October 22, 2007

New Residental Development for Cool Springs

Friday, October 19, 2007
$109M residential project set to sprout in Cool Springs
Todd Stringer, Nashville Business Journal
Don Shepherd, managing member of Creekstone Development and Kenneth Choate, principal, at the development site in Cool Springs.
A $109 million residential development fronted by nine office lots will begin construction after Jan. 1 in Cool Springs.
The two-tier Franklin development is being built by Royal Oaks Partnership South and Creekstone Development Group LLC.
Royal Oaks is working on the office lots, named Creekstone Commons, and has landed a Reliant Bank branch and office on one of them, developers say. The site will also contain the new $10 million headquarters for CHD Meridian Healthcare of Green Hills. The lot is owned by First Industrial Realty Trust Inc. of Chicago.
Legacy Academy already sits on one of the Creekstone lots. Legacy provides early childhood education.
CHD Meridian is a subsidiary of Philadelphia-based I-trax Inc. (AMEX: DMX) and operates employer-sponsored, onsite clinics.
Mike Hickey, general manager for Pinnacle Realty LLC, a Royal Oaks associate, says the 72-acre project will be split into two separately-owned developments, with some partners owning shares in both the office and residential developments.
Royal Oaks sold the residentially zoned 54 acres to the south of the office lots to Creekstone several weeks ago.
Don Shepherd, managing member for Creekstone Development, says his company will develop the residential project ­- which will contain 263 units.
The project will include 113 detached houses, 108 condominiums and 42 townhouses.
The rapidly growing area south and west of the Interstate 65-Murfreesboro Road intersection is an ideal location for the bank's new office and full-service branch, says Dan Dellinger, chief operating officer of Reliant Bank.
Reliant, which opened in January 2006, has one branch at 1724 Carothers Parkway, Franklin.
Dellinger says the new branch should be open in 2008, about the same time a third branch in Nolensville is built. (Nashville Business Journal)

October 21, 2007

Williamson County 2007 Meidan home prices

The median price of a home in Williamson County for 2007 to date is $380,000. For the first 9 months of 2006, the median home price was $335,000. This is an increase of just under 14 percent over the past year. NAR indicates that a healthy growth in real estate over a six-year period is approximately 4 percent per year. Williamson County is still experiencing an increase in median pricing year over year. In fact, for the first nine months of 2005, the median home price in the County was $284,744; putting the median price of $380,000 for 2007 at 33 percent higher over a two-year period. (Williamson County Assocation of Realtors - October 2007 Newsletter)

October 15, 2007

September Home sales in Nashville decline but prices continue to go up!

Home sales were down 25 percent in September from the same period last year, the Greater Nashville Association of Realtors says.
The sharp drop was balanced by news about home prices, which continue to go up.
The median price for a single-family home was $182,291, rising 2 percent from a year ago. Condos climbed 5.6 percent to $162,500.
There were 2,587 home closings in September, compared with 3,455 closings reported for the same period last year.
Closings in the third quarter fell to 9,295, 17 percent lower than last year's third quarter closings of 11,203.
Year-to-date closings for Middle Tennessee are 27,365. That's down 11 percent from the 30,749 closings reported through the third quarter of 2006.
The average number of days on the market for a single-family home was 67 days, compared with 57 days for September 2006.
Inventory at the end of September was 22,821, up from 17,316 in September 2006.

Southern Land will headquarter in Franklin

Southern Land Co. LLC has released plans for The McEwen Building, a $30 million office building in McEwen, a $350 million, 93-acre mixed-use neighborhood west of Interstate 65 in the City of Franklin.
Ground breaking is scheduled for this fall.
The company plans to relocate its corporate headquarters to the building when it's finished in the first quarter of 2009.
The property is located on McEwen Drive just west of the new McEwen interchange off I-65 in Cool Springs. It sits atop one of the highest elevations in Williamson County.
The seven-story building was designed by Nashville-based Gresham, Smith and Partners and Southern Land Company's in-house architecture studio..
The structure will provide 158,000 square feet of prime Class A office space, including than 15,000 square feet of ground-floor retail. It will also be LEED certified.
CB Richard Ellis will handle the leasing of The McEwen Building.
Based in Franklin, Southern Land develops residential and mixed-use communities in Tennessee and Texas.