in the ever-changing urban core landscape, the convenience, the location, the land is all coming more and more at a premium. sure, everyone would love to walk to work or bike somewhere on the weekends but that is becoming a luxury. affordability is harder to find. fortunately, though, if you’re searching for a condo, there are three new options in emerging neighborhoods that might fit the bill.
it will sit in the shadow of a 200-foot tall grain silo and at the bend of the cumberland river on the west side of town; hence, they got creative and named it silo bend. due for completion in summer 2019 and officially being rolled out for pre-sale in april, prices for a one bedroom start around $175,000 and for 2 bedrooms, in the mid $200s. the 103-unit, 3-story community will include a pool + fitness center and only a stone’s throw from the chic new frothy monkey coffeehouse in the nations. that should check a few boxes right off the bat. |5500 centennial blvd
you do not have to go too far for the next contender: boomerang which will consist of two new, three-story buildings and sits across the street from silo bend in the nations. the larger of the two (which will be triangle-shaped) will include 8 condos (starting in the mid $200s) on the second and third floors with the ground floor offering street retail space. a late summer groundbreaking is the current game plan. | 5403 centennial blvd
segment, the newest development in wedgewood-houston, will be 26 flats and 8 townhomes on the corner of pillow and merritt. no amenities but prices start at $239k. with the potential new mls soccer stadium being built there, the former baseball stadium being torn down to make way for a huge green space/park, and a slew of new coffee shops and restaurants in the works, wedgewood-houston, or “weho”, is emerging as one of the hottest new neighborhoods in the urban core.
it’s no secret anymore the visibility of nashville’s food scene has been raised. in recent months, the city has been included in top culinary lists from the likes of usa today, zagat, travel + leisure, and garden & gun.
this weekend, nashvillians will be the first in the US to experience an interactive pop-up dining concept at the standard. through a 6-course menu, dinner time stories: in the footsteps of marco polo, featuring le petit cheftakes you on a unique journey with a tiny animated chef through france, arabia, india, the himalayan mountains and lastly, china, using 3d projections onto your table in front of you. patrons follow the 4-inch french chef through a two-hour, fully choreographed dining experience that explores the route of marco polo.
“we are thrilled to bring this cutting-edge dining experience to the US and debut the first show series in nashville, with las vegas, new york and los angeles on the immediate horizon for 2018,” said david fischette, president, CEO + chief creative of go west creative group.
originally created in brussels, the show will run at the historic standard downtown for six weeks beginning this weekend through march 17th. there will be one show on wednesdays and thursdays at 6:30pm and two shows on fridays and saturdays at 6 and 8:30pm. make reservations early here. tickets are $162.50 per person. | 167 rosa parks blvd
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).