And have you wondered what’s going on there? In Davidson County there are about 190 projects going on now. If you’d like to keep up with them copy and save the following link:
After a furious yearlong debate over the future of Nashville’s neighborhoods, the Metro Council took sweeping and controversial action Tuesday to combat the rise of short-term rentals in Nashville’s residential communities.
In the face of increasing lobbying from Airbnb, HomeAway and other online lodging companies, the council voted 25-5, with seven abstentions, to phase out short-term rentals that aren’t occupied by their owners from residential-zoned neighborhoods.
The vote, which applies primarily to traditional single-family homes and duplexes, came on a final of three required council readings. The rollback on permits for this type of short-term renting is slated to occur over the next three years and be completed by June 28, 2020.
It marks the city’s most aggressive step to date to curb a rapidly growing alternative to hotels that has exploded in Nashville amid the city’s tourism boom.
Neighborhood groups have alleged non-owner-occupied short-term rentals, often operated by investors, has turned residential homes into party houses, brought businesses into areas zoned for houses, and displaced longtime residents from neighborhoods closest to the city’s urban core.
Nashville residents share their concerns about the growing Short-Term Rental debate in Nashville.George Walker IV / The Tennessean
“We’ve heard from neighbors and neighborhoods all over Nashville concerned about this industry’s intrusion into residential life in our city,” said Councilman Freddie O’Connell, whose Germantown and Salemtown-area district has more short-term rentals than any other council district.
Owner-occupied short-term rental properties are unaffected by the policy change. The same goes for non-owner-occupied short-term rentals that are in multi-family high-rises or in areas that are zoned to allow commercial uses.
The move could invite intervention from the Republican-led Tennessee state legislature, where an industry-backed bill to overturn Nashville’s ban of non-owner-occupied short-term rentals from residential neighborhoods is already drafted. The state preemption bill passed last year in the House and now needs just Senate approval.
State preemption threat weighs among some in council
Councilman Jeremy Elrod, who abstained from voting, raised the threat of state preemption, pointing to a host of other Nashville policy decisions that have been overturned by the legislature in recent years.
But his colleagues framed the vote as fulfilling a basic duty of the council to protect neighborhoods.
“We do have precedent and authority to ensure the sanctity of one’s home and one’s neighborhood through zoning,” Councilwoman Sheri Weiner said.
The bill needed 21 votes to pass on third reading.
Council members Jim Shulman, Sharon Hurt, Ed Kindall, Burkley Allen, Tanaka Vercher, Nancy VanReece and Elrod each abstained.
More than two dozen cities have similar restrictions over investor-owned short-term rentals in Tennessee, according to lead sponsor Councilman Larry Hagar, including Knoxville. The council defeated an amendment that would have lengthened the phase-out of affected permits to June 2025.
With the ordinance now passed, Hagar said he plans to eventually file an “overlay” legislation that would allow affected short-term rental operators to apply individually to be allowed to operate.
Competing short-term rental legislation — put forward by a special Ad Hoc Committee and sponsored Shulman — was indefinitely deferred following the vote of the phase-out legislation. Shulman’s bill, which outlined less restrictive rules, was pitched as a “compromise” between the two sides, but neighborhood activists opposed the measure while the industry supported it.
Airbnb considering ‘all options’ after vote
“We’ve worked in good faith with the Metro Council and the Ad Hoc committee for months now and in light of today’s disappointing outcome we will consider all options to defend our host community in Nashville and throughout Tennessee,” Laura Spanjian, the Tennessee director for Airbnb, said in a statement.
Philip Minardi, a spokesman for HomeAway, called the vote “a dangerous step in the wrong direction for the city and chooses to disregard the clear benefits traditional vacation rentals have brought to Nashville for decades.”
A statement from the Nashville Area Short-Term Rental Association said the organization is “devastated.”
“This bill is far from a compromise and just pulled the rug out from under law-abiding STRP owners,” the group said. “Not only will this hurt STRP owners, it will hurt our local businesses, our tourism and overall, it will hurt Nashville.”
Short-term rental debate has exploded in Nashville
Mayor Megan Barry, who stayed out of the council’s short-term rental talks and stayed neutral on their proposals, said her administraiton will work with departments to strengthen the enforcement of short-term rental rules.
“Neighborhoods should be for neighbors, and I hope these new regulations will help correct some of the unintended consequences of non-owner occupied short term rental properties,” she said.
Nashville’s debate over short-term rental has intensified over the past year.
Neighborhood activists have complained that short-term rentals in which owners live elsewhere are often operated by out-of-town investors who have no interest in being good neighbors. They’ve told horror stories of backyard sex parties. They’ve also said that allowing short-term rentals — a business — into residential neighborhoods abandons the principle of land-use zoning.
Short-term rental hosts have countered by saying they are simply capitalizing on their rights as property owners. They’ve called it unfair for Metro to suddenly change the rules after many of them made substantial financial investments in their properties. They contend short-term rentals have also provided an affordable lodging option as rates at hotels in Nashville have skyrocketed.
In a surprise twist before the council’s decision, Nashville Police Chief Steve Anderson entered the debate with a letter to the council last Friday that said complaints about short-term rentals “cannot, or at least, should not, be ignored.” He said his comments were not meant to be an endorsement for any bill, but he appeared to be sympathizing with short-term rental critics.
Seeking a compromise on the issue, Vice Mayor David Briley appointed the Ad Hoc Committee last year to explore a path forward. But the legislation that came out of it, backed by Shulman, did nothing to bring the two sides together. The phase-out bill was delayed by the council in October to see if a resolution could be worked out.
Measures in Shulman’s now-deferred bill included strengthening caps on the number of non-owner-occupied rentals allowed in suburban parts of the county and a new “anti-clustering” provision to prevent the concentration of future short-term rentals. All existing short-term rentals would have been grandfathered in.
Critics of short-term rentals said the real “compromise” was their phase-out proposal, which still allows many short-term rentals to operate.
Nashville has struggled with regulating short-term rentals and been unable to properly enforce initial regulations that were adopted in 2014. That’s when the city also started taxing short-term rental properties like they do hotels.
Joey Garrison, USA Today Network – TennesseePublished 8:28 p.m. CT Jan. 23, 2018 | Updated 10:24 a.m. CT Jan. 24, 2018
During the last decade, Greater Nashville has boasted stronger job growth than all but one of the nation’s major markets. Austin, TX!
Nashville boosted its supply of private-sector jobs by 25 percent from mid-2007 to mid-2017, according to a federal report issued Wednesday. The most recent chapters of that growth play out on our new interactive Jobs Watch map, which shows the biggest job gains and losses throughout the region.
The region’s tally of private-sector jobs grew by a net of 172,600 positions over the 10-year span, hitting a total of 862,800 as of July 2017.
Only Austin grew faster, at a 38 percent clip.
This 10-year comparison effectively indicates the extent to which any given market has bounced back from the Great Recession, which began in late 2007 and ended in mid-2009, according to the federal government.
The U.S. Bureau of Labor Statistics released private-sector data for more than 300 metropolitan areas. For this story, American City Business Journals isolated the 67 major markets that have at least 300,000 jobs.
You can check out the job growth for those cities in the slideshow with this story. All figures are for metropolitan areas, not just central cities. The official designations of those metros, which often contain the names of as many as three communities, have been shortened.
At the bottom of the standings are the five major markets with fewer private-sector jobs now than a decade ago: Albuquerque, Virginia Beach-Norfolk, Greensboro, Birmingham and Dayton.
Adam Sichko Senior ReporterNashville Business Journal
The total solar eclipse of August 21, 2017 will be visible from a narrow path spanning the US from the West Coast to the East Coast. Here are all the facts you need to know about this once-in-a-lifetime event.
1. 1st Total Solar Eclipse in 38 Years…
…for those in the continental United States (excluding Alaska and Hawaii). The last time anyone in mainland US saw a total eclipse of the Sun was on February 26, 1979. If you live in the US and miss this event, you’ll have to wait 7 more years, until April 8, 2024, to see a total solar eclipse from a location in the contiguous United States.
2. Most North Americans Will Be Able To See Totality…
…if they are willing to drive that is. The total eclipse will only be visible along the Moon’s central shadow, which is about a 113 kilometer (70 mile) wide path and spans from the country’s West Coast to the East Coast. The rest of North America, as well as Central America and northern parts of South America, will experience a partial solar eclipse. NASA has estimated that a majority of the American population lives less than a 2-day drive away from the path of totality.
Commercial real estate in the U.S. is at a turning point, with primary markets like New York, Los Angeles, and San Francisco showing signs of overheating—that’s according to online marketplace for real-estate investments RealtyMogul.com. As is common in this phase of a real-estate cycle, secondary and tertiary markets across the country are where the new action is, the firm claims. So Barron’s Penta asked its real-estate team to identify the top commercial real-estate markets that high-net-worth investors should be looking at. Here they are, in order of preference.
Nashville. The cost of doing business in Music City, U.S.A. is 20% less than in the rest of the country, claims Helman, and that’s attracting new firms to the area. More than 200 companies have relocated to or expanded in the hip city’s metro area, accounting for 25,000 new jobs and 15 million new square feet of commercial real estate coming online in the 24 months leading up to May. Nashville also has one of the nation’s best recession hedges, as the capital of the U.S. health-care management industry, Helman says. “Whether the economy is good or bad, people still need health care,” she says. There is plenty of opportunity building multifamily-housing units, as the city’s population growth outpaces the current supply of properties.
The National Center on Arts Research just named Nashville the #2 market in the United States for Arts Vibrancy. When I read this, I began soul searching on what this actually means for the city, and found out about Nashville Next. NashvilleNext is a plan created by Nashvillians to guide how and where we grow in the coming 25 years. How we grow—this resonated with me. The hot button topics of affordable housing and transportation expansion have been prioritized in Nashville, but now developers and city planners are actually including culture and the arts in their bottom line.
Public art makes a place inviting, it attracts pedestrians, shoppers, and lingerers, bringing income into the city and giving a boost to area businesses and creative industries. It inspires community engagement. It defines a neighborhood, and can even redefine it. Metro Arts Commission recently issued a report imagining Nashville as “a collection of clearly defined neighborhoods, each with its own cultural identity illuminated by public art, informal gathering places, thriving small businesses, and frequent cultural events and festivities.”
Growth in home sales, price appreciation, population and jobs all factors in second quarter ranking by online real estate marketplace Ten-X Research.
Nashville has the hottest single-family housing market in the U.S., according to a report that shows nation-leading annual growth in home sales and price appreciation for the recent second quarter.
The No. 1 ranking by online real estate marketplace Ten-X Research of Irvine, Calif.., is also based on local growth in population, wages and jobs plus overall state of the economy.
“In all of these areas, Nashville’s doing far better than national averages,” said Rick Sharga, a Ten-X executive vice president, citing as example last year’s 2 percent local population growth being three times the nation’s average. “Unless there’s something unforeseen that disrupts the economy like a major employer moves out, it’s really well-positioned for the next few years.”
Orlando, Fla., and Fort Worth, Dallas and San Antonio, Texas, were the other top five hottest single-family markets also based in part on annual home price growth and annual home sales growth.
Cost of living also rising at nation’s fastest rate
A separate study by personal finance website GoBankingRates, meanwhile, showed Nashville’s cost of living rose the fastest nationwide over the past year with the amount needed to live here comfortably up $9,135. It takes a salary of $70,150 to live in Nashville today, the report said, citing housing costs among factors with the median list price of a home rising almost 30 percent to nearly $340,000 from April 2015 to 2017.
Ten-X’s Top Single-Family Housing Markets Summer 2017 report, however, said that Nashville’s housing affordability remains favorable even as prices have surged almost 40 percent beyond their prior peak, which it suggests that prices can continue to progress without pressuring buyers, “The Metro also carries modest downside risks as prices only fell moderately during the housing bust,” that report read.
Previously, Nashville had been in the top 10 in Ten-X’s tracking, but ranked No. 1 for the first time in the most recent quarter. For the second quarter, local home sales increased 7.4 percent year-over-year with price growth of 12 percent to mark improvement for 20 straight quarters.
Among the 50 largest U.S. housing markets, Nashville posted the highest score in terms of economic prospects based in part on jobs and population growth. Education, health care and leisure and entertainment are among growing sectors with local employment up 4 percent year-over-year. Getahn Ward at email@example.com
Cannonball’s Covers location at 5101 Kentucky Ave. to become office for fast-growing Village real estate agency.
Village Real Estate Services has paid $1.26 million for a service garage in The Nations with plans for adaptive reuse of that building as office space for the real estate agency.
Under the deal, the current occupant, auto interior repair shop Cannonball’s Covers, can remain at the 5101 Kentucky Ave. site until sometime next year. Renovations afterwards will transform the 8,000-square-foot building into Village’s sixth Nashville area office.
“That area is growing rapidly — a lot of interesting projects seem to be on the books,” said Mark Deutschmann, the founder and chief executive officer of fast-growing Village.
The 0.37-acre location at 51st Avenue North and Kentucky Avenue is not far from where residential and mixed-use projects are underway, including around 51st and Centennial.
Deutschmann said Village’s new office in The Nations neighborhood would serve Bellevue, West Meade, Sylvan Park and other areas of West Nashville. Asked whether that Village location would include space for other tenants, he replied “Not at this time.”
Currently, the firm has its main office on 21st Avenue South with other locations in 12South, East Nashville and Franklin. Another new Village office is planned for the Twelve60 Martin building, which the real estate agency’s Core Development affiliate developed at The Finery in the Wedgewood-Houston neighborhood.
Cannonball White owns the Cannonball’s Covers interior upholstering and “decorating” shop, which blogger Webutante once said works on boat and car tops, auto upholstery, boat upholstery, boat covers, convertible tops, van conversions, auto and boat detailing, carpet, dash, and door panels, antique restorations, custom interiors and “headliners.” Getahn Ward , USA TODAY NETWORK
NASHVILLE, Tenn. (WKRN) – It’s no secret that Nashville’s housing market is hot, and according to Zillow, it’s the top hous
ing market for 2017.
In January, Zillow predicted Nashville would be the fastest growing market this year, and they say they were right on.
“We’re seeing a whopping 13 percent annual appreciation on home values right now, which is in line with markets like Seattle, another really hot market right now, Dallas, Tampa,” explained Svenja Gudell, Zillow Chief Economist.
And it doesn’t look like the trend will change any time soon.
“We’ll still see very healthy home value appreciation into the next year and beyond simply driven by fundamentals like very strong demand for housing and very limited supply,” said Gudell.
It’s a seller’s market, so if you’re thinking about selling your home, Gudell has three things you need to know.
“Know the market and what type of neighborhood you’re in and what your local market looks like, having an agent help you in that process to sell your home is very useful, or any sort of expert that can guide you along the way, and then, just do your research in general; you don’t want to overprice, but you don’t want to underprice, so finding that just right is certainly key,” she told News 2.
As far as what Nashville can expect in the future, Gudell says it’ll be fewer homes for sale and strong demand. That will continue to lead to bidding wars, and a housing market that will continue to do well.
The Zillow prediction is based home value appreciation, unemployment rates and income growth. (By Cherish Lombard)
(Photo: Gresham Smith and Partners)
The nation’s second largest live entertainment company has a roughly 4,000-capacity indoor music venue on the drawing board as part of the massive Nashville Yards commercial and residential project planned near downtown.
Under Los Angeles-based AEG‘s plans, the music venue would anchor a mixed-use entertainment district on a four-acre portion of the overall 15-acre former LifeWay Christian Resources campus. AEG’s plans for the land under contract with Nashville Yards’ master-developer Southwest Value Partners also calls for an 850-seat Regal Cinemas theater complex, a 600-700-capacity live entertainment club and a 240-room boutique hotel with other entertainment and up to a dozen food and beverage offerings.
“We’re really creating a destination for not only live entertainment, but also for good food and beverage options,” said Ted Tanner, corporate executive vice president of real estate with AEG. “It would be geared towards local Nashville, not just for tourism.”
Overall, Nashville Yards is expected to include more than 4 million square feet of new retail, hospitality, office, residential and entertainment uses worth more than $1 billion. Southwest Value has partnered with Dallas-based Lincoln Property Co. as its main development partner for office, retail and multifamily buildings on two parcels with Dimension Development Co. to co-develop a 23-story, 600-room Hyatt Regency hotel.
Tanner said AEG plans to move quickly with development of half a million square feet of building space after closing its purchase of the four acres. AEG also has an option to buy another two parcels totaling 1½ acres, which would bring to 5.5 acres its portion of the former LifeWay campus bordered by Church and Commerce streets and Tenth and Ninth avenues north and its building space to more than one million square feet.
Tanner said the music venue would be available to host more than music events with AEG to also operate the live entertainment club-type space. The nine-screen, upscale luxury, full reclining seat movie theater with the latest audio visual technology will be operated by AEG’s sister company Regal Entertainment. Plans for the two additional parcels AEG has an option to buy call for future development of residential, creative and other office space, possibly a third hotel at Nashville Yards and ground-floor retail.
Tyler Jones, an executive vice president with Lincoln Property, said the real estate development and services firm and Southwest Value plan to create a live, work, play environment on the two office, retail and multifamily parcels between the planned Hyatt Regency on the former LifeWay Christian store site and Broadway and Church.
Moving north from Broadway, plans call for eight stories of 250 multifamily units atop two floors of retail, two creative office buildings totaling 500,000 to 600,000 square feet and about 100,000 square feet of food and beverage, soft goods and other retail, fully integrated via a boardwalk tying the site together and with activation of an urban park.
“Part of what we’re really looking at is the opportunity to fully integrate the site into the downtown financial district, into that Church Street corridor that really for so long this 15 acres has not been integrated with,” said Kim Hawkins, principal with landscape architect Hawkins Partners, citing plans for more pedestrian and bicycle connectivity.
Hawkins cites an opportunity to buy more than an acre and half of adjacent non-track land from railroad operator CSX for a park that could be the front yard to the Nashville Yards project. “It has an opportunity to contribute to the whole community and provide more open space whether it’s for bikeways, pedestrians or the opportunity of play,” she said.
The Hyatt Regency hotel, which Louisiana-based Dimension Development will also manage under the Hyatt flag, will include 55 suites, 65,000 square foot of group meeting space, two restaurants and a spa. A first quarter groundbreaking for that hotel would kick off work at Nashville Yards with completion of that building targeted for the spring of 2020.
“In any major Metropolitan area there’s a built-in following for Hyatt,” said Sam Friedman, CEO of hotel development and management company Dimension Development, citing Hyatt-loyal customers, group bookings and other opportunities.
Could Nashville Yards footprint expand?
Cary Mack, a managing partner with Southwest Value, said prospective grocery store tenants and other retailers have expressed interest in opening locations at Nashville Yards. “There’s a high retail demand for the overall site that we’re talking to,” he said.
Southwest Value’s $125 million acquisition of the 15-acre LifeWay campus excluded the Southern Baptist Convention’s seven-story headquarters at 901 Commerce St., which the convention just authorized that denomination’s executive committee to sell if it receives an acceptable offer. “We love Nashville and are always open to additional opportunities including that prospective transaction,” Mack said when asked about Southwest Value’s interest in that property. (Getahn Ward at firstname.lastname@example.org)