No green shoots for developers
Posted on October 30, 2009 at 12:12 pmMarty Heflin of M2H Group says the mood is just plain sour.
“Heaven in 2011?” I am not so sure. In conversations with fellow developers, lenders and investors primarily in the Southeast region, I am not hearing a lot of talk about “green shoots.” I am seeing a lot of downcast faces and concern. The central problem continues to be two-fold: a) the land sellers and asset holders that are distressed haven’t gotten the memo yet and b) the credit markets remain shut tighter than the back of a Swiss watch.
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Planning staff still says yes to May Town
Posted on June 15, 2009 at 6:36 pm
The staff at the Metro Planning Commission has recommended that their bosses approve the plan for May Town Center with more than a dozen conditions. See Nate Rau’s report here.
The report features its fair share of design and planning jargon – just how will those VMTs affect the LOS? – but it’s a section of pretty clear English immediately preceding the final recommendation that caught my eye.
[S]taff strongly believes that the community is polarized to the point that it is difficult, if not impossible, to meaningfully and rationally discuss any other planning and community development issues that may be desired until such time as the Planning Commission and Council resolve the issue of whether or not a development of this magnitude will be approved.
Realistic and appropriate resolution of secondary issues is currently so wrapped up in positioning on both sides to support their positions that objective communication toward a desirable solution is not possible.
While there do remain issues that need to be addressed, staff believes that adoption of the staff recommendations will address the most critical impacts of the proposal while, if approved, allowing ongoing opportunities for resolution of remaining issues through the planning process once a decision has been reached. At the risk of oversimplification of a very important proposal, not every impact can be determined, nor can every contingency be anticipated.
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Lender pushes Rolling Mill Hill project into receivership
Posted on June 11, 2009 at 4:27 pmBank of America has sued over an outstanding construction loan of almost $11 million and wants to foreclose on the three-building project being developed conjunction with MDHA.
The development ran into problems because Direct was undercapitalized, without enough money to pay for expenses even after work was completed, says Walker Mathews, president of R.C. Mathews, general contractor for the project. He says the condos have great features, and construction was finished by April 14, as promised two years earlier.
“The unfortunate thing is we got all the way to the finish line, and it turns into a mess,” Mathews says.
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Design award for East Nashville project
Posted on June 9, 2009 at 12:53 pm
From a release:
Gresham, Smith and Partners, a leading national architecture, engineering, interior design and planning firm, is pleased to announce that it received an award from the Historical Commission of Metropolitan Nashville-Davidson County for outstanding efforts toward the preservation of Davidson County’s architectural heritage. The award recognizes design efforts related to MC3 at Martin Corner, phase three of a multi-phase East Nashville infill project being developed by Martin Corner GP. The award was announced at the 34th Annual Preservation Awards held on Thursday, May 21.
MC3, which anchors the southeast corner of South 11th and Fatherland Street, is part of a masterplan for the Martin Corner area of east Nashville. Consisting of three buildings forming a private courtyard in the center, MC3 includes 20 residential condominium units. Exterior materials include dark brick, white metal, polished masonry units and translucent glass. MC3 is designed as a contemporary statement to harmonize with the mixed-use buildings from the early 20th century.
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Local developer rebrands
Posted on June 1, 2009 at 3:24 pmNashville firm Hostettler Neuhoff & Davis has changed its name to HND Realty and the name of its Craighead Development unit to HND Homes.
“Right now home buyers want simplicity and our name change was in an effort to make it easier for them to recognize both businesses,” states Carl Neuhoff, of HND Realty. “We build homes and we are a real estate firm – now one name reflects consistent identity.”
HND has been active in recent years with various infill developments around Nashville.
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Developer’s bankruptcy leaves 840 project in limbo
Posted on April 23, 2009 at 9:51 amDeveloper Opus South has filed for bankruptcy and will leave the Southeast altogether. The company last year completed a 700,000-square-foot warehouse off Couchville Pike in Wilson County that still sits empty. Back in the condo development heyday, Opus also was rumored to be in the mix for Tony Giarratana’s Polar Ice property in the North Gulch.
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How the recession will tilt the U.S. regional balance
Posted on February 17, 2009 at 2:05 pmRichard Florida writes in The Atlantic about urban trends during this recession and the continued decline of the industrial heartland.
Sadly and unjustly, the places likely to suffer most from the crash — especially in the long run — are the ones least associated with high finance. While the crisis may have begun in New York, it will likely find its fullest bloom in the interior of the country.
Other topics touched on: How Charlotte may actually become an even more important banking center, how Sun Belt boomtowns can survive and this alternative approach to handling foreclosures:
The foreclosure crisis creates a real opportunity here. Instead of resisting foreclosures, the government should seek to facilitate them in ways that can minimize pain and disruption. Banks that take back homes, for instance, could be required to offer to rent each home to the previous homeowner, at market rates — which are typically lower than mortgage payments — for some number of years.
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