Nashville has enjoyed one of the hotter markets in the nation over the last few years and has seen substantial residential and commercial growth during this period. Here’s a look at five areas where new developments are predicted to have a major impact and help continue Nashville’s growth for the foreseeable future.
Melrose/8th Avenue S
If you have driven down 8th Avenue lately, you can’t miss the two massive developments that are currently under construction. On one side of the street, where the old Colonial Bakery once stood, will soon be Broadstone on Eighth(pictured above), a 300+ residential and retail mixed use development. Directly across the street construction is also underway for Octave, which will be a similar mixed use development with apartments, retail and restaurant space.
Located between 12 South and Wedgewood Houston, this area has been steadily building towards a live, work, play environment and already includes great spots like Sinema, Smiling Elephant, Fenwicks and the Sutler Saloon. Not to mention Zanie’s comedy club and the popular 8th & Roast coffee shop. With the addition of these two new developments, 8th Ave South is quickly becoming one of the more walkable areas in Nashville.
Just like your body is only as strong as your core, the same can be said about a city. The good news is that Nashville’s downtown core is receiving unprecedented attention from investors and companies nationwide. One project that will literally reshape much of the landscape in downtown is Capital View, which will include the headquarters relocation for Healthcare of America and Lifeway.
This may not sound very exciting until you look further into the project details. With an estimated cost of $215 million, the development will be comprised of 1 million square feet, with up to 300,000 square feet of retail, an estimated 1,000 multifamily units and two hotels. HCA alone is expected to house around 2,000 employees here. Located on Charlotte and 11th Ave, this development is another great step in the right direction for the city of Nashville.
This area, like many of the other neighborhoods in Nashville has seen a meteoric rise in new home construction and property values. It’s close proximity to downtown and other trendy neighborhoods make it a desirable area to live. But there are two projects in Wedgewood Houston that will make it even more desirable once they are fully completed.
The Finery, developed by Core, is already under construction and is the true heart of Wedgewood Houston as it was the first major investment in the area. Outpost Nashville is the second proposed mixed use development that would sit on over 5 acres and is within walking distance to the Finery. The combination of these two developments would go along way in helping to solidify Wedgewood Houston as one of the hottest areas in Nashville.
Like Wedgewood Houston, homes in The Nations are beginning to see the benefits of repurposing industrial space or “infill” as it is called in the real estate world. Two major developments here should go a long way to help an already booming neighborhood. Stockings 51, which was the former Belle Meade Hosiery Mill will be located on 51st Ave and Centennial Blvd. It is billed as a similar concept to that of popular Edgehill Village, which has helped to dynamically change the neighborhood of Edgehill.
The other pending project by Southeast Venture, would be located adjacent to Stockings 51 and is a massive mixed use development that could provide up to 600 residences. Once these two sites are completed The Nations neighborhood association is hoping that it will be on par with top trendy areas like 12 South.
Not to be outdone by the city folks, Bellevue has plans to add it’s own mixed use development. Bellevue Center Place will be located where the old Bellevue Mall once stood. It boasts 600,000 square feet of retail and restaurant space, 150,000 square feet of office space, 300 multifamily residential units and a hotel. As the Millennial generation continues to show a preference for a more walkable lifestyle, it’s safe to say that these types of developments are no longer just for urban neighborhoods and we should start to see these become more popular in suburban areas.