In Nashville, Tenn., where real estate insiders expect construction to exceed more than $3.7 billion in 2019, adaptive reuse projects are all the rage. Many are currently underway and many have been recently completed.
As job growth soars in the Tennessee capital, which continues to attract business and creatives, the multifamily market is booming as well. Further growth is expected with Amazon’s new operations hub at Nashville Yards set to add 5,000 jobs over the next seven years; Ernst & Young’s addition of 600 jobs over the next five years; and the Nashville’s airport BNA set to undergo a $1.2 billion expansion, slated for completion in 2023.
Mark Deutschmann, founder of Village Real Estate Services and chairman of ULI Nashville, attributed at least some of the huge growth and popularity the city has seen to the TV show Nashville, which ran from 2012 to 2018 and was a big hit for ABC.
“If you ever get a TV show named for your city, it’s really good for your brand,” said Deutschmann, during a tour of adaptive reuse properties in Nashville on April 16th.
At the ULI Spring Meeting conference in Nashville this week, Multi-Housing News got an inside look inside several adaptive reuse projects that are either underway or have opened recently.
The projects included Taylor Place, a former industrial campus being transformed into multifamily, creative office space and retail in Germantown; the May Hoisery project, a former sock manufacturing plant that will be redeveloped into creative office space, a boutique hotel and retail; a former blacksmith shop turned award-winning restaurant, Geist; and a former laundry processing facility turned retail shopping center.