction. In contrast, for the Nashville market, suburban Class A office space averaged $24.31 per foot for the quarter and $28-$34 for suburban Class A new construction.
Read the full report here.
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.
Gulch Crossing, the recently opened MarketStreet Enterprises-developed Class A office building located in The Gulch, has been awarded LEED Gold certification by the U.S. Green Building Council.
Gulch Crossing received LEED Gold related to its sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality, according to a release.
“From the beginning, we wanted Gulch Crossing to set a new standard of office buildings in Nashville through design, features and function that was still environmentally responsible,” Jay Turner, managing director of MarketStreet Enterprises, said in the release. “We’re proud to deliver a building that will help attract working talent to Nashville, creating a lasting impact on the city’s professional growth, not its environmental footprint.”
Gulch Crossing highlights include the following: an 18 percent energy usage reduction over conventionally designed buildings; 41 percent water use reduction (resulting in over 650,000 gallons of annual water savings); 72 percent reduction in landscaping water usage through water efficient landscape design; 81 percent (1,854 tons) of construction waste was recycled; preferred parking is provided for low emitting vehicles and fuel efficient vehicles; and reduction of the area’s heat island effect is achieved as 90 percent of the parking is under cover and 75 percent of the building’s roof is highly reflective.
From the release:
MarketSteet worked with local firm, SSR Sustainability Consulting, to help manage the LEED certification process. “We were fortunate to work with MarketStreet, an owner committed to developing a building with a strong community presence while maintaining a low impact on the environment,” said Eric Sheffer, principal at SSRCx. “Gulch Crossing does just that, easily integrating itself into the surrounding sustainable community while standing apart with its unique design and features.”Extensive consideration was taken in the architecture and design of the building to ensure that the modern elements were environmentally efficient. For example, the building’s exterior is highlighted by cedar accents designed to pay homage to area’s past as a railroad yard. The Forest Stewardship Council certified 96 percent of the cedar used, helping the building to receive high marks for a difficult credit. Additionally, MarketStreet worked closely with the architects at ESa to ensure that the modern architecture, including the use of floor to ceiling glass windows, did not compromise the energy efficiency of the building. Eric Klotz, AIA, who served as ESa’s Senior Design Manager of Gulch Crossing, says, “Core responsibilities of architects today include designing sustainable buildings and spaces that promote health and wellness. Gulch Crossing is the product of a team commitment of the owner and designers to providing a built environment that responsibly utilizes natural resources, products and energy.”
The Nashville investor behind the Virgin Hotel planned for Music Row is exploring alternative options for the property, according to the Nashville Business Journal.
Plans for the Virgin Hotel were first announced in 2014, with renderings released last January. The Business Journal reports construction executive Dean Chase, who owns the site and is in charge of raising money to build the hotel, is sizing up other development possibilities for the prime spot just off the Music Row roundabout — even though Virgin officials say they're still working to move the project forward.
To be clear, Chase's preference remains doing a deal with Virgin, according to sources. Exploring other options does not preclude the possibility that a Virgin Hotel will wind up appearing on this site, though at best, the hotel now wouldn't open until 2017, which is later than originally stated.
Additional options could include office buildings, apartments or condos. For the full article, click here.
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