Developers Turning Older Downtown Buildings Into Apartments - NewsChannel5.com | Nashville News, Weather & Sports

Developers Turning Older Downtown Buildings Into Apartments

Posted: Updated:

by Chris Cannon

NASHVILLE, Tenn. - Developers have proposed turning several office buildings in downtown Nashville into new apartments.

Living in the city's urban core has been very popular for the last eight years.

"There is a huge desire to move back into the core of the city," said Zach Goodyear from Parks Realty in The Gulch.

Goodyear said there has been a reverse from 25 years ago when people abandoned the downtown area for the city's suburban areas.

"People want to be able to walk to shopping, walk to a grocery store, walk to a little local bar, or restaurant," said Goodyear.

When the move back downtown started, developers were primarily building condominium buildings. In recent years, they have only built apartment buildings.

Several former office buildings in the downtown area have been set for renovation. It is something Nashville has not seen in several years.

"We saw a lot of that back in 2006, and 2007. There's been none of that for the last six, or seven years," said Goodyear.

The former Federal Reserve Bank building on Rosa L. Parks Avenue is in the process of being transformed into 60-plus luxury apartments.

Another developer has plans to transform an historic building on 3rd Avenue North. The vacant Banner Building caught the eye of a development group.

"Because it's square for the most part, and it has a fair amount of windows for a building this age, downtown," said Scott Tyrone with the Banner Building Development Group.

Tyrone said there will be approximately 30 rental units and retail space on the street level of the Banner Building. The units will rent for around $1,200 a month. He expects the project to be completed by late summer.

The recent trend in Nashville has been to build new rental apartment developments, but Goodyear said that could change in the next year.

"There's a few developers that are trying to start building condos right now, but the lending requirements, for the developer side, are still a little bit tougher," Goodyear said. "Some of these apartment buildings will realize that there's a huge demand for in-town condos, and I think they're probably going to look at that hard and consider converting to condominiums."

Goodyear said Nashville still has a lot of ground to make up when it comes to building apartments and condominium to accommodate new residents moving to the city.

Email: ccannon@newschannel5.com
Facebook: Facebook.com/NC5ChrisCannon
Twitter: Twitter.com/NC5_ChrisCannon 

Powered by WorldNow
Powered by WorldNow
All content © Copyright 2000 - 2014 NewsChannel 5 (WTVF-TV) and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.