An in-depth monthly look at development in Downtown Nashville. The Nashville Downtown Partnership's core purpose is "to make downtown Nashville the compelling urban center in the Southeast in which to live, work, play and invest."

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January 16, 2004

MAJOR CONDOMINIUM PROJECT BUILDS DOWNTOWN RESIDENTIAL MOMENTUM

Last Thursday evening, Mayor Bill Purcell told guests at the Partnership’s Downtown Development Center Open House that “the cranes are coming” — as he predicted a banner year for private investments downtown in 2004. This Thursday the Mayor visited several downtown loft projects currently on the market and in the afternoon introduced the Viridian project which will bring construction cranes to 415 Church Street by October 2004.

Developer Tony Giarratana announced the $55 million, 225-unit mixed-use high-rise condominium project in a January 15 news conference at the Cohen Building. Not only does the Viridian represent a major increase in the downtown housing inventory —including 45 units that meet the affordable housing guidelines — but it dramatically increases the number of for sale units. Priced from $120,000 to $1 million and more, the units will be completed in September 2006. For sales information visit www.viridiannashville.com or call 254-3325.

Partnering with Giarratana on the Viridian project is the Atlanta-based Novare Group (www.Novaregroup.com) which developed Metropolis, a highly successful 498-unit high-rise in Atlanta’s Midtown (see www.metropolisatlanta.com).

Jim Borders, president of the Novare Group, said “there is much to like about Nashville” which has “the beginnings of a downtown neighborhood” and the civic leadership needed to accomplish this project. Viridian will use the same architectural and design team as Metropolis, which was fully occupied one year after its opening in 2002, and will include the same high level of amenities and customization.

One key element of the Viridian project will be the street level H. G. Hill Urban Market, operated by S&C Foods, Inc. The 6,000 square-foot market will offer full-service meat, fish and produce departments and a deli. As the first model of an urban market for H. G. Hill, it will also be a first in the central business district. Giarratana’s company provided the space and other incentives to bring this important amenity downtown. “When residents ask where they can buy groceries, we can tell them, ‘Downstairs, of course,’” he said.

Phil Ryan, Director of the Metropolitan Development and Housing Agency (MDHA), announced that the MDHA Board has approved up to $6 million in Tax Increment Financing (TIF) for this important downtown project. AmSouth Bank is working with the developer to arrange financing. DeVan Ard, Jr., Middle Tennessee Area Executive for AmSouth Bank, said this project “adds to the tempo of downtown” and predicted a “multiplier effect” as the downtown economy and businesses benefit from
this investment.

Giarratana is a member of the Partnership’s Board of Directors as well as the Residential Development, Access and Transportation and Public Space committees.
 

DOWNTOWN DEVELOPMENT CENTER OPEN FOR BUSINESS

As guests walked up the Commerce Street sidewalk early on a cold January evening, they saw the Partnership’s Downtown Development Center glowing as brightly as the sparkling city lights outside. A “standing room only” crowd showed up on January 8 for a special preview of the Center’s new downtown marketing resources.

Dramatic wall graphic displays give an overview of the downtown vision, and the Center offers state-of-the-art equipment and new interactive marketing presentations. Meeting space can accommodate up to 75 people, while a private conference room is available for smaller groups. The Partnership staff will work with groups to customize meetings for their specific audience. Upon request, the Partnership staff will participate in providing customized research and programming for groups coming to the Center. Tom Turner, Partnership Executive Director, invites the downtown development community to make full use of the Center in their business recruitment and retention efforts.

Think of the Downtown Development Center as the place for downtown marketing visits with your clients, investors, developers and tenants. Call Sally Connelly at 743-3092 to schedule a tour or to reserve the Center for your next conference or downtown development announcement.

Downtown Development Center
One Nashville Place
150 4th Avenue North, Suite G-150
Nashville, Tennessee 37219

• Customized meeting space for groups (two to 75 people). Design your preferred room set-up and seating arrangement.

• Four interactive marketing presentations (from 3 to 7 minutes in length) on downtown Nashville as a place to LIVE, WORK, PLAY and INVEST. May be viewed on 42” plasma screen, large drop-down projector screen or computer monitor.

• If you bring your own PowerPoint or other multimedia presentation, use our digital LCD projector and screen, DVD-VHS player and/or plasma screen.

• A podium (which can accommodate a laptop computer) and a wireless microphone system are available as needed.

• Wireless Internet access is available throughout the Center.

• A Research Computer provides quick links to current information and websites on downtown development projects, customized downtown property searches, development incentives, and approval processes.

• Call 743-3092 for additional details.

SCHERMERHORN SYMPHONY CENTER MODEL ON DISPLAY

Stop by the Downtown Development Center for a close-up view of the detailed, tabletop model of the Schermerhorn Symphony Center, on loan until at least mid-February. This impressive new facility will open in 2006.

The Downtown Development Center will display models and architectural drawings of other projects on a rotating schedule.
 

NEW RECORD FOR DOWNTOWN SHUTTLE SERVICE

The convenient and cost-effective Park It! Express shuttle service set a new record in January 2004! For the third straight month, more than 400 monthly shuttle passes were sold — with 482 in January being the highest monthly total to date. Just one year ago — January 2003 — only 171 monthly passes were sold.

Public Space Manager Russell Payne says the current volume clearly shows the need to add a fourth shuttle during the morning and afternoon peak hours. “We are moving quickly to continue providing the high level of service our customers appreciate,” Payne said as he announced that a fourth shuttle would begin operating next week.

The Metro Courthouse parking lot will be closed after Friday, January 16, to accommodate progress on the Courthouse renovation-public plaza project. Free weekday parking is still an option at Coliseum Lot A — and the Park It! Express shuttle service only costs $20 per month. For details on this alternative, see the Partnership’s website at www.nashvilledowntown.com.
 

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