Brief

Construction kicks off on $430M Nashville, TN mixed-use project

Dive Brief:

  • Construction began Tuesday on a $430 million mixed-use project in Nashville, TN, which developers say will be the largest mixed-use project in the city, according to Multi-Housing News.  
  • The Fifth + Broadway project, which will be built on the site of the Nashville Convention Center, will include 2,000 parking spaces, a 34-story residential tower with 350 apartments, a 24-story Class A high-rise with 385,000 square feet of office space and 235,000 square feet of retail and entertainment, which includes the National Museum of African-American Music, according to The Tennessean.
  • Demolition and excavation work is scheduled to begin next month, and the retail and office components should be finished by late 2019. 

Dive Insight:

Nashville offers low rents when compared to the relatively high income of its residents, but an influx of newcomers hoping to take advantage of that dynamic could force housing costs higher and limit supply. Nevertheless, developments like Fifth + Broadway put Nashville in the company of other cities picking up on the desire of many millennials and baby boomers to live in a walkable, urban setting.

The lack of an established downtown area in which to build has not deterred developers, particularly those in Texas. Construction began in December on the $1.5 billion Frisco Station project in Frisco, TX, once a sleepy community north of Dallas. When complete, the project, which is part of the city's "$5 billion mile" of development, will feature 650 hotel rooms and 2,400 residences, a 40-acre medical complex and 228,000-square-foot office building, all next to a retail and entertainment center.

However, these large-scale developments are not limited to the South. Construction also began this month on the NoHo West mixed-use development in Hollywood, CA. When complete, the converted Macy's building already on the site will become an office and retail center connected by pedestrian paths to the rest of the project, which includes 642 apartments, 60 dining and retail spots, a grocery store and a movie theater.

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Filed Under: Commercial Building Residential Building
Top image credit: Jorge Gomez on Flickr