Maintaining and preserving historic buildings and structures is important in real estate development no matter where you live and that’s a principle developers at The Mainland Companies seem to agree with. Announced earlier this month is a plan to convert the historic Elliott School site into condos, which also includes building two brand new buildings as well—a project that will bring 77 new condominium residences to one of Nashville’s oldest residential neighborhoods.
According to reports, the new Germantown condo project will offer a wide range of floor plans that will include anywhere from 650 to 2,300 square feet of total living space, and of the 77 total units, 23 will actually be housed inside the historic Elliott School building, while the other 54 units, which also include six townhouses, will be all brand new construction.
Worth noting is that Mainland Companies is continuing to work with preservationists to ensure the project will be done tastefully, especially the portion that will use the existing Elliott School structure.
As noted in numerous reports, Mainland Companies purchased the building site for $5.8 million last fall, which spans roughly two acres between Madison Street and Sixth and Seventh avenues. With plans only recently announced, further details have yet to be released, so stay tuned for more…
News broke earlier today about a local development group acquiring the former lumber yard located near the northeast corner of Nolensville Pike and Thompson Lane on Nashville’s southeast side. And according to reports, the buyer, Woodbine LLC, could be planning to develop condos and apartments at the site sooner rather than later.
The entire site, which was purchased for just $1.33 million, encompasses 3.55 acres and developers are still waiting on final approval from the city that would allow the kind of multifamily development they’re looking to build.
In all, the plan is for the new project to feature 92 units, however, it’s still not entirely clear whether those units will be condos or apartments. Either way, Woodbine LLC has mentioned they'd like for the project to be finished before the end of next year, which seems to be a pretty aggressive timeline given the project has yet to be approved officially.
Other development in Nashville’s rapidly growing Woodbine neighborhood includes a new gas station and convenient store and quite a few new homes that offer large yards and plenty of walkability to future and potential home buyers considering a move to this up-and-coming part of the city.
With a severe shortage of downtown condos available right now, developers are once again starting to eye opportunities that could potentially bring more units to a market that desperately needs them. Most recently, news broke about a possible six-story, 24-unit building that could be developed on a downtown site that overlooks the Cumberland River, just a few block southeast of First Tennessee Park.
Located at 700 First Avenue North to be exact, the project, which is being headed by California and Nashville developer Dennis Devine, will be designed by EOA Architects, and if built, will put residents just blocks from all of Nashville’s hottest entertainment venues and downtown attractions.
The building’s location is also right next to the historic CSX train bridge, which should provide a pretty unique backdrop and almost certainly attract anybody looking to combine a great downtown Nashville location with a equally impressive view. Riverfront Park is also basically right next door to the build site as well, which is yet another nice outdoor amenity that will undoubtedly compliment the building and what if offers.
As of November 17th, the Metro Development and Housing Agency Design Review Committee unanimously approved the concept plan, which is being called Water Tower Condominiums.
Stay tuned for more info as it becomes available.
With condos for sale at The Icon expected to sell out by the end of 2015, the need for condos and other for sale product in downtown Nashville is quite possibly at an all-time high. But despite inventory being low and the city’s population continuing to grow, there really isn’t a whole lot coming through the pipeline in terms of new development right now, at least in terms of condos and for sale residences.
According to recent stats, Nashville has only about a one-month’s supply of resale condos, a far cry from what's generally considered a normal market of around a five- to six-month supply. And with such a strong demand for new housing around the city, many eventual buyers have their sights set on what's expected to come to market sometime in the near future, even though it’s not a whole lot.
But for now, though, here’s a look at what is currently in the works around downtown Nashville, however limited the list may be:
Although a smaller development with just 71 units, the City Lights project is one of the more highly anticipated developments in the works right now, with units expected to be built above a three story parking garage. Condos at City Lights should be priced in the $600,000 to $3 million range.
Poston at the Park
Expected to break ground next month, Poston at the Park is a 27 unit condo development overlooking Centennial Park. According to reports, though, 12 of the 27 units have already been sold here, including the $2.2 million penthouse.
Situated in Belle Meade, The Manning will be a 36-unit condo project that will be developed in two phases. Units here will average 3,500 square feet of living space and prices will be set between $1.7 and $5 million.
Easily the largest of Nashville’s planned condo developments, the 505 will be a 45-story skyscraper with a mixture of condos and rentals, with the majority of the building featuring high-end condo residences. Construction for the $155 million tower will start in November but delivery isn’t expected until 2018.
As first reported by The Tennessean, Nashville-based MiKeN Development and HR Properties recently paid $1.36 million for land currently occupied by The Mulch Co. in anticipation of developing 27 new townhomes and 75 new condos.
Although not many more details have been released about the project, it’s expected that about 20 percent of these units will target home buyers earning 60 to 120 percent of the area’s median income.
In addition to the planned condos and townhomes, 37 more single-family homes and townhomes are also in the works for property that sits directly behind The Mulch Co. property, which was formerly the location of Bellar Auto Parts.
For now, permits are still in the process of being acquired by developers, although efforts to combine a greenway throughout the properties is also in the works, along with builders also having the opportunity to offer a variety of housing types. Part of the project might also include a mixed-use development and there’s also been discussion about incorporating live-work and live-make housing as well.
A small luxury condo development has just been announced for a 0.3-acre site over at 119 Acklen Park Drive off West End Avenue. Being called the Condos at Brio, the new project will bring 12 new upscale condominium residences to the West End neighborhood, which will feature between 1,550 and 1,625 square feet of total living space and reportedly be priced somewhere over $500,000.
Demand for real estate in the West End has really soared over the past 12 to 18 months, largely because of the neighborhood’s awesome walkability to shopping, dining, schools, entertainment, and just about anything else you'd want to live near.
HV Urban, the developer behind the Condos at Brio, is also working to develop the new Vibe City Homes project, which is a modern, 38-unit townhouse development over at 1046 Trinity Lane in East Nashville.
As of now, not many details have been released on what to expect inside, but look for Condos at Brio to also feature large covered balconies and space for resident gated parking. In addition, construction for the project should wrap up sometime around late 2017 or early 2018.
For additional information about West End real estate opportunities, or other homes or condos in Nashville, give us a call to see how we can assist you with your new home search today!