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Private Sector to Take Over Nashville’s Senior Housing Assets

7 Feb 2014, 3:13 pm

By Eliza Theiss, Associate Editor

Metro Nashville is looking to get out of the senior housing business, giving its two senior housing facilities over to private operators in a move that would result in a third private-sector senior living community. According to The Tennessean, Mayor Karl Dean’s plan would see Louisville-based Signature Healthcare take over the 419-bed Bordeaux Long Term Care located on County Hospital Road, while Vision Real Estate Investment Corp. affiliate Assisted Living Partners would take over the 100-bed Knowles Home Assisted Living on Camilla Caldwell Lane. If approved by Metro Council, the move would save $10.5 million in city subsidies.

Signature Healthcare will take over the management and operation of Bordeaux for a 10-year term, receiving a $1.3 million payment from Nashville. According to the Nashville Post, the company would operate 260 licensed beds at Bordeaux, where it would invest $250,000 in capital improvements. Signature will also operate a 168-bed skilled nursing home set to be developed near Skyline Medical Center. The $18 million facility will be developed by Ed. Street Co. and is expected to have a three-year development period, due to state certification requirements.

Assisted Living Partners would also enter a 10-year lease agreement with the city, but would end up purchasing the facility for $500,000, and spend $300,000 on renovations, reports The Tennessean. Vision will also have the option to acquire 44.6 acres from the Bordeaux grounds, developing several other housing options worth over $34 million, such as senior apartments, nursing facilities, town homes and affordable housing.  A further 400 acres of the Bordeaux campus could be turned into public park space.

Image courtesy of Bordeaux Long term Care



$65M New Nashville Ballpark Breaks Ground

30 Jan 2014, 2:35 am

By Eliza Theiss, Associate Editor

Groundbreaking Ceremony at New Nashville Ballpark

New Nashville Ballpark, the future home of the Nashville Sounds minor league baseball team, has officially broken ground.  The new stadium, which is expected to open in spring 2015, will rise on the site of the original Nashville Stadium, known as Sulphur Dell, which opened in 1870 and operated until 1963. The stadium will replace the Sounds’ current home, the Herschel Greer Stadium.

According to The Tennessean, the New Nashville Ballpark will feature 8,500 seats and hold a total of 10,000 fans. The development of the new ballpark will be funded by $65 million in bond revenue released by Metro Nashville to cover the $37 million in construction costs, $5 million of capitalized interest during construction and $23 million in land acquisition costs, comprised of $18 million payment towards the state for a new 1,000-acre parking facility and a $5 million payment towards the state for an underground parking garage planned nearby.

As a result of footing the bill for the development, Metro Nashville will own the ballpark and lease it to the Sounds, on 30-year terms at a cost of $700,000 per year, which will go towards repaying financing debt. Further sources of debt repayment will come from an estimated yearly 650,000 in sales tax revenue generated by the stadium, $520,000 in tax-increment financing, $345,000 from Metro Nashville’s yearly operating budget, as well as funds from Metro Nashville’s current operating agreement with the Sounds for Herschel Greer Stadium. Rounding of the necessary yearly $4.3 million in debt repayment will be $675,000 of property taxes paid by a $37 million, 250-unit residential project by San Antonio-based Embrey Development Corp. set to rise near the stadium’s home plate. A further $750,000 in property taxes will come from a $50 million mixed-use retail development planned by the Sounds ownership near the new stadium.

Early rendering for New Nashville Ballpark

Design is being handled by local firm Gobell Hays and national firm Populous, reported the Nashville Post. According to The Tennessean, Bell & Associates Construction was selected for the construction contract.

Advertised as a $152 million public private partnership, the project is expected to be an economic shot in the arm for North Nashville, the area north of downtown, which has seen little activity in the past years.

Images courtesy of Nashville Sounds via Facebook

 



Luxury Apartments Headed for Record-Breaking Sales, $50M Westmont Apartments Set to Break Ground

24 Jan 2014, 5:59 pm

By Eliza Theiss, Associate Editor

Vista Germantown

Following the recent $51.25 million sale of the 244-unit West End Village, it looks like record-breaking is in the air for Nashville’s apartment market. According to the Nashville Business Journal, the 331-unit Elliston 23 and the 242-unit Vista Germantown luxury apartment developments have been put on the market and are expected to surpass West End Village’s $210,000 per unit sale price. In fact, Elliston 23’s per-unit is speculated to hit the high $200,000s.

According to the Nashville Business Journal, Ohio-based Associated Estates Realty Corp.’s Vista Germantown had a $32 million development price tag when it opened in early 2012. The high-end community at 515 Madison Street comprises one- and two-bedroom apartments between 603 and 1,165 square feet, renting at monthly rates ranging between $1,205 and $2,645. Community amenities include state-of-the-art fitness center, club area with game-room, kitchen and lounge, salt water pool, grilling areas, outdoor firepit and TV area, three courtyards, garage parking and a high-end restaurant. Green features include electric car charging stations, a bike storage area and onsite recycling center.

Elliston 23

Southern Land’s Elliston 23, located at 2312 Elliston Place, comprises studio, one- and two-bedroom apartments between 554 and 1,363 square feet, with rents starting at $1,220 and exceeding $2,800. Community amenities include a 2,000-square-foot heated saltwater pool, grilling stations, outdoor cabanas with flat screen TVs, 24-hour fitness center, 24-hour conference room, 24-hour Wi-Fi Café , game room, controlled access building and parking, landscaped courtyard and concierge services. The LEED Silver registered community also boasts 15,000 square feet of street-level retail with tenants including a spa, fitness studio, salon and several eateries.

Elliston 23’s West End neighborhood will soon become one apartment community richer with the 320-unit Westmont Apartments project set to be developed in four phases by Texas-based Forestar Group, reported the Nashville Business Journal. The company recently filed permits just short of $50 million. Set to break ground in early 2014 on the site of a recently demolished apartment complex, the project will comprise two five-story and two four-story buildings as well as a six-story 414-car parking garage.

Images courtesy of Vista Germantown and Elliston 23 via Facebook



LaSalle Investment Management Buys West End Village for $51M

16 Jan 2014, 8:21 pm

By Eliza Theiss, Associate Editor

The recently completed 244-unit West End Village, a high-density luxury apartment community in Nashville’s West End has been sold for $51.25 million, or $210,000 per unit, reports the Nashville Business Journal. Chicago-based buyer LaSalle Investment Management Inc. acquired the newly finished asset from Atlanta-based developer The Residential Group LLC, which put the property up for sale late in the summer of 2013. The sale price seems to have brought a good profit for The Residential Group, as West End Village construction permits valued the development at $32.8 million. The property was marketed by Jones Lang LaSalle, according to a previous Nashville Business Journal report.

Located at 221 31st Avenue near the intersection of 31st Avenue and Long Boulevard, West End Village is comprised of two structures—one three-story and one five-story—featuring studio, one- and two-bedroom apartments. Units range between 517 square feet and 1,369 square feet and rent at rates between $1,265 and $2,572 per month. Residences come outfitted with washer and dryer, stainless-faced appliances, granite countertops, European style cabinets with modern hardware and nine- to ten-foot ceilings. Community amenities include gated, covered parking, bike storage, additional storage, high-tech conference center, state of the art fitness facility, outdoor pool with lounge area, grill area clubroom complete with coffee bar and cyber café, gaming room featuring a dry bar, private screening room with flat screen TVs and card room. Sustainable features include Energy Star appliances and light fixtures, high-performance windows and insulation, low VOC-emitting paints, carpets and sealants.

The community is in close proximity to Vanderbilt University, HCA, Country Music Hall of Fame, Second Avenue, the historic Ryman Auditorium, the 132-acre Centennial Park, five hospitals, fashionable restaurants and shopping.

West End Village was developed by a partnership comprised of The Residential Group, PPD Holdings, EDGE Principal Advisors and BBVA Compass Bank.

Image courtesy of West End Village via Facebook



Southern Land Scales Down Project, Moves Ahead With 16 Stories

10 Jan 2014, 5:06 pm

By Eliza Theiss, Associate Editor

4000 Hillsboro at 22 stories

Nashville-headquartered Southern Land Co. has announced it will be moving forward with its mixed-use Green Hills project, albeit in a scaled-down version, reported the Nashville Post. The project—which landed the company in hot water with area residents, after it supersized its initial plans from a 14-story tower to 22 levels—was recently withdrawn from the Metro Planning Department, and it will be redesigned to a 16-story height.

According to the Nashville Business Journal, Southern Land is targeting a late spring or early summer groundbreaking and a 2016 completion. In its downsized version, 4000 Hillsboro Pike will feature 285 apartment units, including 20 penthouses, 600 parking spaces and 60,000 square feet of multi-level office space located atop 15,000 square feet of street level retail. Two restaurants are also included in the project. Residential amenities include a fitness center, swimming pool, sky lounge, teaching kitchens, events plaza and a dog park. Although the cost of the project has yet to be released, the site, comprised of three parcels, had a price tag of $13.5 million. According to the project’s website the developers, a joint venture between Southern Land and Redwood Capital LLC, will also invest over a million dollars in area infrastructure improvements. The project is expected to be a success due to its location between Nashville CBD and Brentwood/Franklin, the area’s strongest Class A office and retail markets, as well as its adjacency to the wealthy Belle Meade neighborhood, where single family homes start at $750,000 and can even hit eight figures. Green Hills, the neighborhood of 4000 Hillsboro, is also an affluent area, and lacks rental housing.

Other area multifamily projects by Southern Land include the $60 million 331-unit Elliston 23 in Nashville’s West End, Tennessee’s first LEED Silver-certified multifamily property and the 370-unit Dwell at McEwen in Franklin’s Cool Springs area.

Rendering courtesy of Southern Land