NASHVILLE DOWNTOWN PARTNERSHIP 2011 BOARD OF DIRECTORS OFFICERS KIRBY DAVIS AUBREY B. HARWELL, III THE HONORABLE MARY PRUITT CARRIE BANKS TEAFORD Chair, Retail Development Neal & Harwell, PLC Ex Officio Baptist Hospital First Management Services, Inc. State Representative ROBERT R. CAMPBELL, JR. WILLIAM HASTINGS TONY K. THOMPSON Chairman MARGARET O. DOLAN Hastings Architecture Associates, LLC HUGH M. QUEENER First Tennessee Bank Waller Lansden Dortch & Davis, LLP Ingram Industries Inc. Pinnacle Financial Partners SEAN HENRY JAMES S. TURNER, JR. DONALD W. ABEL, JR. JOHN FLEMING Nashville Predators BRACKNEY J. REED MarketStreet Enterprises Vice Chairman Renaissance Nashville Hotel Gresham, Smith and Partners Fifth Third Bank SHAWN HENRY THOMAS D. TURNER RICHARD FLETCHER Ex Officio CHARLES ROBIN Ex Officio BETH FORTUNE 511 Group, Inc. Tune, Entrekin & White, PC Robin Realty Co., LLC Nashville Downtown Partnership Secretary Chair, The DISTRICT Vanderbilt University LIBBY FUNKE PHIL RYAN ALAN VALENTINE Brite Revolution THE VERY REV. TIMOTHY KIMBROUGH Metro Development Nashville Symphony BECKY HARRELL Christ Church Cathedral & Housing Agency Treasurer TONY GIARRATANA JOHN VAN MOL KraftCPAs, PLLC Giarratana Development, LLC DR. FRANK LEWIS BRENDA SANDERSON DVL Public Relations & Advertising First Baptist Nashville Chair, Public Space GEORGE V. CRAWFORD, JR. THE HONORABLE ERICA GILMORE Broadway Entertainment RAY WATERS Immediate Past Chairman Ex Officio ROBERT C. H. MATHEWS, III Hilton Nashville Downtown Gullett, Sanford, Robinson Metro Council, District 19 Vice Chair, Sec’y-Treasurer, CBID Board JIM SCHMITZ & Martin, PLLC The Mathews Company Regions Bank SALLY WILLIAMS WILLIAM GLAUS Ryman Auditorium DIRECTORS The Bank of Nashville ROBERT A. MCCABE, JR. RALPH SCHULZ Chair, Resource Development Ex Officio MATT WILTSHIRE RONALD V. GOBBELL, FAIA Pinnacle Financial Partners Nashville Area Chamber of Commerce Ex Officio BILL BARKLEY Chairman, CBID Board Mayor’s Office of Economic Chair, Residential Development Gobbell Hays Partners, Inc. MARK MCNEELY J. RONALD SCOTT & Community Development City Development Company, LLC McNeely Pigott & Fox Public Relations JRS Investments Incorporated NATE J. GREENE JOHN R. WINGO KENNETH BLACKBURN Colliers International/Nashville DEBORAH MERRELL GREG SLIGH Stites & Harbison PLLC AT&T SunTrust Bank Chair, Business Development RONNY L. GREER The Hermitage Hotel JACK WOOD MIKE BLOSSER Work & Greer, PC MATTHEW C. MOORE Chair, Access & Transportation Louisiana-Pacific Corporation American Constructors, Inc. BUTCH SPYRIDON Barge Waggoner Sumner & Cannon, Inc. JOHN GUPTON Ex Officio JAMES H. BOND Baker, Donelson, Bearman, DONNA NICELY Nashville Convention and Visitors Bureau SHIRLEY ZEITLIN Central Parking System, Inc. Caldwell & Berkowitz, PC Ex Officio Zeitlin & Company, Realtors Nashville Public Library T. STEPHEN C. TAYLOR C. ALLEN BRADLEY, SR. THE HONORABLE THELMA HARPER Bass, Berry & Sims PLC Nashville Electric Service Ex Officio State Senator artnership is a key ingredient in achieving May 1, 2002) and the BEEP park and ride program Pour core purpose of making “downtown for patrons of Bridgestone Arena events (since Nashville the compelling urban center in March 15, 2010) continue to expand. MTA the Southeast in which to LIVE, WORK, PLAY and opened Music City Central, a new downtown tran - INVEST.” Positive changes are often realized only sit station in October, 2008, and in 2010 launched after several years of planning and collaboration its popular free Music City Circuit downtown cir - among many groups. In the most successful pri - culator with three convenient routes. Since Sep - vate-public partnerships, participants care less tember, 2009, parkitdowntown.com has utilized about who is taking the lead and who is getting an interactive parking map to simplify the down - the credit (or blame) and more about fulfilling a town parking experience and has increasingly be - shared vision. come a primary community resource. Car sharing came downtown in 2010, and bike sharing is a po - Events and festivals thrive downtown, setting tential new option for residents, employees and new attendance and economic impact records visitors. And significant progress is being made annually. Over the past five years, the downtown with the current mass transit study for the Broad - DOWNTOWN art galleries and other groups have developed way-West End corridor, with the strong potential the First Saturday Art Crawl into an exciting and for actually implementing a transit project in 2015. well-attended monthly downtown event. Many downtown organizations lend their support to These are only a few examples of successful PROGRESS make successful more recent additions to down - long-term collaborative efforts that are having a town, including the Music City Festival and BBQ far-reaching impact on the downtown environ - Championship, Live on the Green and the Na - ment. Others include adding a street-based out - tional Folk Festival. The Nashville Downtown reach worker downtown to work with social DEPENDS ON Partnership calls on sponsors and other groups services and transitional housing providers, gov - to increase the impact of its annual events—the ernmental agencies and the Metro Homeless - downtown spring home tours, the annual meet - ness Commission to assist individuals wanting to ing and awards luncheon, and this year, the first make a positive change in their lives. And the TEAMWORK Downtown Employee Appreciation Week (fol - remarkable development in the SoBro area lowing a successful one-day event in 2010). comes after more than a decade of community input and planning. Developers are now guided This summer, pedestrian map signage was in - by a Downtown Form-Based Code developed by stalled as the first phase of an innovative Metro Planning after extensive input from com - wayfinding program. Many local organizations munity stakeholders. and local and State government representatives worked several years to get public input and to The Nashville Downtown Partnership staff and achieve an optimal design. This was a lengthy Board of Directors focus every day on ways to community process, with an excellent outcome make the downtown experience a positive one now being implemented. for businesses, residents, and visitors. Together we are making a difference. A similar scenario is unfolding with downtown transportation and parking options. Responding to specific downtown concerns, the weekday park Thomas D. Turner and ride initiative for downtown employees (since President and CEO Nashville Downtown Partnership 2011 Annual Report 3 DOWNTOWN LIVING IS A TOP CHOICE FOR RENTERS AND BUYERS Bill BARKleY, Chair, Residential Development • The current downtown housing mix is 60% purchase (2,302 condos and single family homes) and 40% rental (1,534 apartment units). Two recent apartment conversions (220 units at Velocity in The Gulch and 72 units at three Rolling Mill Hill projects) added 292 rental units. New construction work - force housing at Rolling Mill Hill increased rental units by 109. ___________________________________________________________________________________ • The 2011 downtown rental occupancy rate is 96%, and has consistently been 92% or greater each year since 2007. Three new developments (two in The Gulch and one at Rolling Mill Hill) will add 667 new rental units in 2012 and change the downtown housing mix to 49% rental, 51% purchase. ___________________________________________________________________________________ • Downtown residential sales averaged 14 per month from July, 2010 through June, 2011. In 2009, there were 166 downtown home sales and in 2010, 209. During the first two quarters of 2011, 98 downtown closings were finalized. ___________________________________________________________________________________ • If sales continue at the present rate, the total inventory of developer-owned condos and re-sale units will be depleted by mid-2012. No new for-sale projects have been announced and a minimum of three years is needed to take a residential project from planning to completion. ___________________________________________________________________________________ • By year-end 2011, the number of downtown residents is projected to be 5,754. By year-end 2013, the residential population is expected to increase to 6,755. ___________________________________________________________________________________ • The eighth annual downtown home tour featured both an evening City Lights Tour and a Sunday afternoon tour in April. Over 9,000 people have attended the tours since 2004, with an impact of over $47 million in sales and leases. ___________________________________________________________________________________ • As a new incentive, the Nashville Downtown Partnership offered $1,000 toward closing costs for the first five applicants attending the 2011 home tour and closing on a downtown unit before December 31. ___________________________________________________________________________________ • At least three 2011 studies ranked Nashville as a top city choice for college grads. The 2011 Down - town Residential Survey reported 60% of current residents have a college degree and another 28% have postgraduate degrees—more than double the percentage for Nashville residents as a whole. 4 Nashville Downtown Partnership 2011 Annual Report { live } DOWNTOWN RETAIL OPTIONS ARE GROWING KiRBY DAviS, Chair, Retail Development • The Partnership’s Retail Recruiter has made over 770 local and regional retailer visits since January, 2008. During the first