nashville condo report card

sure, downtown living is still relatively a new concept for music city (downtown codes became more residential-friendly in the mid 90s) and sure, we have a ways to go in creating a self-sustaining environment there (although we’re getting close).  the new condo developments, however, that were all completed around the same time the bottom fell out of the housing market about three years ago have continued to trudge on quietly (without the help of the local or national media).  true, there were some casualties (see velocity, rolling mill hill, 4th & monroe) but others continue to claw their way to the finish line.  here’s the latest report card on the main players:

icon

  • 419 units
  • built in 2008
  • sitting at 84%.  in april, icon sold one of their penthouses for $1.18 million.  with 1,928 total square feet, the 22nd floor condo broke a record at $612.03 a square foot, which, i haven’t done the proper homework on that one but i believe makes it the highest residential price per square foot sold in tennessee history.

terrazzo

  • 117 units
  • built in 2009
  • currently at 91%.  during its darkest time, terrazzo went through an auction a few months after completion but came out on the other side relatively unscathed.  only 11 units remain.  in april, terrazzo contracted 2 one million dollar penthouses in the building.  fun fact:  april marked the first time a new construction condo in the area sold for over a million since 2008, when taylor swift bought her unit in the adelicia.

encore

  • 333 units
  • built in 2008
  • currently at 95%.  although it seems like it is on an island by itself sometimes in the still-being-developed sobro area, encore may have the last laugh with the expansion of the country music hall of fame, the new omni hotel and the new convention center coming in beside it.  there’s also talks the city may build a new baseball field for the sounds on the 11-acre thermal plant site which sits right around the corner on the bank of the cumberland river.

honorable mentions:

rhythm

  • 105 units
  • built in 2008
  • sitting a little quieter this summer at 65% occupied, rumor on the street is rhythm is about to do a full court press to sell the remaining units.  they have long been holding tight to their initial desired $300/sqft mentality on pricing which in this market is not being seen often.  amazing city views will most likely keep them in the game although rumors that the sales team may be working directly with the bank may scare some.

5th & main

  • 129 units
  • built in 2008
  • this building has been in receivership for months after a rough start out of the gate working alongside wachovia at the time.  chicago based acg equities purchased the remaining 120 units and 27,000 square feet of commercial space for $11.2 million earlier this year.   as the gateway to the east nashville neighborhood, this development sits on the other side of the cumberland river across from the titans stadium.  you get a lot more for your money though.  the building offers MDHA affordable units at $128,900 and prices go up to $409,000.
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Filed under downtown nashville, the gulch

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