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2012 Nashville Downtown Partnership Annual Report NASHVILLE DOWNTOWN PARTNERSHIP 2012 BOARD of DIRECTORS

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2012 Nashville Downtown Partnership Annual Report NASHVILLE DOWNTOWN PARTNERSHIP 2012 BOARD of DIRECTORS 2012 nashville downtown partnership annual report NASHVILLE DOWNTOWN PARTNERSHIP 2012 BOARD OF DIRECTORS OFFICERS GEORGE V. CRAWFORD, JR. THE HONORABLE THELMA HARPER STEPHEN H. PRICE CARRIE BANKS TEAFORD Gullett, Sanford, Robinson Ex Officio Stites & Harbison PLLC Baptist Hospital & Martin, PLLC State Senator DONALD W. ABEL, JR. THE HONORABLE MARY PRUITT TONY K. THOMPSON Chairman KIRBY DAVIS AUBREY B. HARWELL, III Ex Officio First Tennessee Bank Fifth Third Bank Chair, Retail Development Neal & Harwell, PLC State Representative First Management Services, Inc. JAMES S. TURNER, JR. JIM SCHMITZ WILLIAM HASTINGS HUGH M. QUEENER MarketStreet Enterprises Vice Chairman SHEILA DIAL-BARTON, AIA Hastings Architecture Associates, LLC Pinnacle Financial Partners Regions Bank Ex Officio THOMAS D. TURNER 2012 Chairman, The DISTRICT SEAN HENRY BRACKNEY J. REED Ex Officio RONALD V. GOBBELL, FAIA Nashville Predators Gresham, Smith and Partners Nashville Downtown Partnership Secretary JOHN FLEMING Gobbell Hays Partners, Inc. Renaissance Nashville Hotel CHRIS HOLMES CHARLES ROBIN ALAN VALENTINE FirstBank Robin Realty Co., LLC Nashville Symphony BECKY HARRELL RICHARD FLETCHER Treasurer 511 Group, Inc. JENNEEN KAUFMAN TASHA ROSS JOHN VAN MOL KraftCPAs, PLLC Tennessee Titans DVL Public Relations & Advertising BETH FORTUNE PHIL RYAN ROBERT R. CAMPBELL, JR. Vanderbilt University KRIS KEMP Metro Development & RAY WATERS Immediate Past Chairman h3gm Housing Agency Hilton Nashville Downtown Waller LIBBY FUNKE nossi college of art THE VERY REV. TIMOTHY KIMBROUGH BRENDA SANDERSON SALLY WILLIAMS DIRECTORS Christ Church Cathedral Chair, Public Space Ryman Auditorium TONY GIARRATANA Broadway Entertainment Giarratana Development, LLC DR. FRANK LEWIS MATT WILTSHIRE BILL BARKLEY First Baptist Nashville RALPH SCHULZ Ex Officio Chair, Residential Development THE HONORABLE ERICA GILMORE Ex Officio Mayor’s Office of Economic City Development Company, LLC Ex Officio ROBERT C. H. MATHEWS, III Nashville Area Chamber of Commerce & Community Development Metro Council, District 19 Chairman, CBID Board KENNETH BLACKBURN The Mathews Company J. RONALD SCOTT JACK WOOD AT&T WILLIAM GLAUS JRS Investments Incorporated Chair, Access & Transportation The Bank of Nashville ROBERT A. MCCABE, JR. Barge Waggoner Sumner & Cannon, Inc. MIKE BLOSSER Chair, Resource Development GREG SLIGH Louisiana-Pacific Corporation NATE J. GREENE Pinnacle Financial Partners Chair, Business Development SHIRLEY ZEITLIN Colliers International/Nashville The Hermitage Hotel Zeitlin & Company, Realtors JAMES H. BOND MARK MCNEELY Central Parking System, Inc. RONNY L. GREER McNeely Pigott & Fox Public Relations BUTCH SPYRIDON J. MATTHEW KROPLIN Frazier and Deeter, LLC Ex Officio 2012 Board Intern, C. ALLEN BRADLEY, SR. DEBORAH MERRELL Nashville Convention and Visitors Bureau Young Leaders Council Nashville Electric Service JOHN GUPTON SunTrust Bank Stites & Harbison PLLC Baker, Donelson, Bearman, T. STEPHEN C. TAYLOR Jennifer Cole Caldwell & Berkowitz, PC MATTHEW C. MOORE Bass, Berry & Sims PLC Metro Arts Commission American Constructors, Inc. owntown Nashville is our campus—conveniently compact and walkable for residents, employees and visitors alike. Downtown addresses get a D“walker’s paradise” rating on www.walkscore.com. It’s an easy walk to restaurants and coffee shops, business appointments, the grocery store or library, concerts and plays, sporting events, the new river park, and more. You don’t always need to own a car downtown. Other options include car-sharing (with four WeCar locations downtown) or bike-sharing (Nashville GreenBikes cur - rently, with Nashville B-Cycle, a fee-based 3rd generation bike share program, coming soon). Also, MTA’s free circulator Music City Circuit links the central business district with the adjacent areas including the Nashville Farmers’ Market and The Gulch. Within the next three years, a proposed Bus Rapid Transit System would link more distant areas to downtown via an 8-mile east-west connector. LET’S GET TOGETHER DOWNTOWN! Public and private investments continue to transform thriving urban neighborhoods including The Gulch, SoBro and Rolling Mill Hill—each with its own unique character. Retail is flourishing in The Gulch, with new shopping, dining and entertainment ven - ues and the residential inventory is also expanding. Rolling Mill Hill is now home to four rental developments, with others coming soon. Its renovated Trolley Barns are already a vibrant center for entrepreneurial businesses and nonprofits. With the completion of Music City Center in early 2013, development south of Broad - way will accelerate. The SoBro Strategic Master Plan currently being developed will provide context for this area’s future growth. The downtown core is also beginning to re-define itself—with highly visible streetscape improvements underway on the Avenue of the Arts—5th Avenue North from Church to Union Street. This dynamic arts district will then be easily seen from SoBro—and just a short walk away. With increased development and density of populations (both residential and busi - ness) in these downtown neighborhoods, connectivity will be even more desirable. Navigating downtown is easier than ever with smart phones and apps. Let’s keep connecting the dots! Thomas D. Turner PRESIDENT AND CEO introduction Nashville Downtown Partnership 2012 Annual Report 3 THE DOWNTOWN RENTAL MARKET TAKES OFF! BILL BARKLEY, CHAIR, RESIDENTIAL DEVELOPMENT • The top residential story for 2012 is the record-breaking downtown rental market. Occupancy of rental units is at an all-time high of 98%, after consistently being over 92% for the past 5 years. ___________________________________________________________________________________ • The current downtown housing mix is 60% purchase (2,302 condos and 208 single family homes) and 40% rental (1,534 apartment units). Three developments now under construction will add 658 rental units by early 2013, and another three planned projects would add 754 more apartments by 2014. The new downtown housing mix would then shift to 56% rental, 40% condo and 4% single family homes. ___________________________________________________________________________________ • Research shows that 75% of Generation Y (age 29 and under) prefer an active urban lifestyle, with its walkability and convenience, and the majority of them are single and renters. The 2012 downtown Nashville residential survey showed that 60% are ages 45 and under. The current economy also favors high-end renter households for Baby Boomers as they become empty nesters and/or retire. ___________________________________________________________________________________ • Downtown residential sales averaged 190 per year for 2009, 2010 and 2011. During the first two quarters of 2012, 114 downtown closings were finalized. Only two developer-owned condos were still on the market as of September 1, and 53 re-sale units. With a 36-month minimum required to plan and complete a project, the downtown for-sale inventory will not expand any sooner than late 2015. ___________________________________________________________________________________ • The 2012 Downtown Residential Survey reported 55% of current residents have a college degree and another 31% have postgraduate degrees—more than double the percentage for Nashville residents as a whole. ___________________________________________________________________________________ • Over 10, 000 people have attended the annual downtown home tours since 2004, with an impact of over $50 million in sales and leases. 4 Nashville Downtown Partnership 2012 Annual Report live KEY DOWNTOWN RETAIL AREAS SHOW GROWTH KIRBY DAVIS, CHAIR, RETAIL DEVELOPMENT • The Partnership’s Retail Recruiter has made over 800 local and regional retailer visits since January, 2008. During the first eight months of 2012, specific downtown site options were presented to 20 prospective retailers. _____________________________________________________________________ • A total of 33 new retail businesses opened or announced between January 1 and September 15, 2012. Of these, 16 are food establishments, 12 are shopping options and 5 are music and nightlife venues. The total number of downtown retail open - ings in 2011 was 36. _____________________________________________________________________ • The downtown retail strategy developed by Downtown Works identified three key areas for retail: The Gulch, SoBro and a downtown focus area along 4th and 5th Avenues North. Retail density in The Gulch is increasing rapidly, with 22,000 SF of new retail opening YTD—including Bar Louie, King Baby and Lucchese Boot Co. Two new locally owned restaurants (The Southern Steak & Oyster and Etch) recently opened in SoBro, and further SoBro retail development is expected during the next two years with the completion of Music City Center and several new hotels. _____________________________________________________________________ • The growing arts community on 5th Avenue is favorable to distinctive and comple - mentary retail. A major renovation project underway on 5th Avenue between Church and Union streets will bring new sidewalks and streetlights, public art, and sidewalk dining areas. These enhancements will advance retail recruitment to this major arts corridor. _____________________________________________________________________ • Downtown Nashville now has 182 dining options, 114 shopping options, 79 nightlife venues and 20 galleries—with more to come! retail Nashville Downtown Partnership 2012 Annual Report 5 DOWNTOWN CELEBRATES
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