Nashville is enjoying a resurgence at its core, and has now embraced downtown residential neighborhoods. Below is a link to data from the Nashville Downtown Partnership, which breaks down the for sale, for lease options available. Downtown Nashville Residential Report July 2006.
For the most part, given the surging price of housing at the core, developers are opting to create ‘for sale’ housing. Towers such as Icon in the Gulch and Encore are underway, each fully or significantly sold. Emerging are towers over the ballpark, and potentially the 70 story Signature Tower, with over 400 residences atop a hotel.
Many of the older structures, which until recently were vacant, or semi-vacant, are now being renovated, and The Exchange, The Kress, Church Street Lofts, and Ambrose Lofts are complete, or nearly so.
There are a few examples where apartments have been converted to condominiums, such as with The Quarters, the Bennie Dillon Building, the Watauga House, and the top of the Cumberland, now called Cumberland Penthouses.
New apartments are emerging, as some older structures are being adapted to include rental residences. The 162 Lofts are now fully leased, and The Stahlman Building is nearly 60% leased. On the horizon, and breaking ground, is Station Lofts, across from Werthan Mills, and potentially one of the towers at Rolling Mill Hill.
Interestingly enough, it is the condominium investor that is now creating new leasing opportunities. Investors at the Viridian, which recently closed, are either leasing, or reselling their units. Likewise at The Kress, and Ambrose Lofts, where investors have now closed. We are seeing that this trend will continue, and there is an opportunity to help these individuals in their leasing efforts.
Nashville is one of the medium size cities in North America beginning to enjoy ‘the golden age of downtown’, as described by Chris Leinberger of the Brookings Institute, who spoke at the annual luncheon hosted by the Nashville Civic Design Center. He suggests that 30-40% of Americans, those of the ‘knowledge economy’, want to live in a downtown setting. The consumer for downtown residential now has many choices, lease and purchase, and will continue to drive the emerging residential economy in our city.