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Nashville Downtown Partnership

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Nashville Downtown Partnership CONTENTS 2015 Board of Directors ______________________________________________ Live ______________________________________________ Retail ______________________________________________ Work ______________________________________________ Getting Around ______________________________________________ Clean and Safe ______________________________________________ Play ______________________________________________ Communications ______________________________________________ Invest ______________________________________________ 2015 Sponsors ______________________________________________ 2015 Members ï NASHVILLE DOWNTOWN PARTNERSHIP 2015 Board of Directors OFFICERS JOHN FLEMING BRENT HYAMS CHARLES ROBIN Renaissance Nashville Hotel Tennessee Performing Arts Center Robin Realty Co., LLC JIM SCHMITZ & War Memorial Auditorium Chairman RICHARD FLETCHER BRENDA SANDERSON Regions Bank 511 Group, Inc. DECOSTA JENKINS CBID Chairman Nashville Electric Service Chair, Public Space Management RONALD V. GOBBELL, FAIA BETH FORTUNE The STAGE, Legends Corner and Vice Chairman Vanderbilt University KRIS KEMP Second Fiddle Gobbell Hays Partners, Inc. Harwell Howard Hyne Gabbert WILLIAM GLAUS & Manner RALPH SCHULZ JENNEEN KAUFMAN The Bank of Nashville Ex Officio Secretary DR. FRANK LEWIS Nashville Area Chamber of Tennessee Titans RONNY L. GREER CBID Secretary-Treasurer Commerce Frazier & Deeter, LLC First Baptist Nashville BECKY HARRELL J. RONALD SCOTT Treasurer JOHN GUPTON ZACH LIFF JRS Investments Incorporated Chair, Access & Transportation Baker Donelson DZL Management KraftCPAs, PLLC GREG SLIGH JOE HALL MAURO M. MASTRAPASQUA The Hermitage Hotel DONALD W. ABEL, JR. Hall Strategies Mastrapasqua Asset Management Immediate Past Chairman GREGORY SMITH Fifth Third Bank JAMES HARBISON ROBERT C. H. (BERT) MATHEWS, III Stites & Harbison PLLC Metro Development and Housing The Mathews Company DIRECTORS Agency BUTCH SPYRIDON ROBERT A. MCCABE, JR. Ex Officio BILL BARKLEY THE HONORABLE Chair, Resource Development Nashville Convention City Development Company, LLC THELMA HARPER Pinnacle Financial Partners and Visitors Corp Ex Officio THE HONORABLE BILL BECK State Senator MARK MCNEELY T. STEPHEN C. TAYLOR Ex Officio McNeely Pigott & Fox Public Bass, Berry & Sims PLC State Representative AUBREY B. (TREY) HARWELL, III Relations Neal & Harwell, PLC CARRIE BANKS TEAFORD JEFFREY K. BELSER DEBORAH MERRELL Saint Thomas Midtown Hospital Ingram Industries Inc. WILLIAM HASTINGS SunTrust Bank Chair, Business Development JAMES S. TURNER, JR. KEN L. BISHOP Hastings Architecture Associates, LLC THE HONORABLE MarketStreet Enterprises NASBA FREDDIE O’CONNELL SEAN HENRY Ex Officio TOM TURNER KENNETH BLACKBURN Nashville Predators Metro Council, District 19 Ex Officio AT&T Nashville Downtown Partnership BOB HIGGINS KENTON OLIVER MIKE BLOSSER Barge Waggoner Sumner and Ex Officio CHRISTOPHER WARD LP Building Products Cannon Nashville Public Library Nashville Sounds ROBERT R. CAMPBELL, JR. BARRETT HOBBS HANNAH PARAMORE SALLY WILLIAMS Waller Ex Officio Paramore | the digital agency Ryman Auditorium Cumberland Hospitality Group KENT CLEAVER DAN PIOTROWSKI MATT WILTSHIRE Avenue Bank DAN HOGAN Omni Nashville Hotel Ex Officio CapStar Bank Mayor’s Office of Economic JENNIFER COLE STEPHEN H. PRICE and Community Development Chair, Retail Development ROBERT M. HOLLAND, JR. Burr & Forman LLP Metro Arts Commission Butler Snow, LLP CAROL B. YOCHEM HUGH M. QUEENER First Tennessee Bank GEORGE V. CRAWFORD, JR. LAURA HOLLINGSWORTH CBID Vice Chairman Gullett, Sanford, Robinson The Tennessean/TN Media Pinnacle Financial Partners SHIRLEY ZEITLIN & Martin, PLLC Zeitlin & Company, Realtors CHRIS HOLMES BRACKNEY J. REED W. KIRBY DAVIS, JR. FirstBank Gresham, Smith & Partners Chair, Residential Development Freeman Webb Companies NASHVILLE DOWNTOWN PARTNERSHIP | 2015 ANNUAL REPORT | NASHVILLEDOWNTOWN.COM ï HIGH DEMAND OUTPACES HOUSING SUPPLY KIRBY DAVIS, Chair, Residential Development • Unprecedented demand for downtown housing product continues to drive increased rental rates and condo prices. Rental occupancy is 97% this year and has been 95% or higher since 2010. Housing prices have significantly increased over the past 24 months, and the current resale inventory is only a 1.2-month supply. ____________________________________________________________ • Nashville is ranked #1 on a list of cities whose housing markets have had the strongest recoveries following the Great Recession (per the Federal Housing Finance Agency and the National Association of Realtors). ____________________________________________________________ • Developers of the residential tower Twelve|Twelve in The Gulch announced in early 2014 that all 286 units would transition from apartments to condos. As of August 25, 2015, Twelve Twelve is 82% sold and its units have yielded some of the highest per square foot prices seen in downtown. ____________________________________________________________ • Currently there are 4,902 downtown residential units— 47% are rental, 49% are condo and 4% are single family units. Market rate housing constitutes 95% and affordable housing accounts for 5% of the housing mix. ____________________________________________________________ • 8,300 people currently live in downtown Nashville. Of those surveyed, the top four reasons for living downtown are urban experience, location convenience, arts and cultural events, restaurant selection, and nightlife. ____________________________________________________________ • Currently there are 1,443 units in six rental projects under construction. The number of downtown residents by the end of 2016 is projected to be 10,300. ____________________________________________________________ • There are 13 additional projects planned/announced that could deliver 3,782 units by 2018. If all planned projects are built, the total number of downtown residents would increase to more than 17,000. ____________________________________________________________ • Downtown will continue to have a pent-up demand for purchase product—with little relief—until existing or under construction projects convert or new product comes online. 4 NASHVILLE DOWNTOWN PARTNERSHIP | 2015 ANNUAL REPORT | NASHVILLEDOWNTOWN.COM LIVE ï DOWNTOWN RETAIL CLUSTERS FLOURISH JENNIFER COLE, Chair, Retail Development • Thirty-four new retail businesses opened or announced opening plans between January 1 and August 15, 2015. In 2014, there were a total of 37 retail openings. Downtown Nashville’s retail space is currently 93% occupied. ____________________________________________________________ • The Nashville downtown retail strategy focuses on fostering dynamic retail clusters in target areas led by retail magnets such as Puckett’s Gro. & Restaurant, Urban Outfitters, and the M Street restaurants. ____________________________________________________________ • New retailers this year include Southernaire, Skull’s Rainbow Room, Biscuit Love, Trattoria Il Mulino, the George Jones Museum, and more. Jeff Ruby’s Steakhouse and Del Frisco’s Grille were announced this year and expect to open in late 2015 and 2016, respectively. ____________________________________________________________ • The Nashville food scene continues to garner positive national press. Food and Wine magazine recognized Frothy Monkey as one of “8 Phenomenal Coffee Shops Where You Can Get Your Wine Fix.” And Biscuit Love was featured in Bon Appétit magazine’s “50 Nominees for America’s Best New Restaurants 2015” list. ____________________________________________________________ • Major new downtown retail space will come online with the additional development of the Capitol View mixed-use urban project and the repurposed Nashville Convention Center. Capitol View will bring 312,000 square feet of retail space. ____________________________________________________________ • The redevelopment of the convention center plans to bring 205,000 square feet of retail, restaurant, and entertainment space—in addition to 350 apartment units, renovated conference space, at least 2,000 parking spaces, and 350,000 square feet of Class A office space. ____________________________________________________________ • The First Saturday Art Crawl continues to grow with 28 stops on the map, and 1,500–2,000 regular attendees. Each month—on the first Saturday—art galleries throughout downtown Nashville open their doors for an evening of art and culture. Admission is free, and many galleries serve wine and refreshments. There is live music on a temporary stage on 5th Avenue and new art exhibits to enjoy every month. ____________________________________________________________ • Downtown Nashville has 114 shopping options, 212 dining options, 83 nightlife venues and 25 galleries—with more to come! NASHVILLE DOWNTOWN PARTNERSHIP | 2015 ANNUAL REPORT | NASHVILLEDOWNTOWN.COM 5 RETAIL ï BUSINESSES ARE CHOOSING TO INVEST AND GROW DOWNTOWN WILLIAM HASTINGS, Chair, Business Development • The mid-year 2015 downtown Class A office vacancy was 6.4%. Of the 7,979,101 total square feet of commercial office space downtown, 3.5 million square feet is Class A with an additional 1,264,000 square feet of Class A space currently under construction. _______________________________________________________________________ • UBS Tower has undergone a turnaround through new ownership by Rubicon Equities. UBS Tower has 602,000 square feet of office space, second only to the AT&T building. Rubicon Equities also recently added the Public Square parking garage to its portfolio with 1,070 spaces. _______________________________________________________________________
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