Nashville Real Estate Blog - Blog Archive: October, 2012

information relating to real estate in Nashville Tennessee

Nashville Real Estate Blog - Blog Archive: October, 2012 Close
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October 2012

Found 14 blog entries for October 2012.

With key lenders strengthening the hands, developer Ray Hensler is going ahead with plans of what is slated to be Nashville’s first high-rise building rental project in over two decades.

Best known for conceptualizing and developing the Adelicia luxury condos in the Vanderbilt neighborhood, Hensler plans a $80 million, 23-storey, 321-unit elitist condo-style apartments at where 12th Avenue South meets Laurel Street in the Gulch. Work is scheduled to start by the year-end at the same spot that once housed Universal tire. Hensler forecasts that the apartments will be open for occupancy in the spring of 2014. This project christened 12th and Laurel for the time being, and is co-developed by Stiles Corp., a Fort Lauderdale, Fla.-based development enterprise.

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NASHVILLE, TN – The Metro Council held a final reading and voting yesterday (Tuesday, September 18) on an ambitious re-zoning plan to transform midtown Nashville into a denser, more urban-like setting within the next few years.

The re-zoning will allow more construction and development closer to the streets, right up to the sidewalk or property line, making it friendlier to pedestrians and future mass-transit projects.  The plan covers 455 acres, specifically the area defined by Charlotte Avenue on the north, West End Avenue and 21st Avenue to the south, Interstate 40 in the east, and Broadway.

“There's going to be an influx of people moving to Nashville,” Metro Councilwoman and rezoning sponsor Burkley Allen predicts. “If they can live where their work

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NASHVILLE, TN – The local economy is booming once again in Nashville, with a new 20,000 square-foot retail center opening in 2013 at the Indian Lake Corridor.

Reportedly costing $3.7 million, the new “The Shoppes at Maple Corner” is set to provide high-end shopping beside the 60-acre Indian Lake Market, at the intersection of Maple Drive and Indian Lake Boulevard in Hendersonville.  The site’s developer, P&M Investment Company, expects to open it by the first quarter of 2013.

“This is going to be a next-door shopping destination conveniently situated at the corner of Maple Lane,” says principal broker John Petty of Southeast Venture and P&M’s official representative.  “We are focusing on a mix of franchises, national chains, as well as local

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Alex S. Palmer’s West End Summit was frequently mocked by Nashville’s citizens for numerous reasons, with frequent construction delays cited as the biggest issue that residents of the Music City had with the proposed mixed-use real estate development.

To add to the project developer’s embarrassment, Harmon Inc. filed a lawsuit against palmer, claiming that he owed the firm $120,000, which ultimately postponed the project’s materialization for another year. With nothing to show but an 80-foot hole in the ground filled with rainwater, the development was nicknamed “Lake Palmer.”

Nevertheless, a surprising turn of events suddenly made it possible for structural developments to commence within the project, thanks to HCA Holdings’ move to expand within the

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The number of the home sales and their median prices rose in the Nashville area last month when compared to their value from one year ago, thus signaling a steady recovery of the region’s housing industry. We all know that there has been a mass decline for the housing industry in the US. But it’s different from what the Nashville areas are experiencing. Based on the records of the Greater Nashville Association of Realtors, there is a significant improvement with regard to its home sales.

There were at least 2,266 foreclosed houses for the month of September, 23.7% higher than last year. There was also a $175,000 increase in single-family homes sold, according to the Greater Nashville Association of Realtors. Kendar Cooke, GNAR president said that they

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Builders have finally begun excavations for the long awaited six-level garage project to be built at Parmenter Realty Partners’ 27 story office tower at 511 Union Street, in the center of Nashville.

Once complete, the six level garage will provide a total of 475 new parking spaces, including five levels of underground parking and one surface parking lot for tenants at the Nashville City Center building, visitors to the building and members of the public. Builders expect the project to be complete before the end of 2013.

Richard Fletcher, of Parmenter Realty Partners, the real estate investment company based in the Nashville City Center building, said that the project was an important one for the city as much as his company:

“Nashville’s downtown

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Just what is going down with Nashville’s commercial real estate market lately? All hell has broken loose it seems, with the real estate investment firm Beech Street Capital closing a $93 million to purchase a portfolio of multi-family homes - the most expensive deal in a week of multimillion dollar transactions and new starts.

Beech Street Capital’s purchase was quickly followed by the news that The Adler’s Fund had snapped up Greenbriar Business Park for a cool $12 million, while FelCor decided that now as a good time to sell off its investment in the 296-room Embassy Suites hotel by Nashville International Airport.

Also in Nashville, a number of companies made the news when they broke ground on some hugely expensive projects this past week. Holdings

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Superstar Dolly Parton will no longer be involved in the plan to redevelop Nashville’s Water and Snow Park. The country singer withdrew from the project after shareholders for Gaylord Entertainment, which was her partner-to-be in the venture, voted to reorganize the company into a Real Estate Investment Trust where the new Ryman Hospitality Properties will turn over management of its resort properties to Marriott International.

Parton first announced plans for the park last January wherein she said that it was going to be a $50-million venture, which would be the first of its kind in United States and was projected to be open as early as summer 2014. Gaylord was to work alongside Parton. In addition, the Grand Ole Opry Country Musical Show in Nashville

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Nashville doesn’t want to be left out of the multifamily discussion, something that’s evidenced by Beech Street Capital (edit: now Capital One) closing on a deal worth almost $92.6 million in Freddie Mac Capital Markets Execution loans that involved the acquisition of a three-property multifamily portfolio spanning a thousand units.

One of the people behind the transaction is Aaron Birnbaum, of Meridian Capital Group, the firm used by Beech Street Capital to finance the deal as part of their correspondent relationship. According to Grace Huebscher, the president and CEO at Beech Street Capital, Beech Street and Freddie Mac really stepped up to provide certainty of execution and did so on very competitive terms. In less than 45 days, the lender was able

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Many real estate experts believe that as the land prices rise, it will force the dealerships, which will require large tracts of land, to move and clear the way for higher density developments. But there is one person who did not believe in the idea, and that is Lee Beaman, the head of Beaman Automotive Group in Nashville. He believes that his dealerships could stay put on Broadway for at least the next 10 to 15 years.

“Well, obviously, the price of land really increases expensively, and therefore tends to drive away car dealers into suburbs, but at the same time, we realize that the working population who live and work in Nashville will much appreciate having a much more convenient place to buy cars and have them serviced without a need to drive into

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