it’s been a long, heated battle for months but this week, metro council voted 25-5 to phase out short-term rentals that are not occupied by homeowners in residential-zoned neighborhoods. here are five things you need to know about the decision:
1-this was the third and final vote.
2-owner-occupied short-term rental properties will not be affected as long as the property is not owned under an LLC or in a trust. meaning, if you live at the property as your primary residence and it’s in a person’s name, you can continue to use it as a short term rental with the proper permit.
3-this will also not affect multi-family homes or high rises that are zoned for commercial/mixed uses. most condo high rises around the city have added rules in the last 3 years prohibiting short-term renters and fines have become steeper from the homeowner’s associations if you are caught. do your homework if this is an option you are considering for an investment property you own.
4-the investor-owned short-term rental agreements will be phased out over the next almost 3 years. owners can continue to renew their permits and operate their rentals until june 28, 2020.
5-randomly, it may not be over with this week’s vote. there is a current bill in the state legislature that would actually ban the type of ban metro council approved last night. it has already been approved by the house and just needs to be approved by the senate. no word yet on what happens to that.
folks waiting for the housing market to cool down before buying here will be waiting a little longer. nashville closed 40,482 home sales in 2017, up 3.9% from 2016 but also breaking the record of 40,056 set in 2006, according to the greater nashville realtors® data. the median price last year for a single family home was $294,000 and for a condominium was $209,450, up considerably from 2016’s $266,408 and $180,000.
inventory of homes for sale also remains lower than previous years. the number of homes for sale at the end of 2013 was 13,580. that number has dwindled considerably in the past five years, falling to 9,011 at the end of 2017.
growing pains are all around us. no big surprise since forbes declared nashville #6 best US city for job growth and #28 best place for business. adding to that, the city ranks 15th nationally in the number of fortune 500 companies headquartered here including the likes of HCA, dollar general and tractor supply. our low energy and labor costs have only continued to attract more new business relocations in recent months.
so how do we accommodate for the influx of new people in and out of the city? here’s three things in the works:
drivers spend on average 34 hours in nashville traffic annually…although my guess is some even spend 34 hours in traffic a month. in october, mayor megan barry unveiled a $5.2 billion transit plan bringing a combination of 26 miles of light rail, rapid bus, and even an underground tunnel downtown. the light rail will have its own designated lane. there will be 5 main arteries ending downtown at the underground connection that will run under 5th avenue.
the main cost would come from an increase in sales tax that would jump 1 percent in 2023. the mayor is also proposing a hike in hotel tax, rental car tax and business & excise tax.
“it will not be free. it will be an investment in our future and i believe nashvillians will be willing to make the investment when they learn more about this proposal and how it will change the way they live.” -mayor megan barry
the downside: if approved in may 2018, service improvements and improved accuracy on the current bus service as well as new neighborhood transit centers could start next year. for those frustrated in traffic this week looking for relief, the light rail transit (LRT) service, however, would not be active until 2026, starting with gallatin pike in east nashville. the lrt plan would not fully be completed until 2032.
the airport saw a 11.2% increase to 13.5 travelers in 2016, making it the fastest growing airport of its size in the nation. with the population of nashville estimated to top over 2.5 million by 2041, a $1.2 billion expansion was announced for the nashville international airport. no local tax dollars will be used. over the course of the next five years, the airport plans to triple their short term parking, add a 288-room on-site hotel and office building, expand concourse d and add a new international facility to name a few changes. the entire look and feel of the airport is getting a facelift as well, almost complementing the design of the music city convention center with its curved roof line (see above).
with the new british airways direct flight to london in may 2018, the airport hopes to open up new global market opportunities in the future. also, if approved next year, the city’s transit plan includes a light rail line as part of the new airport design.
13.9 million visitors , a record number, came to nashville in 2016, up from 13.4 million in 2015. it was also a banner year for the hospitality world since we sold the most hotel rooms ever.
annual visitation is up 45% in the past 10 years so the need is greater than ever to continue to grow the city’s hotel options. more than 100 hotels are in some sort of development in the city currently, outpacing cities like los angeles, chicago, atlanta and dc. according to STR hotel market data this summer, actually only 3 cities in the country have more lined up: new york, houston, and dallas.
among the notable hotel developments in the works for nashville, virgin hotel nashvillebroke ground in september at 1 music square west. the 240-room, 200,000 square foot hotel will come with restaurants, a bar and a rooftop lounge + pool, being delivered in 2019.
dream hotelwill be another prominent addition to the hospitality community. the 169-room hotel is a four-building development essentially rejuvenating a huge portion of printer’s alley downtown. printer’s alley is steeped in history dating back to the civil war era. there will be 6 new dining and nightlife venues on the street level and restorations of two of the main buildings has collaboration efforts from earl swensson architects with meyer davis laying out the interior.
plans for the upcoming W hotel in the gulch were revised and approved this summer, increased from 250 rooms to 350 rooms. the plan also calls for a rooftop bar, music venue and amenity deck. there will be a restaurant space on the corner of 12th and laurel (caddy corner to fin+pearl) as well as 12th and pine (near the turnip truck).
ok maybe a little early to call but a stretch of road that has long been underdeveloped and unloved, is finally getting its place in the spotlight. and when you think about it, why hasn’t it been already? the convenience to downtown and the city views are pretty incredible. developer strategic options has been slowly acquiring 10 different acres on the strip for awhile and is ready to pounce. the developer presented plans this month to build a 4-story, 60,000 square foot mixed-use building where a liquor store and a former mrs winners stood. if approved, the project will include 67 condos, 3,000 square feet of commercial space and a 4,200 square foot rooftop deck for the condo owners. construction could start early 2018. it includes 829, 835, 837 and 839 dickerson.
the same developer is also looking at building 50 townhomes and condo flats (22 townhomes, 28 condos) at 900 dickerson. tentatively titled the 900, the development will sit on a 1.93 acre lot near the intersection of cleveland street. the 22 townhomes will include 2-car garages and rooftop terraces. the development will also include 1,600 square feet of retail space on the street level. if approved, they could break ground this fall.
then you’ve got the charlie bob’s lot a little farther north on dickerson. after 65 years of business, charlie bob’s diner at 1330 dickerson closed in april to make way for the 4.5 acre sale to bristol development. originally, bristol was planning a 186-unit apartment complex but there’s been more recent talk of a mixed-use community with workforce housing and possibly even keeping the 50’s diner building that fronts dickerson.
“while we don’t have any concrete plans, we are exploring some ‘outside of the box’ residential and commercial concepts that we feel would be a good fit for this quickly evolving pocket of nashville. with it’s proximity to downtown, east nashville and germantown, we are excited about the possibilities.” -beau daniel, development associate, bristol
behind bristol’s 4.5 acres, superior development llc has 23 acres under contract with plans for 300 residential units and 12,000 square feet of commercial space that will front dickerson. among the 300 residential units, superior plans to build single family homes, condo flats and studio flats. workforce housing is a part of the plan as well.
around the corner at 1016, 1018 and 1020 white’s creek pike, property owner hoss mousavi is planning a 44-unit condo/loft development.
part of the momentum surrounding dickerson pike can be attributed to the new plans for the east bank, north of the titans stadium. river north is an ambitious revitalization effort, currently in the planning stages, of 105 industrial acres on the river: high-rise office buildings, high-rise residential buildings, retail, dining, hotels, big dreams, big plans. first phase will be a marina and a riverfront plaza as well as new park space which will include a one-mile walking/bike path. no word yet on when river north breaks ground but there are also plans to eventually connect the development with a pedestrian bridge over the river to germantown.
the nashville area home sales had a record setting second quarter, up 2.8% from second quarter 2016. the median residential price for a single family home in june was $293,753, almost a new record. the demand for more affordable inventory is a need the city hasn’t been able to keep up with.
it started with a local rock band and their managers in the fall of 2003. i sat down with scott knabe this week for a quick five minutes, five questions to hear the story.
1) why the catfish?
i co-managed my brother matt’s band, ligion, with bob wolf, owner of wolfy’s bar on broadway at the time. bob’s best friend was the owner of the team then, so we learned the game through him. in 2003, we talked about starting a tradition. at that time, there were painted catfish sculptures on the corners throughout town as part of an art installation. bob suggested we use that as inspiration and start throwing catfish on the ice like they do in detroit with the octopus. a preds exec gave us two sets of tickets to each game. one set within seven rows of the glass then another 20 rows up. we would wrap up the catfish and put them down our pants. as soon as we would score we’d take them out and throw them on the ice as quickly as possible. then we’d run up the aisle to the bathroom, clean up and go to the other seats.
2) how did you guys get it in there?
we would put them in our pants. this was before skinny jeans so much easier to disguise.
3) when was this?
the first catfish recorded to be thrown on the ice was by the band’s guitar player seth warrum and band friend lisa reese. the game was october 30, 2003, a win against the red wings. lisa actually got thrown out of the game that night.
4) in an unrelated topic, isn’t it crazy that mtv’s show catfish lasted five seasons, longer than classics like gilligan’s island and star trek?
crazy! people love catfish! looking back, the catfish has been a nashville staple for 15 years, with t-shirts, pins, the works. quite a bit longer than the infamous “3 hour tour.”
5) touchè. okay, last question, was it just the one toss or have there been others over the years?
we did it for about a year and half. each game, the ligion band guys would rotate on who would throw the catfish. if we were on the road, we would have friends volunteer to fill in for us.
we had an incident where the ice girl accidentally sliced one in half with her skate. A bloody mess that caused a delay in the game. the preds exec thought we should probably stop doing it because we didn’t want to cause a penalty for the team. about 5 years later, someone else threw a catfish out on the ice and i was a proud poppa!