Published On: Sat, Feb 24th, 2018

Work done at Fountains of Musica site

Fountains of Musica art.png

Warehouse work ready in county’s southeast segment

Officials with nonprofit The Fountains of Musica Foundation continue to eye a $10 million water feature update for Music Row Roundabout sculpture Musica two years after announcing the project, with some on-site work having recently been done.

Specifically, the local office of Oakbrook Terrace, Illinois-based Professional Service Industries recently undertook some geotechnical work on the site.

A spokeswoman for the foundation said fundraising efforts “are continuing on a daily basis” and that the nonprofit is in the design development stage with WET.

WET is a Southern California-based company that has designed and engineered water and fire environments that included the Sochi Winter Olympic Games’ Olympic Cauldron and the fountain at New York City’s Lincoln Center for the Performing Arts.

The spokeswoman said there is no official unveiling date set as of now.

An 18-month timetable is expected at the site — the point at which 16th Avenue, 17th Avenue and Division Street converge — according to a release sent in February 2016.

The project (read more here) is hoped to potentially spur additional tourist visits to and development in Midtown.

Warehouse work ready in county’s southeast segment

Work is underway on a large warehouse to be located in southeast Davidson County.

Arco Murray is handling the construction of the facility, with the permit valued at about $33 million.

The warehouse will have an address of 3818 Logistics Way.

Dallas-based Crow Holdings Capital Investments Partners owns the property, which is located at Interchange Center.

The local office of CBRE is listing the future warehouse for lease.

Click on the above rendering to see an image.

Local real estate researcher assesses apartment sector

Nashville-based real estate researcher Ed Branding has offered the Post some thoughts regarding RealPage’s recently released statistics showing the city ranked eighth nationally in the number of new apartments unveiled in 2017.

According to the Texas-based real estate management software provider, Dallas ranked No. 1 with 27,974 units brought on line for the year. New York was second with 23,201.

Houston, Washington, D.C., Atlanta, Los Angeles, and Seattle ranked three through seven.

Nashville (No. 8) saw the opening of 11,203 apartment units in 2017, nipping Austin (No. 9) and Chicago (No. 10) by some 200 and 750 units, respectively.

On a related front, Branding said apartment search website RentCafe, citing census data, reports that in 42 American cities in 2016, the majority of the population rented rather than owned homes. That number is up from only 20 cities in 2006.

“The increase in rental units has not skipped Music City,” Branding said. “In Nashville in 2016, owners accounted for 55 percent of the population, leaving 45 percent renting. That is a drop from a 65/35 split a decade earlier.

“By the same token, the decade 2006-2016 includes the real estate and mortgage meltdown in the final portion of the George W. Bush presidency and eight years of Barack Obama, during which the economy never rose above 2% growth. (The historical average for the American economy is 3% annual growth.)”

Branding says that as the economy has improved over the past year he wonders if renters will feel confident enough to buy.

“Will people who move to Nashville continue to rent the new apartments in downtown and The Gulch adjacent and out Charlotte Avenue or will they instead want to own a townhome?” he said. “Will rezonings along the proposed transit corridors allow for the density that will provide the riders to make transit viable and will those riders prefer to rent or buy and will any of it be truly affordable? And will the elderly population sell their home for $150,000 to a developer who will tear down one to build two or will they keep the home and rent it out for $1,000 a month to help defray the $4,000 a month they will have to pay at a retirement community?

Looking ahead, Branding said developers and neighborhoods and council members will all have “a lot to keep them busy in the coming years.”

“It turns out that ‘rent vs. buy’ isn’t just a decision made at individual kitchen tables,” he said. “It is a part of how a city decides what it wants to be.”

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>