The local office of CBRE has begun leasing efforts related to the 10,150 square feet of street-level retail space to be included in the 25-story SkyHouse Nashville, now under construction in Midtown.
Austin Benedict will handle the marketing and leasing for the retail space, according to a release.
The largest space, to span 3,000 square feet, will be located at the southeast corner of Broadway and 17th and includes 28-foot ceilings and a patio, intended for a restaurant user. The other spaces range from 1,000 to 2,800 square feet, with CBRE to target fast-casual restaurants, boutique shops or amenities stores for the residents of the building's 325 apartment units.
Of note, all retailers and retail patrons will have access to the building's 497-space parking deck.
Atlanta-based Novare Group and Simpson Housing are co-developing SkyHouse, which will have an address of 1701 17th Ave. S. This is Novare's third building in Nashville (joining Viridian and Encore) and its 15th SkyHouse.
“Novare Group and Simpson Housing have a long track record of delivering fabulous developments, and I look forward to seeing the success of other SkyHouse projects brought to Midtown Nashville," Benedict said in the release. "The project’s retail and abundant parking will fill a serious void in Midtown.”
Read more here.
Gulch Crossing, Nashville's most expensive office space, announced three new tenants Tuesday, the day after Mayor Karl Dean helped officially cut the ribbon on the 205,000-square-foot project. Developer MarketStreet Enterprises has deals with: Nicol Investments, a privately owned firm specializing in real estate investments; Thompson Research Group, an equity research firm focused on the industrial and construction materials sectors; and Insight Global, a booming IT employment firm.
The new leasing activity, including the previously announced full-service breakfast, lunch and dinner concept, Milk & Honey, will occupy over 22,000 square feet in the building, approximately 10% of the total project area. Gulch Crossing’s premier office space is currently 70% leased and retail space is approximately 75% leased. With current negotiations, the building is projected to be 90% leased by fall.
According to The Tennessean, rents downtown are up 30 percent over the last three years. Prior, the average rate of year-to-year growth was 2 to 3 percent.
Crescent Communities has landed 10 permits for its Crescent Music Row mixed-use project under construction at 1221 Division St. near both Music Row and The Gulch, according to a Metro Codes Department document.
Balfour Beatty Construction is handling the job, with the permits valued at a collective approximately $12.26 million.
The building will offer 275 luxury apartment units and about 8,000 square feet of ground-level retail space.
Read more about the project and see a large image here.
The directors of Ryman Hospitality Properties have voted to set up a share repurchase program for up to $100 million. The plan, which will expire at the end of 2016, will use available cash and borrowings under Ryman’s revolving credit line. The company is not required to buy a particular amount of stock.
Chairman and CEO Colin Reed said the buyback is “part of a capital allocation strategy that we believe is in the best interest of our shareholders and our business. We believe using capital to repurchase our shares at appropriate prices represents a favorable strategic use of capital.”
Shares of Ryman (Ticker: RHP) fell about 1 percent Thursday — before the buyback news — to $52.16. So far in 2015, they’re down slightly.
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