PropertyManagementInsider.com offers an interesting look at Nashville's healthy jobs and apartments growth. The Bureau of Labor Statistics recently pegged Nashville’s 2012 job growth at about 30,000 positions — a big increase from its previous estimate. This bodes well in terms of the city finding residents for all the new urban apartment projects. Read more here.
A large sign located on the northeast corner of the site of Eakin Partners’ proposed 1201 Demonbreun office tower has been erected for marketing purposes — and does not portend the actual on-site start of the development.
When contacted via email Monday morning, Eakin Partners responded by noting the company “continues to actively pursue any and all opportunities” and does not have an anchor tenant that would allow the project to move forward.
The parcel on which Eakin wants to construct the 20-story high-rise is part of a larger site that is bordered by Demonbreun Street on the north, the interstate on the west, Laurel Street on the south and 12th Avenue on the east. Nashville-based Ray Hensler has his luxury apartment tower underway on the south parcel of the Gulch-based site.
Read more about the Eakin Partners' proposed development here.
After I wrote, earlier this week, a blog post regarding Texas-based Lincoln Property Company and its Hope Gardens project (read more here), local manmade environment hobbyist Ron Brewer alerted me to a tidbit. Brewer, who serves as moderator for the urbanplanet.org Nashville forum message board, had recalled seeing on the 12South Flats website that LPC will be involved in some manner with the mixed-use project.
So I called Jimmy Granbery, whose H.G. Hill Realty is teaming with Southeast Venture on the fast-materializing development (read more here). Granbery said Lincoln will manage the apartment component of the building, which will also feature retail space.
"Lincoln Properties is very experienced and respected in managing rental apartments," he said.
This is one more example of how out-of-town developers, architects, investors and property managers are increasingly doing real estate work in Nashville. And often, as will be the case with Lincoln, they are taking on various roles.
EOA Architects is planning to move from its long-time SoBro home to Fifth & Main, the east side mixed-use building that originally struggled to find traction but for which the condo units are now sold out.
Of note, EOA designed Fifth & Main.
“We had heard it was designed by a very talented architectural firm,” Gary Everton, EOA founder, said with a laugh.
Everton said the firm is planning to move in late June or early July and will take 8,600 feet on the first floor of the building. He declined to disclose terms of the lease.
“It’s a great opportunity,” Everton said. “East Nashville is on the upswing.”
In December, EOA sold the Fourth Avenue South building from which it operates for $2.6 million to Brett James, who plans to reinvented the historic structure (which once served as a church) as a restaurant and events venue.
The former Hickory Hollow Mall — rebranded as The Global Mall at the Crossings earlier this year — is in the midst of a remodel and will reopen on May 18 with at least 60 new stores, according to mall spokesperson Amanda Adams.
“I can’t tell you much, but I can say there are 60 signed leases,” Adams said.
Global Mall Partners, a group of local investors, bought a large portion of the mall for $1 million last October. That portion does not include the flagship store spaces. At the time, the owners told local news outlets their goals included overcoming a stigma attached to the ailing mall’s past, invigorating the neighborhood and providing opportunities for entrepreneurs.
Adams declined to name specific names opening stores. However, Channel 2 recently reported a few, including American Cell Wireless, Pretty Bows and Maria’s Snacks. (Read more here.)
Metro Nashville is in the process of converting the former JC Penney store to a new library and community center. The slated opening date for that project is spring 2014. Nashville State Community College operates a satellite campus in the former Dillard's department store.