NEWS

Hyatt Regency project lands $114M permit

Also: Nashville Office Interiors takes space in 615 Third building in SoBro

Work on the Hyatt Regency hotel building on Broadway — the first component of Nashville Yards — continues to progress courtesy of a roughly $114 million permit to allow for the construction of the tower.

In May, a permit was issued to allow construction of a three-level below-grade parking garage. That permit was valued at about $3 million.

A venture that includes Clark Construction Group, which is headquartered near Washington, D.C., and Brentwood-based Bell & Associates Construction is the general contractor.

The 23-story 591-room hotel building (pictured) will rise on a parcel with an address of 1010 Broadway.

615 Third lands NOI

Nashville Office Interiors has signed a lease for space in the 615 Third building in SoBro.

The transaction, terms of which were not disclosed in a release, brings total building occupancy to 82 percent. NOI will occupy 7,702 square feet of ground-floor office and showroom space.

Completed in December 2017, the eight-story, 118,900-square foot building sits at the southwest corner of the intersection of Lea Avenue and Third Avenue South. Barge Design Solutions, PNC Financial Services Group, Patterson Real Estate Advisory Group and Colliers International | Nashville also are tenants.

NOI was attracted to SoBro because of the neighborhood's central location, walkability and many dining and entertainment amenities, Derick Peppers, company vice president, said in the release.

"We look forward to our move to SoBro, where we are going to reduce our space requirements by 27 percent and create a functional and inspiring space for our team that can serve as a model of new ways of working for the city."

Shane Douglas and Brian Casey of Colliers' Nashville office provided landlord representation in the transaction. NOI was represented by Tom Hooper, managing director of JLL's Nashville office.

The LEED-certified building was developed by locally based The Mathews Company.

Founded as Nashville Stationery in 1935, NOI specializes in office planning and design and also has locations in Knoxville and Chattanooga. NOI clients include those in the corporate, government, health care and higher education sectors.

Images released for north side townhome project

The developer of an 18-townhome project eyed for Buena Vista have released images for the buildings. Nashville-base Brighter Development is undertaking the project, which will be called The Artisan North, have a general address of 1716 Delta Ave. and overlook Interstate 65.

Click on View Gallery in the above rendering to see the images and read more here.

Branding weighs in on proposed medical office building

The Post recently reported a Midtown site is being eyed for a small medical office building to accompany a companion building that fronts Charlotte Avenue.

Specifically, the Franklin office of Virginia-based Anchor Health Properties is marketing the site, which now features surface parking and is located near Saint Thomas Midtown Hospital, for what could be a five-story structure. Anchor owns the building at 1919 Charlotte Ave., with the lot eyed for the new structure (read more here) located behind that building and fronting 20th Avenue across from Murphy Avenue.

The Post asked Nashville-based real estate researcher Ed Branding to offer his views on the potential project. They are as follows:

“For years, the Medical District was a barbell of buildings, either large or small with few mid-sized. The hospitals have their aircraft carriers: Saint Thomas Midtown, the erstwhile Baptist Hospital, the HCA headquarters and the HCA hospitals. And there are the smaller practicing physician buildings, centered on Hayes Street, usually owned by the doctors themselves (or their retirement plans), doctors who want to stay close to the mothership, Vanderbilt University Medical Center.

“The 1919 Charlotte Building (once called the Gambro Healthcare Building) is one of the few in the middle, along with the adjacent Medical Pavilion Investors building at 1916 Patterson St. and the adjacent Doctors Pavilion building, owned by Davishire Capital Management, at 1900 Patterson Street.

“Apart from the hospital-owned land, there are few large parcels available. The now-gone Mid-State Medical Building on Hayes Street and the former site of the Metro fire hall at 21st and Charlotte will be a Hyatt Hotel and a Staybridge Suites hotel, respectively. Elliston 23, Park 25 and oneC1TY are new builds. And some properties located along the railroad line may have environmental issues that will limit development or make it cost prohibitive.

“As to 1919 Charlotte, the transformation of the rear parking lot into a building and contained garage may be the model for the coming years. The hospitals mostly control the large parcels and, with local investor/developer Mike Shmerling having sold several properties (he once owned the 1919 Charlotte Building), there are few common owners. And assemblages are always difficult, though Mark Bloom's State Street Partners does own a swath around 1601 Patterson Street.

“The limiting factors are zoning, the community plan and parking. Much of the current zoning is CF (core frame, like much of downtown before the Downtown Code replaced it) and MUI-A (multi-use, intensive with walkability), great for density. The Midtown Plan calls for mid-rise (eight to 20 stories) on Charlotte, high-rise (20-stories) between Hayes and Broadway/West End, and low-rise (two to eight stories) south of Saint Thomas Midtown.

“But none of that matters if there is not enough parking. Transit has two time frames — far-off and never. And we are still a car culture anyway and buildings will have to be based around that reality. So you will see more new buildings like this one, with parking floors rather than a building with a garage to the side. And more shared parking. And taller, skinnier buildings, unless expensive assemblages can be arranged that would allow buildings some elbow room. Metro's oncoming plans to require more open space will squeeze building footprints even more and force buildings to go even higher, adding yet more to construction costs.

“And a continuation of the trend to go away from a Medical District that assumes everyone will drive there. Outreach and accessibility are the watchwords. Over the years, new hospitals have been built to the north (Dickerson Pike) and to the south (Nolensville Pike), to name just two. Vanderbilt transformed 100 Oaks by moving so much there when they couldn't expand near their Medical Center. And community clinics and walk-ins, from the affordable end to what Vanderbilt did in Belle Meade Plaza, will only grow in number.”

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