Comments on: Velocity in the Gulch Restructures Ownership

By: Grant Hammond

Grant Hammond — Tue, 03 Aug 2010 21:04:55 +0000

There is no doubt that the Bristol Group, MarketStreet and Compass Bank are kicking themselves for not building the development as an apartment project, but hindsight is 20/20. You must remember that this project pre-sold towards the end of the boom with great momentum in 2007. The world changed soon after and everyone (including the builders, developers and pre-sale buyers) were caught up in the aftermath. From what I can tell, Compass Bank remains committed to selling the Velocity as a condo project. They are lowering prices to become the lowest priced condos in downtown and providing financing for first-time buyers. I only hope that Compass Bank will fund the development of the retail space as there are several signed tenants (restaurants & shops) who desperately want to open in this location.

By: Guest

Guest — Tue, 03 Aug 2010 20:41:00 +0000

Odds that Velocity is an apartment building within the next year? I can't imagine that the owners are not seriously considering this.

By: Bubb_rubb

Bubb_rubb — Thu, 22 Jul 2010 02:14:01 +0000

It sounds like you and I aren't really disagreeing as far as my comments about the Gulch being overpriced right now. I am also frustrated that every time I talk about the Gulch being overrated, someone comments, “Well maybe urban living isn't for you.” I have been an urban dweller for all of my adult life. I live and work downtown now. I walk to work. I simply think the Gulch is overrated.

By: Bubb_rubb

Bubb_rubb — Thu, 22 Jul 2010 02:03:36 +0000

I see I may be over my skis here. I have no idea of what chef-driven means. I assume it means, overpriced. I am no expert, I just go out to eat almost every night, love good food, and am chubby. So here is my logic,

Dinner at On the Border (and almost all other Mexican restaurants that are above average) = 7-10 plus tax.
Cantina Laredo (also above average) = 15-25 plus tax

Thus, cantina laredo is overpriced.

By: Bubb_rubb

Bubb_rubb — Thu, 22 Jul 2010 01:56:09 +0000

Whoa there guys. Chill out.

I want to clarify my post and correct some apparent misconceptions. Outside of college and grad school I am a lifelong nashvillian and am also proud that Nashville is progressing. I am not “passionately critical” of downtown condos or downtown living. I live in one and walk to work. So no, I am not a suburb loving, SUV driver bashing downtown living. I love the convenience of downtown living. I simply think the gulch is overpriced and overrated.

By: Guest

Guest — Thu, 22 Jul 2010 01:45:34 +0000

I don't really see the post above as pessimistic but rather than some much needed skepticism on the gulch. I agree that Gulch is overpriced and in that sense overrated.

By: Solve Et Coagula

Solve Et Coagula — Thu, 08 Jul 2010 23:39:33 +0000

I don't see the logic in your statements. Cantina Laredo like On the Border? Cantina Laredo is a chef driven restaurant, On The Border is not. You obviously have not done research on cities and in particular demographics and worldwide living trends. I urge you to look at the following websites to better educate yourself:

www.skyscraperpage.com
www.skyscrapercity.com
www.cyburbia.org
www.urbanplanet.org
www.ctbuh.org

Those sites will show you that worldwide trends are moving back to the cities with the cocentric zoning models. Cities with mass transit are experiencing monumental population growth. In America alone, city populations will increase as people relocate to America from Europe and Asia where they don't have the luxury of suburbs and dependence on the automobile.

By: Grant Hammond

Grant Hammond — Wed, 07 Jul 2010 21:02:07 +0000

Bubb_rubb23, urban living is certainly not for everyone, especially in a city with a 2008 county population of 626,144 and MSA population of 1,550,773. Nashville is not Chicago or San Francisco, we understand that there simply are not as many urban shopping or retail choices. Retail follows rooftops and rooftops are what is lacking in this equation. That being said, we are a growing metro. Despite what might look like a current glut of condos, our metro area is disproportionately underserved by this product type when compared to similar size US cities. I am not saying that condo prices will not adjust in the short run. What I am saying is fast forward a half decade and you’ll find another urban building boom as construction capital and mortgage credit becomes more readily available.

I do expect good news to be coming out of the Gulch soon. My guess is that we will see retailers announcing their intentions to fill the Velocity’s retail space as soon as a month from now. I also expect to see either Pine Street Flats or Griffin Plaza make strides in securing financing to go vertical as a multi-family mixed-use development.

By: gulchresident

gulchresident — Tue, 06 Jul 2010 23:49:47 +0000

Backtattoo, very well said. I am also a resident, although new to the gulch, and love the conveniences of local retail, restaurants, and entertainment. One thing I find interesting from various online critics of downtown/gulch living is their assault on downtown markets or ‘high-end’ groceries. A major oversight is that we also have Walmart Market or Kroger alternatives just a short drive away. It takes us 5 minutes to drive to either Harris Teeter or Kroger on 8th South which is comparable to the drive time when we lived North of downtown. Also, while some of the local restaurants may be pricey, most places in the Gulch offer discounts to Gulch residents that quickly make prices very competitive. I certainly wouldn't be critical of suburban living because I know there are great options available. It is shocking to me how passionately critical some are of downtown/gulch condos although they've not experienced living there first-hand.

By: backtattoo

backtattoo — Tue, 06 Jul 2010 20:46:12 +0000

This post really made me happy. I've lived in the Gulch for 6 years, before the sidewalks & traffic lights. I watched all of these condos being built. I find it pretty amazing, and see it getting better and better all the time. It's nice to know that you, with your pessimism & general bitter attitude on life, are not going to be my neighbor.

Why are you even looking for a place near downtown? You are complaining about the economy, the restaurants, the highways, the locally-grown produce market, & the girls at the pool. What did you expect? Sure Walmart, Kroger, & On the Border are great, but it's like you are looking to buy a motorcycle and then complaining that it goes too fast.

These things you see as faults, are why I chose to live here. Walk downstairs & grab a bite to eat. Down the street & have a beer at the brewery. Walk to a Titans game, hear some bluegrass at the Station Inn, or just grill out at the pool and enjoy the Nashville Skyline. I was born here in Nashville, and am proud to live here. It's nice to see the city I grew up in becoming more dynamic. Are your 3 to 5 years up yet?