2013 Nashville Downtown Partnership Annual Meeting & Awards Luncheon Presentation
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Downtown Nashville has experienced significant growth in residential and commercial development in recent years. Over 7,000 people now live downtown in 4,554 housing units, with another 1,600 units under construction or planned. Rental occupancy is at 98% with strong demand. Office vacancy is low at 7.7% and downtown could absorb another 500,000 square feet of office space in the next 5 years. Amenities like bike sharing, car sharing and free shuttles have increased transportation options for the growing workforce of over 50,000 employees downtown. Events at venues like Bridgestone Arena attract hundreds of thousands of visitors annually.
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2013 Nashville Downtown Partnership Annual Meeting & Awards Luncheon Presentation
- 2. “To make downtown Nashville the compelling urban center in the Southeast in which to LIVE, WORK, PLAY and INVEST.”
- 3. LIVE Downtown In 2013, 7,286 people do!
- 4. 2013 Residential Inventory • 4,554 housing units • 51% purchase – 2,095 condos – 209 single family homes • 49% rental – 2,250 apartments • 7,286 residents
- 5. Downtown Residential Sales Jan- June 2013130 closings Jan- June 2012123 closings Jan- June 2011 99 closings Availability Downtown No developer-owned units- - only 72 re-sales available (3+-month supply)
- 7. Rental Demand Soars! Highest ever rental occupancy–98% in 2012 and 2013 2,250 rental units now; 475 under construction and 1,124 planned
- 8. TODAY IN THE GULCH 900 rental units 577 condos 312 rental units under construction
- 9. Downtown Market Analysis Can absorb another 3,500 residential units by 2017 Today: 4,554 units + 475 under construction + 1,124 planned
- 10. • YTD 49 new retail businesses have opened or announced • 32 food establishments • 16 shopping options • 1 music and nightlife •2012 retail openings: 52 Retail Growth in 2013
- 11. New Retail 2013 Johnny Cash Museum Vincent Peach Bettie Page Clothing
- 14. Downtown Amenities 17 coffee shops 11 massage therapy 11 barbers, hair salons, nails 9 fitness centers/dance studios 8 bakeries 5 ice cream/yogurt shops 4 post offices 3 florists 2 urban grocery stores 1 urgent care center
- 15. 7.5 million square feet commercial office inventory downtown
- 16. Mid-year 2013 Class A office vacancy: 7.7% Recent studies indicate downtown could absorb another 500,000 SF of office space over the next 5 years
- 17. 50,335 Downtown Employees and Growing! UBS Tower in 2014 1,000+ new jobs Asurion: 500 jobs came downtown in late 2012 ServiceSource: tied for 9th largest downtown employer in 2012 Sony/ATV Music Publishing moving downtown with 200 new jobs!
- 18. Record $153 million sale to Highwood Properties Strong Investor Interest and Building Sales
- 19. Historic Trolley Barns at Rolling Mill Hill Work Spaces for Nonprofits, Entrepreneurs
- 22. LP Field Park and Ride Option for Employees 2010-2012: average of 14,221 monthly riders on 3 routes Free weekday parking; $25 for monthly shuttle passes
- 23. Best Ever Event Parking (BEEP) • Free parking at LP Field Lot R for Bridgestone Arena events, optional $3 per person round trip shuttle service • Over 330 events since 2010, free parking for 45,000 vehicles • 60% of the passengers choose the shuttle option
- 24. Bike Share, Car Share and Free Circulator, MTA’s Music City Circuit
- 26. 195 Nashville B- cycles at 21 kiosks within 3 miles of downtown As of August 31, 18,810 memberships (17,872 daily)
- 27. January-August, 2013 29,166 trips or bike checkouts 6,547,760 calories burned 155,509 pounds carbon offset
- 29. Let’s take your company logo for a spin! Invest in this healthy transportation option— Sponsor
- 30. In 2013, 541 hanging flower baskets on downtown streets
- 31. Downtown Clean Team January- August, 2013 •Removed 70,850 pounds of trash and 11,106 square feet of graffiti • Power washed 636 block faces and 882 alleys
- 33. Hospitality Ambassadors offer visitors guidebooks, maps and printouts of directions, coupons
- 34. Photo : The Funky Umbrella
- 36. Bridgestone Arena 7th in Pollstar’s Top 10 for U.S. Concert Attendance March, 2013– 2nd busiest month in arena’s history with 329,002 guests Hosting 2014 NCAA Women’s Final Four
- 39. Platinum LEED Status for Bridge Building 1st in Tennessee 4th greenest building worldwide
- 43. Proposed West Bank Park at Thermal Site
- 44. 2013 Board of Directors
- 45. “To make downtown Nashville the compelling urban center in the Southeast in which to LIVE, WORK, PLAY and INVEST.”
- 55. 2013 Associate Sponsors 2013 In-Kind Sponsor
Editor's Notes
- Frothy Monkey announced at the June Art Crawl that they will be coming to 5th Avenue. I am very excited about this because I worked with the owners for 2 years to find the perfect location. They will keep their coffee bar concept but also expand their breakfast, lunch and dinner options. Coming Soon! The Encore has seen a lot of great activity recently: Farm House will be open at the Encore! The restaurant will focus on traditional southern cuisine and locally sourced ingredients. They will take 4,000sf behind Etch and they will be open for lunch and dinner. Second Wind Coffee Bar will also open this summer in the Encore. They will be open for breakfast, lunch and dinner and serve wine at night. They will occupy 1,000 sf on front of the Encore facing Demonbreun Street. Etch has exceeded their first year sales projections and will be expanding their current location inside the Encore by 1,300 sf! A new concept by Max and Ben Goldberg called Pinewood Social will open inside the Trolley Barns this fall. The concept will have 6 bowling lanes, karaoke rooms, shuffleboard, an outdoor patio with a swimming pool as well as a restaurant that will offer breakfast, lunch and dinner.