An Ohio developer plans to turn country music star Tanya Tucker's former estate into a 500-home, golf course community.
Eagle Ridge Investments LLC bought the 500-acre tract in Williamson County for $11.5 million on April 27, according to county records.
The developer plans to build nearly 500 homes and an 18-hole public golf course on land that spans 743 acres in Arrington, says Matt Bryant, operations leader for Atwell-Hicks, the project's land development consultants. Arrington is 20 miles south of downtown Nashville.
The community is called Stillwater, and Tucker's home will be kept as the community clubhouse.
Developer D.J. Keehan has filed preliminary plans in Williamson County to give county planners a general idea about the community.
Detailed plans have not been filed and Keehan declined to comment.
The plans show 494 lots, ranging from 15,000 square feet to about 2.5 acres. At least half of the site will be preserved as open space.
Because the plan is in the concept stage, planning director Mike Matteson says his staff has not reviewed them to see if they meet county regulations.
Atwell-Hicks is also working with the developer to design an on-site wastewater treatment plant to serve the community. Entrances to the community will be off Patton Road, Cox Road and Horton Highway.
(Nashville Business Journal - November 16th)
News, interests, info and tips about the Real Estate Market in Middle Tennessee. Our Focus is the Nashville area, both Williamson and Davidson County and the surrounding areas of Franklin, Brentwood, Spring Hill, Thompson's Station, Hendersonville, Leipers Fork, Belle Meade, Nolensville, the Cool Springs area and the Vanderbilt area
November 27, 2007
November 26, 2007
November 25, 2007
Study shows Commercial Real Estate added $1.5B to Local Economy Last Year
The Middle Tennessee chapter of the National Association of Industrial and Office Properties touted its latest study of commercial real estate and its impact on the economy.
Tom Harwell, a principal with Eakin Partners LLC and a top NAIOP official, at a news conference Tuesday at Roundabout Plaza said that commercial real estate added $1.5 billion to the regional economy in 2006 .
The industry of office, retail and industrial real estate created 35,000 jobs, $1.1 billion in earnings and an overall impact of $4.9 billion in the 10-county area around Nashville, Harwell said.
To highlight commercial real estate's impact, Harwell said the NAIOP report found that such properties make up $294.8 million in annual property taxes alone in Davidson County, while those properties only make up 9.5 percent of taxable Davidson County properties.
Harwell said that annual revenue was half of Davidson County's yearly public schools budget.
Overall, the 277.4 million square feet of commercial real estate generated tax revenues that make up 47.7 percent of the Nashville region's property tax collection, the study found.
The properties have an assessed value of $11.9 billion.
Mayor Karl Dean attended the news conference, and said he recognizes the contribution of commercial real estate to the region's economy and its tax coffers.
Harwell is the president-elect of the local NAIOP, replacing Axson West of Southeast Venture.
Students from Vanderbilt University's Owen Graduate School of Management helped collect data for the study.
The Nashville Business Journal - November 2008
Tom Harwell, a principal with Eakin Partners LLC and a top NAIOP official, at a news conference Tuesday at Roundabout Plaza said that commercial real estate added $1.5 billion to the regional economy in 2006 .
The industry of office, retail and industrial real estate created 35,000 jobs, $1.1 billion in earnings and an overall impact of $4.9 billion in the 10-county area around Nashville, Harwell said.
To highlight commercial real estate's impact, Harwell said the NAIOP report found that such properties make up $294.8 million in annual property taxes alone in Davidson County, while those properties only make up 9.5 percent of taxable Davidson County properties.
Harwell said that annual revenue was half of Davidson County's yearly public schools budget.
Overall, the 277.4 million square feet of commercial real estate generated tax revenues that make up 47.7 percent of the Nashville region's property tax collection, the study found.
The properties have an assessed value of $11.9 billion.
Mayor Karl Dean attended the news conference, and said he recognizes the contribution of commercial real estate to the region's economy and its tax coffers.
Harwell is the president-elect of the local NAIOP, replacing Axson West of Southeast Venture.
Students from Vanderbilt University's Owen Graduate School of Management helped collect data for the study.
The Nashville Business Journal - November 2008
More restaurants slated for the Nashville Area
Atlanta-based upscale sandwich maker Rising Roll Gourmet is opening five restaurants in Nashville and possibly adding three to five more stores in outlying areas.
The shop that boasts 50 different gourmet sandwiches has signed an agreement with franchisee Mark Streich who will open restaurants in the downtown area, West End, Brentwood, Franklin and Belle Meade.
Founded in Atlanta in 1996, Rising Roll is a quick-service chain that competes with companies such as Panera Bread and the Atlanta Bread Co. for the gourmet lunch sandwich crowd.
Rising Roll President Mike Lassiter says the first Nashville eatery is expected to open in the first quarter of 2008. Each restaurant will require an investment of $250,000 to $350,000.
"Nashville has been on our radar for some time," Lassiter says.
Lassiter, who described Nashville's real estate market as "tight," says his company is in the process of site selection but would like to open its first Nashville location in Brentwood.
He's targeting areas with large day-time populations.
Quick service casual dining chains have grown significantly in recent years.
Panera Bread has 10 locations in the Nashville area, with the latest opening on West End Avenue just more than a week ago, says spokesman Andrew Carlson. An additional Panera location is scheduled to open on Commerce street in December.
"We have had success with the markets we have in the Greater Nashville market and there is room for additional locations," Carlson says.
Rising Roll serves soups and salads in addition to its sandwiches such as its Mad Italian (with salami, pepperoni, ham and Italian dressing).
Lassiter says his company has a unique opportunity in Nashville to capitalize on the breakfast and lunch catering business. In some markets more than 50 percent of the revenue from Rising Roll stores come from its catering business.
The shop that boasts 50 different gourmet sandwiches has signed an agreement with franchisee Mark Streich who will open restaurants in the downtown area, West End, Brentwood, Franklin and Belle Meade.
Founded in Atlanta in 1996, Rising Roll is a quick-service chain that competes with companies such as Panera Bread and the Atlanta Bread Co. for the gourmet lunch sandwich crowd.
Rising Roll President Mike Lassiter says the first Nashville eatery is expected to open in the first quarter of 2008. Each restaurant will require an investment of $250,000 to $350,000.
"Nashville has been on our radar for some time," Lassiter says.
Lassiter, who described Nashville's real estate market as "tight," says his company is in the process of site selection but would like to open its first Nashville location in Brentwood.
He's targeting areas with large day-time populations.
Quick service casual dining chains have grown significantly in recent years.
Panera Bread has 10 locations in the Nashville area, with the latest opening on West End Avenue just more than a week ago, says spokesman Andrew Carlson. An additional Panera location is scheduled to open on Commerce street in December.
"We have had success with the markets we have in the Greater Nashville market and there is room for additional locations," Carlson says.
Rising Roll serves soups and salads in addition to its sandwiches such as its Mad Italian (with salami, pepperoni, ham and Italian dressing).
Lassiter says his company has a unique opportunity in Nashville to capitalize on the breakfast and lunch catering business. In some markets more than 50 percent of the revenue from Rising Roll stores come from its catering business.
New Spring Hill Community Announced
Echelon Development Coming to Spring Hill over next decade
A new traditional neighborhood development coming to Spring Hill will dramatically increase the number of residents there in the next 13 years and bring a live-work village to a growing suburban town.
The 3,400-unit development called Echelon will bring 10,000 residents to the exploding 25,000-resident community of Spring Hill by 2020, says Huntly Gordon, the attorney representing the developers, Rock Creek Development LLC.
The plan has almost completed the concept stage in Spring Hill's planning process and will enter the master development stage next.
Gordon says Echelon will bring the first major development to the east side of Interstate 65 in Spring Hill at Jim Warren Road.
Developers chose to build the development in a walkable neighborhood design after Spring Hill changed its zoning to allow for this mixed-use, dense type of development.
"I think the market will drive this type of development. It has been well-received so far. Three [in the area] already have done well," Gordon says. "Market forces will determine where people want to live."
Traditional neighborhood developments, or TNDs, have a town center with retail and living space in a dense core surrounded by houses. Homes in this style have porches and rear garages with alleys to create a sense of community.
Echelon will have a 30-acre commercial town center, with a city park and school connected to 2,100 single family homes, 200 live/work units, 436 condos and 600 townhomes.
After a different developer suggested the town add the zoning, developers of Echelon retooled their plan design to be a TND once the zoning became available.
Many communities don't have zoning that allows for villages such as Nashville's Lenox Village and Westhaven, Gordon says, making it difficult for developers to build this development style.
Gary Vogrin, principal at LandDesign, says few communities outside of Franklin and Metro Nashville offer the zoning needed for TNDs and suggests more communities look into adding it.
"It just comes down to a good, smart planning technique as opposed to urban sprawl," Vogrin says.
Echelon's developers traveled to North Carolina and Mississippi to study other neotraditional neighborhoods. "I hope it catches on here. It's an expensive endeavor," Gordon says. "Most dwellings are rear entry and there is quite a bit of design criteria. Done right [the TND] can be a very special amenity."
Developers for another Nashville area TND, Carothers Crossing, traveled to South Carolina, Florida, Alabama, St. Louis and the West Coast to get ideas for their community. Carothers Crossing is a 700-acre neotraditional neighborhood in Nolensville that will bring 3,400 units and 300,000 square feet of commercial space in 10 to 15 years.
Carothers has just started selling homes. Marketers there say a third of their potential buyers are people from out of state who have found them by searching Web sites such as www.tndtownpaper.com that list TND communities.
"These potential homebuyers could not tell you on a map where we are and they don't care," says Sheri Hamilton, marketing director at Carothers Crossing. "A lot of these people already are enjoying a community like this somewhere else."
The upfront cost for roads, engineering and design is higher than a typical development, but Gordon says developers don't have to spend as much on marketing a TND because the concept sells itself.
"People will be drawn there," he says.
Developers at Echelon aim to build affordable homes in all price ranges. They plan to add a community lake and a street under the interstate to let residents ride their bikes to the YMCA and city parks.
"This is the first [TND[ in the city. I think there are a lot of people that are curious to see how it will do. I truly am. It's not going to be a short term project," Gordon says.
The Nashville Business Journal - November, 2008
A new traditional neighborhood development coming to Spring Hill will dramatically increase the number of residents there in the next 13 years and bring a live-work village to a growing suburban town.
The 3,400-unit development called Echelon will bring 10,000 residents to the exploding 25,000-resident community of Spring Hill by 2020, says Huntly Gordon, the attorney representing the developers, Rock Creek Development LLC.
The plan has almost completed the concept stage in Spring Hill's planning process and will enter the master development stage next.
Gordon says Echelon will bring the first major development to the east side of Interstate 65 in Spring Hill at Jim Warren Road.
Developers chose to build the development in a walkable neighborhood design after Spring Hill changed its zoning to allow for this mixed-use, dense type of development.
"I think the market will drive this type of development. It has been well-received so far. Three [in the area] already have done well," Gordon says. "Market forces will determine where people want to live."
Traditional neighborhood developments, or TNDs, have a town center with retail and living space in a dense core surrounded by houses. Homes in this style have porches and rear garages with alleys to create a sense of community.
Echelon will have a 30-acre commercial town center, with a city park and school connected to 2,100 single family homes, 200 live/work units, 436 condos and 600 townhomes.
After a different developer suggested the town add the zoning, developers of Echelon retooled their plan design to be a TND once the zoning became available.
Many communities don't have zoning that allows for villages such as Nashville's Lenox Village and Westhaven, Gordon says, making it difficult for developers to build this development style.
Gary Vogrin, principal at LandDesign, says few communities outside of Franklin and Metro Nashville offer the zoning needed for TNDs and suggests more communities look into adding it.
"It just comes down to a good, smart planning technique as opposed to urban sprawl," Vogrin says.
Echelon's developers traveled to North Carolina and Mississippi to study other neotraditional neighborhoods. "I hope it catches on here. It's an expensive endeavor," Gordon says. "Most dwellings are rear entry and there is quite a bit of design criteria. Done right [the TND] can be a very special amenity."
Developers for another Nashville area TND, Carothers Crossing, traveled to South Carolina, Florida, Alabama, St. Louis and the West Coast to get ideas for their community. Carothers Crossing is a 700-acre neotraditional neighborhood in Nolensville that will bring 3,400 units and 300,000 square feet of commercial space in 10 to 15 years.
Carothers has just started selling homes. Marketers there say a third of their potential buyers are people from out of state who have found them by searching Web sites such as www.tndtownpaper.com that list TND communities.
"These potential homebuyers could not tell you on a map where we are and they don't care," says Sheri Hamilton, marketing director at Carothers Crossing. "A lot of these people already are enjoying a community like this somewhere else."
The upfront cost for roads, engineering and design is higher than a typical development, but Gordon says developers don't have to spend as much on marketing a TND because the concept sells itself.
"People will be drawn there," he says.
Developers at Echelon aim to build affordable homes in all price ranges. They plan to add a community lake and a street under the interstate to let residents ride their bikes to the YMCA and city parks.
"This is the first [TND[ in the city. I think there are a lot of people that are curious to see how it will do. I truly am. It's not going to be a short term project," Gordon says.
The Nashville Business Journal - November, 2008
Nov 30th celebrates the Battle of Franklin
Battle of Franklin Anniversary
The 143rd anniversary of the Battle of Franklin is being observed on November 30th. The City of Franklin Battlefield Preservation Plan Task Force is planning a Commemorative Illumination and Ceremony at the Eastern Flank Battlefield Park at 5 PM.
The timing of the ceremony roughly corresponds to the timing of the battle in 1864. Ten Thousand luminaries will represent the number of casualties (killed, wounded, captured or missing) in the battle and bands representing both the Union and Confederate Armies will participate. Following the ceremony, attendees can enjoy living history vignettes including a field hospital setup nearby. Refreshments will be available and local authors will be on hand to sign books related to Franklin and the battle.
Other events on the 30th include an unveiling by the State of Tennessee of the plans for the new visitors center at the Carter House. This will take place at 1:00pm on the 30th. The Carter House will also have special programming throughout the day.
The 143rd anniversary of the Battle of Franklin is being observed on November 30th. The City of Franklin Battlefield Preservation Plan Task Force is planning a Commemorative Illumination and Ceremony at the Eastern Flank Battlefield Park at 5 PM.
The timing of the ceremony roughly corresponds to the timing of the battle in 1864. Ten Thousand luminaries will represent the number of casualties (killed, wounded, captured or missing) in the battle and bands representing both the Union and Confederate Armies will participate. Following the ceremony, attendees can enjoy living history vignettes including a field hospital setup nearby. Refreshments will be available and local authors will be on hand to sign books related to Franklin and the battle.
Other events on the 30th include an unveiling by the State of Tennessee of the plans for the new visitors center at the Carter House. This will take place at 1:00pm on the 30th. The Carter House will also have special programming throughout the day.
November 15, 2007
Construction of Hill Center in Belle Meade will begin soon!
Nashville-based H.G. Hill Realty Company has awarded its construction contract to J.E. Crain & Son Inc. for the new Hill Center at Belle Meade.
J.E. Crain officials say the 117,000-square-foot, mixed-use development will be located on Harding Pike near White Bridge Road and across from Belle Meade Towne Center, which is also under construction by J.E. Crain.
Hill Center at Belle Meade will be anchored by a 45,600-square-foot Publix grocery store.
J.E. Crain says additional retail and office space of 59,650 square feet will span more than four levels, with retail on the first level and office above.
A retail outparcel building will consist of 9,800 square feet.
Parking will be available at street level and in a 64,400-square-foot garage.
Construction is to begin immediately with completion estimated for fall of 2008, J.E. Crain officials say.
JE Crain & Son is a commercial general contractor based in Nashville with more than 70 years in business. (Nashville Business Journal)
J.E. Crain officials say the 117,000-square-foot, mixed-use development will be located on Harding Pike near White Bridge Road and across from Belle Meade Towne Center, which is also under construction by J.E. Crain.
Hill Center at Belle Meade will be anchored by a 45,600-square-foot Publix grocery store.
J.E. Crain says additional retail and office space of 59,650 square feet will span more than four levels, with retail on the first level and office above.
A retail outparcel building will consist of 9,800 square feet.
Parking will be available at street level and in a 64,400-square-foot garage.
Construction is to begin immediately with completion estimated for fall of 2008, J.E. Crain officials say.
JE Crain & Son is a commercial general contractor based in Nashville with more than 70 years in business. (Nashville Business Journal)
November 9, 2007
Top End Housing Market in Nashville Area is still Growing
Top end of housing market weathers subprime
$400K-plus home sales remain strong
Nashville Business Journal - by Jenny Burns Nashville Business Journal
There's a silver lining in the lack-luster numbers that show the woes of local home sales - the top end of the market is demonstrating its resilience.
Sales increased in most price ranges above $400,000 between last year and this year - illustrating the effect that the subprime meltdown and lender tightening has had on middle income buyers, according to an analysis of Multiple Listing Service home sales by price range.
"The lower priced homes are where we've seen the most tightening in the mortgage market," says Mark Vitner, Wachovia economist. "It's become much more difficult to qualify for a home."
But homes affordable to middle income families and first time buyers have taken a hit.
Home sales dropped 10 percent in the $100,000 to $199,999 range - from 17,091 sales during Jan. 1 through Oct. 30 of last year to 15,396 sales in the same time period this year. Sales dropped 12 percent in the $200,000 to $299,999 range.
The $300,000 to $399,999 range saw a decline of 6 percent. The higher ranges show sales increases or sales at the same level. The largest increase was in the $800,000 to $899,999 range with an 8 percent increase in sales. The $1 million plus market also had a 7 percent jump.
$400K-plus home sales remain strong
Nashville Business Journal - by Jenny Burns Nashville Business Journal
There's a silver lining in the lack-luster numbers that show the woes of local home sales - the top end of the market is demonstrating its resilience.
Sales increased in most price ranges above $400,000 between last year and this year - illustrating the effect that the subprime meltdown and lender tightening has had on middle income buyers, according to an analysis of Multiple Listing Service home sales by price range.
"The lower priced homes are where we've seen the most tightening in the mortgage market," says Mark Vitner, Wachovia economist. "It's become much more difficult to qualify for a home."
But homes affordable to middle income families and first time buyers have taken a hit.
Home sales dropped 10 percent in the $100,000 to $199,999 range - from 17,091 sales during Jan. 1 through Oct. 30 of last year to 15,396 sales in the same time period this year. Sales dropped 12 percent in the $200,000 to $299,999 range.
The $300,000 to $399,999 range saw a decline of 6 percent. The higher ranges show sales increases or sales at the same level. The largest increase was in the $800,000 to $899,999 range with an 8 percent increase in sales. The $1 million plus market also had a 7 percent jump.
November 6, 2007
Urban Living is very popular
A culture of walkers is forming in Nashville's downtown core.
As more housing units come on the market each year, the number of residents walking to work from their downtown condos, lofts or apartments increases.
The "walkability" factor is a top reason why residents choose to live downtown to begin with, research shows.
In a recent survey conducted by The Downtown Nashville Partnership, 60 percent of respondents listed the "urban experience" of living near restaurants, entertainment venues and sports events as their No. 1 influence for living downtown. (The Nashville Business Journal-Nov 6)
As more housing units come on the market each year, the number of residents walking to work from their downtown condos, lofts or apartments increases.
The "walkability" factor is a top reason why residents choose to live downtown to begin with, research shows.
In a recent survey conducted by The Downtown Nashville Partnership, 60 percent of respondents listed the "urban experience" of living near restaurants, entertainment venues and sports events as their No. 1 influence for living downtown. (The Nashville Business Journal-Nov 6)
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