As Nashville grows outward‚ its skyline is also being transformed by high-rises that are popping up all over downtown and midtown.
“People have been asking for lofts for 15 years‚ but we haven’t had any until the last few years‚” says Mark Deutschmann‚ owner of Village Real Estate Services. “I think as more of the market is emerging‚ there’s a greater market for the product.”
Pent-up demand is seen in the sales data. Deutschmann says more than 1‚500 people signed up for first dibs on sales contracts at ICON at the Gulch‚ a 21-story high-rise in Nashville’s hippest new area. The project sold 70 percent of its condo units the first day they went on the market.
Especially satisfying is that The Gulch neighborhood was formerly a run-down, off-the-beaten-path section of town along 11th Avenue South and 12th Avenue South. Today, it is fast becoming an ultra-hip place to live and has also been certified as an environmentally green neighborhood.
Some projects are transforming old factory buildings into new lofts for artists and others who enjoy molding their own space. Among the most notable is the Lofts at Werthan Mills‚ a large former bag factory in the Germantown neighborhood that is being renovated in phases.
The development is turning Nashville’s urban core into new residential neighborhoods such as the Midtown area‚ driven by The Adelicia‚ the 197-unit structure going up at 20th and Adelicia avenues; the Church Street corridor‚ home to the 305-unit Viridian; the Gulch‚ the emerging hot spot for chic‚ sophisticated restaurants and retail; SoBro‚ a downtown area south of Broadway‚ where a large Rolling Mill Hills condo complex is under construction; and Germantown‚ anchored by Werthan Mills and the forthcoming Morgan Park Place. Across the Cumberland River‚ the East End Lofts and 5th & Main will stand at the gateways to historic East Nashville.
Richard Courtney‚ a broker with Fridrich & Clark and incoming president of the Greater Nashville Association of Realtors‚ says other urban amenities such as big-name retail and grocery outlets will spring up in city neighborhoods as residents move in over the next few years.
“There are people here who have been to other cities and realize how great urban life can be‚” Courtney says. “Our downtown‚ SoBro and the Gulch are bringing in all these great restaurants and clubs. People can walk to work and out to eat. We’re becoming a sophisticated town here.”
Many of these projects offer smaller condos and lofts for less than $200‚000‚ making the emerging urban lifestyle affordable for young professionals and first-time homebuyers. There are also options for senior executives and empty nesters who want to leave the suburbs and can afford a $1 million penthouse downtown.
“The sweet spot‚ I think‚ is the $175‚000 to $400‚000 range‚” Deutschmann says. “There are quite a number of offerings in that price range. It hits both the entry-level and the mid- to upper-level professional.”
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