For years, centrifugal force threw families into outer suburbia. Today, it is centripetal force drawing folks back into the convenience and community of downtown Nashville real estate. As Nashville’s business community grows, it is drawing professionals who are used to an urban lifestyle. But baby-boomer retirees are also seeking the condensed amenities found in downtown districts of Nashville real estate.
That means Nashville condominiums and lofts are appearing on the skyline downtown in the Nashville real estate market.
1. The Lofts at Werthan Mills and the new Morgan Park Place are set at a large former bag factory in Germantown that is being renovated in phases.
2. The Adelicia is a 197-unit structure going up at 20th and Adelicia Avenues in the Midtown area.
3. The 305-unit Viridian is between Church Street and Commerce Street.
4. East End Lofts and 5th & Main are across the Cumberland River, the gateways to historic East Nashville.
5. Rolling Mill Hills, a very large condo complex in the SoBro district south of Broadway, is scheduled for completion in late 2007.
6. The Gulch, a 21-story high-rise in the downtown railroad gulch, is located in an upscale commercial area with sophisticated restaurants and shops. It is scheduled for completion in 2008.
The centralixing trend looks like it’s sticking. Check out pictures of the skyline from the last ten years and see the progression from a small-town look to the city skyline.
And the demand is also obvious. The ICON at the Gulch project sold 70 percent of its condo units the first day they went on the market. Prices do vary. Many smaller condos and lofts can be picked up for less than $200,000, affordable for young professionals and first-time homebuyers. There are also plenty of options for senior executives and empty nesters looking for million-dollar pent-houses, but most are in the $175,000 to $400,000 price range, affordable to just about everyone.
The president of the Greater Nashville Association of Realtors, Richard Courtney, pointed out that other urban amenities such as big-name retail and grocery outlets will follow the residents downtown. Already, The Viridian has planned a 6,000-square-foot market on its ground floor and the ICON and 5th & Main will also provide shopping. As the city grows out, it is growing up and quickly embracing the emerging urban lifestyle.
Why spend all of that gas money to drive in and out of town when some spectacular views await a few stories up? Besides, there’s something to be said for the change in perspective. People enjoy the convenience and camaraderie that swells when they walk to work, walk to shop, walk to eat, to club, and walk to the theater.
© Copyright 2004-2008 by IMC & RealEstateTennessee.net
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