dickerson pike-the new 12 south strip?

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.

dickerson pike cheat sheet

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.

river north, a 105-acre game plan for the east bank

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.

want to own in the urban core? here’s four affordable developments breaking ground this summer that might work

the new 610 merritt in wedgewood houston

as the city continues its efforts to become more walkable and bikeable and millennials and baby boomers both take the lead in moving into the urban core, there is an increasing demand for more affordable housing options.  here are four developments breaking ground this summer hoping to fill that need.

first up, a 7-acre development in the weho neighborhood (wedgewood-houston, fairgrounds area…whatever you prefer to call it) called the finery.  core development is at the helm and hopes to start construction on the first two mixed-use buildings, six10 merritt & 1238 martin, in the next 30 days.

1238 martin

in these first phases (both starting this year), there will be townhouses with garages, condos, retail & restaurant spaces, you name it.  core has built other mixed-use buildings like 12th & paris (which houses most notably burger up in the 12 south neighborhood).  the commercial retail & restaurant aspects being included with these two buildings are easily creating the foundation of this emerging neighborhood, providing walkable/bikeable options.  prices on one bedroom flats start at $149,900, two bedrooms at $249,900.

porter village

the tennessean reported earlier this month that the average sales price for east nashville zip code 37206 is up 24%.  seeing the need, two developers are breaking ground on a larger scale this summer across the river.  porter village, a 40-unit development at cahal avenue and porter road, will also be a mixture of condos and townhomes.  the condos will be on the porter road side starting in the $100s and be built around a street level coffee shop space.  the townhomes will include garages and be priced in the $400s.

solo east nashville

sitting on the corner of litton avenue and gallatin road, solo east nashville will be a 130-unit development with one bedrooms starting at $149,900 and two bedrooms starting $189,900.  the development will be gated and boasts luxury higher end finishes like granite countertops, stainless steel appliances and 9′ high ceilings. completion is set for spring 2016.

lastly, probably the farthest along of these four, on the west side of the city in the nations is west mill townhomes. this 6-acre 98-townhome community started pre-selling initially under $200,000, the first round should be ready for new homeowners in the fall.

level one going up on the west mill townhomes a few blocks north of charlotte pike

5th & main auction gives development new start

twenty-five 5th & main condos and town homes went up for auction saturday afternoon at the sheraton hotel.  sale prices averaged about $135/square foot when all was said and done.  it was much less than the $165/square foot the sellers had hoped for and about roughly 43% less than original asking prices.   there is a silver lining for the investors though: the building will now have the numbers they need to have proper fha financing.  federal housing administration requires a development to be 30% sold or under contract in order to qualify.  this will make it easier for first time homebuyers to purchase.

unit 304 was the first on the block, a 755 square foot one bedroom facing downtown.  it went for $192.05/square foot which ended up being the highest price per square foot for the day.   when the dust settled, twenty-five confirmed buyers (nineteen owner-occupants and six investors) left with a deal, ranging from $110,000 on a 785 square foot one-bedroom to $301,000 on a 2,299 square foot two-bedroom facing downtown.

david lang, one of the investors at acg equities inc, stated pricing on the remaining 89 units will be kept at auction value until the end of the year.  here’s the list of units pending from the auction and what they sold for:

UNIT	SQFT	SALES PRICE	SP/SQFT	DISCOUNT
304	755	145,000	$192.05	19.40%
204	755	132,000	$174.83	21.90%
509	824	150,000	$182.04	29.20%
609	824	132,000	$160.19	42.40%
309	814	122,000	$149.88	35.80%
417	787	117,000	$148.67	21.90%
313	730	119,000	$163.01	20.60%
219	787	119,000	$151.21	20.60%
215	785	110,000	$140.13	26.60%
512	961	122,000	$126.95	42.20%
302	1,103	176,000	$159.56	31.50%
202	1,103	161,000	$145.97	35.10%
510	2,299	301,000	$130.93	44.60%
410	2,299	301,000	$130.93	41.40%
400	2,333	271,000	$116.16	44.60%
402	2,258	265,000	$117.36	41.40%
404	1,442	175,000	$121.36	47.80%
536	1,061	140,000	$131.95	36.40%
436	1,061	140,000	$131.95	38.00%
300	1,508	223,000	$147.88	36.40%
706	1,873	190,000	$101.44	52.50%
716	1,812	190,000	$104.86	50.00%
200	1,508	215,000	$142.57	37.10%
712	1,812	NO SALE
403	1,365	NO SALE
511	1,543	NO SALE
634	1,052	NO SALE
534	1052	NO SALE

5th & main condos to auction off 25 units

5th & main condo development in east nashville

it’s been called the gateway to east nashville.  5th & main condos has struggled to get off the ground since it was built in 2008.  initially plagued by its ill-fated relationship with wachovia, the original owners defaulted on their construction loans and were sent into foreclosure.  the development was purchased earlier this year with hopes of a new start.

with only 6 under contract since the new owners brought the sales team back on site in late spring, they are now going to auction off 25 units in an effort to “let the consumers set the market price” david lang said this week, a principal with chicago-based acg equities who is the current owner.  minimum bids will begin at $95k for the smallest one bedroom units.  of course, financing can’t be approved for the development until almost a third of the units are contracted which might be even more of an incentive for the owners to auction off 25 to reach that goal.  only 9 of the 129 units closed originally.

the auction is set for november 5.  lang stated that if there was enough momentum, they would roll out an additional 25 units for auction as well.

east nashville named one of the best comeback neighborhoods

east nashville's 5th & main townhomes at sunset

southern living magazine recently named east nashville one of the best comeback neighborhoods in the south.  southern living searched for communities who were once down on their luck and have seen a resurgence in recent years.