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.
The Metro Development and Housing Agency Design Review Committee today voted to approve projects in SoBro and Germantown, among others.
The committee OK’d the conceptual plan for a Germantown residential project to be called Gramercy (pictured here). The approval is pending Metro Historical Commission OK-ing of various exterior elements.
Gramercy would be located at the northeast corner of the intersection of Monroe Street and Seventh Avenue North (see here courtesy of Google Maps).
The site is located within MDHA’s Phillips Jackson Redevelopment District and, as such, committee approval was needed for the concept plan. The Metro Planning Commission also will need to approve.
Nashville-based rootARCH is serving as architect for developer Hidden Valley Homes of Brentwood. (Read more here about the project.)
In addition, the MDHA committee approved the concept plan for a surface parking lot Nashville-based Premier Parking is targeting for the western portion of the Music City Center Roundabout.
With an address of 417 Eighth Ave S. in SoBro (see here courtesy of Google Maps), the parking lot would offer a distinctive shape and vehicular space configuration, robust landscaping and extensive metal fencing.
Premier, which is led by CEO Ryan Chapman is targeting a 42-space lot. A previous iteration, which the MDHA committee did not approve, offered 44.
Fulmer Engineering is involved in the project.
The site is located within MDHA’s Arts Center Redevelopment District and, as such, committee approval was needed for the concept plan. The Metro Planning Commission also will need to approve. Read more here.
In other action, the committee approved the plan related to a rooftop deck for a SoBro building located at 114 Second Ave. S. (see here courtesy of Google Maps).
(Image courtesy of Hidden Valley Homes and rootARCH.)
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