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2013 NDP Annual Report

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2013 NDP Annual Report NASHVILLE DOWNTOWN PARTNERSHIP 2013 BOARD OF DIRECTORS OFFICERS JOHN FLEMING THE VERY REV. TIMOTHY KIMBROUGH GREG SLIGH Renaissance Nashville Hotel Christ Church Cathedral Chair, Business Development Chairman, CBID Board DONALD W. ABEL, JR. RICHARD FLETCHER DR. FRANK LEWIS The Hermitage Hotel Chairman 511 Group, Inc. First Baptist Nashville Fifth Third Bank BUTCH SPYRIDON BETH FORTUNE ZACH LIFF Ex Officio JIM SCHMITZ Vanderbilt University DZL Management Nashville Convention and Visitors Corp Vice Chairman Regions Bank LIBBY FUNKE ROBERT C. H. MATHEWS, III BRIAN TAYLOR nossi college of art The Mathews Company Ex Officio RONALD V. GOBBELL, FAIA 2013 Chairman, The DISTRICT Secretary TONY GIARRATANA ROBERT A. MCCABE, JR. Gobbell Hays Partners, Inc. Giarratana Development, LLC Chair, Resource Development T. STEPHEN C. TAYLOR Pinnacle Financial Partners Bass, Berry & Sims PLC BECKY HARRELL THE HONORABLE ERICA GILMORE Treasurer Ex Officio MARK MCNEELY CARRIE BANKS TEAFORD KraftCPAs, PLLC Metro Council, District 19 McNeely Pigott & Fox St. Thomas Midtown Public Relations ROBERT R. CAMPBELL, JR. WILLIAM GLAUS TONY K. THOMPSON Immediate Past Chairman The Bank of Nashville DEBORAH MERRELL First Tennessee Bank Waller SunTrust Bank NATE J. GREENE ROBERT TOY Directors Colliers International/Nashville KENT OLIVER SP Plus Ex Officio RONNY L. GREER Nashville Public Library JAMES S. TURNER, JR. BILL BARKLEY Frazier and Deeter, LLC MarketStreet Enterprises Chair, Residential Development STEPHEN H. PRICE City Development Company, LLC JOHN GUPTON Stites & Harbison PLLC THE HONORABLE MIKE TURNER Baker, Donelson, Bearman, Ex Officio JEFFREY K. BELSER Caldwell & Berkowitz, PC HUGH M. QUEENER State Representative, District 51 Ingram Industries Inc. Pinnacle Financial Partners JOE HALL THOMAS D. TURNER KEN L. BISHOP Hall Strategies BRACKNEY J. REED Ex Officio NASBA Gresham, Smith and Partners Nashville Downtown Partnership THE HONORABLE THELMA HARPER KENNETH BLACKBURN Ex Officio RONALD ROBERTS ALAN VALENTINE AT&T State Senator DVL Public Relations & Advertising Nashville Symphony MIKE BLOSSER AUBREY B. HARWELL, III CHARLES ROBIN RAY WATERS LP Building Products Neal & Harwell, PLC Robin Realty Co., LLC Hilton Nashville Downtown C. ALLEN BRADLEY, SR. WILLIAM HASTINGS BRENDA SANDERSON SALLY WILLIAMS Nashville Electric Service Hastings Architecture Chair, Public Space Ryman Auditorium Associates, LLC Vice Chair/Secretary-Treasurer, KENT CLEAVER CBID Board MATT WILTSHIRE Avenue Bank SEAN HENRY The STAGE, Legends Corner, Ex Officio Nashville Predators Second Fiddle Mayor’s Office of Economic JENNIFER COLE & Community Development Chair, Retail Development CHRIS HOLMES RALPH SCHULZ Metro Arts Commission FirstBank Ex Officio JACK WOOD Nashville Area Chamber of Chair, Access & Transportation GEORGE V. CRAWFORD, JR. JENNEEN KAUFMAN Commerce Barge Waggoner Sumner Gullett, Sanford, Robinson Tennessee Titans & Cannon, Inc. & Martin, PLLC J. RONALD SCOTT KRIS KEMP JRS Investments Incorporated SHIRLEY ZEITLIN KIRBY DAVIS Harwell Howard Hyne Gabbert Zeitlin & Company, Realtors First Management Services, Inc. & Manner Building for the future Downtown Nashville is on a rapid growth trajectory—which The growing numbers of downtown employees, visitors and requires more of everything! A recent market analysis from residents need improved pedestrian, vehicular and bicycle MDHA says that downtown can easily absorb at least 3,500 mobility. Additional transportation options include the new residential units by 2017 as well as significant new proposed bus rapid transit system, The Amp. Enterprise office space. More connectivity and complete streets, more Carshare and Nashville B-cycle bike-share are now available. transportation options, more green space, more parking inventory, more employee and residential density, and more As we saw in The Gulch and Rolling Mill Hill, major public infrastructure improvements—all are part of preparing for investments in infrastructure come first—and private future growth. investments follow. After a decade of planning and preparing, these two areas are steadily gaining density and Several high-priority recommendations from the South of mixed-use development. Broadway Strategic Master Plan released in January are already being implemented. For example, a 4.5-acre park on the The Korean Veterans Boulevard Extension (from 4th to 8th east bank will provide a riverfront landing for boats as well Avenue South) completed in April is an example of infra- as green space. And a 12-acre west bank park will include a structure investment in SoBro. What a difference a half-mile flood wall and a pedestrian promenade, an event lawn, an makes! The four-lane, median-divided roadway features amphitheater, and a mile of new greenway. sidewalks, bike lanes, on-street parking spaces, green features including landscaping and LED lighting. The 2-lane modern Another key project is adding a pedestrian bridge from roundabout at 8th Avenue South, Lafayette Street and the SoBro to The Gulch, which brings much needed connectivity KVB Extension includes a center island where a major public between these two downtown neighborhoods. Also impor- art installation will be. This investment not only improves tant is the extension of Division Street and reconfiguring access to the area, it also increases the potential for private several intersections. investment. A Downtown Mobility Study will be completed in March, 2014. Now is the time for action as we build for the future of Led by Metro Public Works, the study includes pedestrian, downtown Nashville. vehicular and bicycle mobility and will determine how pro- jected growth over the next 10 years will impact downtown Thomas D. Turner transportation patterns. President and CEO Nashville Downtown Partnership 2013 Annual Report RECORD SALES PRICES, ESCALATING RENTS, AND LOW VACANCY: NEW RENTAL INVENTORY COMING SOON BILL BARKLEY, CHAIR, RESIDENTIAL DEVELOPMENT • The downtown residential picture includes a strong sellers’ market with increasing prices per square foot, and a continuing 98% record rental occupancy. _______________________________________________________ • Downtown is a sellers’ market with 130 downtown closings during the first two quarters of 2013, 228 closings in 2012 and an average of 190 per year 2009 through 2011. No developer-owned condos remain on the market, and only 65 re-sale units (a 3-month supply). With a 36-month minimum required to plan and complete a project, the downtown for-sale inventory will not expand any sooner than late 2016. _______________________________________________________ • A recent market analysis indicates that downtown can absorb an additional 700 residential units per year for the next 5 years. To meet Urban Land Institute’s recommendation for 2% of a city’s population living within its urban core, Nashville would need an additional 18,000 units.. _______________________________________________________ • The current downtown housing mix is 51% purchase (2,095 condos and 209 single family homes) and 49% rental (2,250 apartment units). Three developments now under construction will add 475 rental units in 2014, and another five planned projects would add 1,124 more apartments. If all are built, the new downtown housing mix would shift to 63% rental, 37% purchase units. _______________________________________________________ • Research shows that 75% of Generation Y (age 32 and under) prefer an active urban lifestyle, with its walkability and convenience, and the majority of them are single and renters. Demand is also increasing for high-end renter households for Baby Boomers as they become empty nesters and/or retire. Trends show that 82% of household growth will be singles and couples without children at home. By 2030, it is projected that the predominant household size will be one person. Nashville Downtown Partnership 2013 Annual Report NEW DOWNTOWN RETAIL WITH URBAN APPEAL JENNIFER COLE, CHAIR, RETAIL DEVELOPMENT • A total of 49 new retail businesses opened or announced between January 1 and August 31, 2013, which is 16 more than during the same period last year. Of these, 32 are food establishments, 16 shopping options and 1 is a nightlife venue. The total number of downtown retail openings in 2012 was 52 (44% more than in 2011). ______________________________________________________ • Fashion designer Manuel has a new retail space at 800 Broadway, as well as a design and manufacturing studio for his New Vision collection of apparel and accessories. Bettie Page Clothing at 400 Broadway adds vintage fashion designs for women to the current mix of downtown shopping options. ______________________________________________________ • After an extensive renovation including new sidewalks and street- lights from Church to Union, the major arts corridor along 5th Avenue offers popular sidewalk dining at Puckett’s Gro. & Restaurant. A new coffee and dining option on the busy block this fall is local favorite Frothy Monkey. ______________________________________________________ • New retail opening onto 5th Avenue South include Bob’s Steak and Chop House, Bongo Java Coffee and Barlines (all with Omni Nashville Hotel) and the relocated Hatch Show Print (with the Country Music Hall of Fame and Museum). ______________________________________________________ • The Nashville food scene is getting favorable press regionally and nationally. The Partnership’s retail strategy recommends unique, eclectic restaurants with appeal to an urban population. In SoBro, The Southern Steak & Oyster and Etch are thriving new dining options
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