7th Ave South: Offering Memorandum Vickie Saito -...
Transcript of 7th Ave South: Offering Memorandum Vickie Saito -...
7th Ave South: Offering Memorandum6 2 9 + 6 3 5 7 T H AV E N U E S O U T H , N A S H V I LL E , T E N N ESS E E 3 7 2 0 3
Vickie SaitoVice President615 850 2711
7 T H A V E N U E S O U T H | N A S H V I L L E , T E N N E S S E E
P. 2 : 629 + 635 7TH AVENUE SOUTH : COLLIERS INTERNATIONAL | NASHVILLE
ContentsInvestment Highlights ............................................................................ 4
Property Overview ................................................................................ 5
Terms of Sale ........................................................................................ 6
Site Plan ................................................................................................ 7
Exterior Property Images ...................................................................... 8
Interior Property Images ....................................................................... 9
Regulating Plans .................................................................................. 10
Neighborhood Map .............................................................................. 13
Property Aerial .................................................................................... 14
Property Location ................................................................................ 15
Demographics ...................................................................................... 16
Area Overview ..................................................................................... 17
COLLIERS INTERNATIONAL | NASHVILLE : 629 + 635 7TH AVENUE SOUTH : P. 3
Investment Highlights
• 629 and 635 7th Avenue South
• Total Site: 0.91 acres
» 2 - Story Commercial Warehouse
» +40,000 SF on 0.69 ac.
» + 9584 SF parking lot
• Burgeoning Lafayette Subdistrict
• DTC Zoning allows office, retail, self-storage, brewery, hospitality-mixed uses
• Elevated site offers unobstructed skyline views
• Adaptive re-use or development opportunities
• Within 5 minutes of most all downtown amenities and interstate systems
• Easy walk to Division street extension connector and multitude of entertainment and dining options
Building Summary
Address629 + 635 7th Avenue SouthNashville, Davidson County, TN 37203
Building Type
+39,473 SF Storage warehouse on .69 ac.2-story concrete block and wood frame structure
Year Built ca. 1940s - 1950s
Parking9,583 SF parking lot contiguous to building - included in site offering
Zoning Downtown Code; Multi-OverlayColliers International is pleased to offer for sale a .91 acre development site in
the heart of Nashville’s most creative mixed use and eclectic urban environment!
Including a +40,000 SF, 2-story warehouse, this site is perfectly placed between
the trendy Gulch neighborhood and emerging SoBro & Lafayette Districts, with
tremendous opportunity for short-term and long-term investment options. The
area commonly referred to as “The Pie” boasts a collective of unique commercial
and music-inspired venues along with retail and professional creative businesses
like no other neighborhood!
With spectacular views overlooking Nashville’s exploding skyline, the property
is within 2 blocks of the Division Street Extension Bridge connecting Lafayette
Street/Sobro and The Gulch, Tennessee Brew Works, Third Man Records, City
Winery, 8th Avenue commercial corridor, and multiple restaurants and live
performance facilities!
The property sits on the western side of 7th Avenue South and Middleton
Street within the downtown I-40/65 loop, with easy access to the CBD, major
commercial corridors, and interstate connectivity to the entire city.
P. 4 : 629 + 635 7TH AVENUE SOUTH : COLLIERS INTERNATIONAL | NASHVILLE
Address629 + 635 7th Avenue SouthNashville, Davidson County, TN 37203
Submarket Lafayette Subdistrict
Building Type
+39,473 SF Storage Warehouse
0.69 Acres in Pie Town
2 - Story Concrete Block and Wood Frame Structure
Year Built ca. 1940s - 1950s
Building AreaFirst Floor Area: 17,912 SFSecond Floor Area: 18,330 SF
Stories 2 Stories
Current Tenants Furniture Warehouse Storage; Short Term Parking Tenants
Parking9,583 Sf Parking Lot Contiguous to Building and Includedin Site Offering
Total Site Area +_39,639 Sf (0.91 Ac)
Zoning Downtown Code; Multi-Overlay
Highest UseCommercial or Mixed-Use Development Site; Short-Term Storage or Adaptive Re-Use Options
+_+_
Property Overview
COLLIERS INTERNATIONAL | NASHVILLE : 629 + 635 7TH AVENUE SOUTH : P. 5
Terms of SaleINTEREST OFFERED 100% Fee Simple interest
OFFERING PRICE $6,100,000
TERMS All Cash at Closing
PROPERTY + MARKET TOURS
All registered buyers are encouraged to visit the property and should
contact Vickie Saito at 615.850.2711 to arrange a tour of the property.
ALL PROPOSALS TO PURCHASE ADDRESSED TO Ms. Vickie Saito-Vice President Colliers International | 523 Third Avenue South | Nashville, TN 37210
Main: +615.850.2700 | Direct: +615.850.2711 | Fax: +615.244.2957
Email: [email protected]
COLLIERS INTERNATIONAL | NASHVILLE : 629 + 635 7TH AVENUE SOUTH : P. 7
Images
SUBJECT WAREHOUSE VIEW NORTH
SUBJECT WAREHOUSE
VIEW EAST
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DTC Regulating Plan
1117.37 Downtown Code
Section I: Introduction
Rutledge HillSubdistrict - page 40
LafayetteSubdistrict - page 38
Rolling MIl HillSubdistrict - page 42
Gulch SouthSubdistrict - page 48
Gulch NorthSubdistrict - page 46
DTC Regulating Plan: Subdistrict Boundaries
N
LegendJames Robertson Subdistrict - page 18
CoreSubdistrict - page 20
Core HistoricSubdistrict - page 22
2nd and BroadwaySubdistrict - page 28
Upper BroadwaySubdistrict - page 26
SoBroSubdistrict - page 34
RiverSubdistrict - page 32
Rutledge RiverSubdistrict - page 44
Hope GardensSubdistrict - page 50
Sulphur DellSubdistrict - page 52
DTC Boundary
Subdistrict Boundaries
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DTC Regulating Plan
3817.37 Downtown Code
Section II: Subdistrict Standards
Lafayette Subdistrict: Regulating Plan
NLegend
LafayetteSubdistrict
Primary Street
Secondary Street
Tertiary Street
Other Street
Alley
The Lafayette neighborhood is currently a primarily industrial and business services environment with strong transportation connec-tions to the Gulch, SoBro, Midtown, and South Nashville neighbor-hoods. This neighborhood will likely retain many of the industrial and business service uses while accommodating a greater variety of uses. The neighborhood is primarily low-rise and should act as a transition from the height of the Core and SoBro to the single-family neighborhoods to the South.
Transitional properties that consolidate to have frontage on the boulevard shall be part of the SoBro Subdistrict. Transitional proeprties that do not consolidate to have frontage on the boule-vard shall be part of the Lafayette Subdistrict.
TransitionalProperties
Subdistrict Boundaries
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DTC Regulating Plan
3917.37 Downtown Code
Section II: Subdistrict Standards
Frontage
Allowed Frontage Types with Required Build-to Zone Primary Street• Storefront Frontage 0’-10’• Stoop Frontage 5’-10’Secondary Street• Storefront Frontage 0’-10’• Stoop Frontage 5’-10’• Porch Frontage 10’-15’Tertiary Street• Storefront Frontage 0’-10’• Stoop Frontage 5’-10’• Porch Fromtage 10’-15’Industrial Frontage is allowed in this Subdistrict.
Facade widthPrimary Street 80% of lot frontage min.Secondary Street 80% of lot frontage min.Tertiary Street 60% of lot frontage min.Remaining lot frontage may be used for pedestrian amenities and shall not be used for parking.
Min. building depth 15’ from building facade
Height
Min. • On the roundabout 3 stories or 35’
Max. • Transitional Properties 15 stories• On Lafayette St 12 stories• Subdistrict general 8 storiesAdditional height available through the Bonus Height Program
Step-back *Step-back required for all buildings 7 stories or greater fronting public streetsStep-back between 4th and 7th storiesMin. step-back depth 15’* see page 61 for full description
Sidewalk & Planting
Improvements to the sidewalk corridor according to the General Standards and the Major and Collector Street Plan.
Notes
Uses: page 55; General Standards: page 59
Lafayette Subdistrict: Building Regulations
B
E
Building Section
Building Plan
Street
Parking Placement
Sidewalk
Planting Strip
Stre
et
Side
walk
Plan
ting S
trip
A
C
B
A
C
B
F
D
A
D
C
E
F
G
B
C
A
G
Subdistrict Boundaries
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Neighborhood Map
8th AVE
NUE SOUTH
DIVISION STREET
THE GULCHSOBRO
KOREAN VETERANS BLVD
DOWNTOWNMUSIC CITY CENTER
CITY WINERY
CANNERY ROW
WESTIN HOTEL
PROPOSEDUPSCALE DISTILLERY
629 + 635 7TH AVE S
THIRD MAN RECORDS
LAFAYETTE
PIETOWN
INTERSTATE 40
INTERSTATE 65
• RUDY'S JAZZ ROOM
• PEG LEG PORKER
• ARNOLD'S CAFE
• CARTER VINTAGE GUITARS
• JACKALOPE BREWERY
TENNESSEE BREW WORKS
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Property Location
629 + 635 7TH AVENUE SOUTH
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Property Aerial
629 + 635 7TH AVE S
8th
AVEN
UE S
OUTH
LAFAYETTE
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629 + 635 7TH AVENUE SOUTH DEMOGRAPHICS
1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS
2017 Estimated Population 13,769 113,958 235,461
2022 Estimated Population 14,856 122,813 254,268
2010 Census Population 10,113 95,360 208,250
2000 Census Population 8,132 95,321 210,459
2017 Estimated Households 6,908 49,756 101,735
2022 Projected Households 7,622 54,597 111,339
2010 Census Households 4,182 39,013 86,822
2000 Census Households 3,136 38,016 86,957
2015 Median Home Value $238,601 $257,975 $248,462
2017 Est. Average Household Income $59,816 $68,004 $73,794
2017 Est. Median Household Income $44,849 $51,667 $57,130
2017 Est. Per Capita Income $31,418 $30,847 $32,562
2017 Households by Income<$15,000 20.7% 19.7% 16.0%
$15,000 - $24,999 12.6% 11.5% 11.6%
$25,000 - $34,999 9.1% 9.5% 10.4%
$35,000 - $49,999 13.0% 13.4% 14.4%
$50,000 - $74,999 16.2% 14.8% 15.8%
$75,000 - $99,999 9.3% 9.6% 9.5%
$100,000 - $149,999 10.5% 10.5% 10.6%
$150,000 - $199,999 3.9% 4.3% 4.3%
$200,000+ 4.60% 6.7% 7.4%
Daytime DemographicsTotal Businesses 3,991 15,132 23,458
Total Employees 64,427 223,354 323,032
Demographics
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Area OverviewNashville is the leading economic center of Tennessee and a vital
transportation, business and tourism center for North America. The
Nashville MSA, in the state’s center, comprises 10 counties with a
total population just over one and a half million, making it the largest
metropolitan area in the state. When it comes to satisfying and
exceeding business needs and expectations, the Nashville region is
a top location in America for relocating business, expanding
business and start-up companies.
Nashville is consistently recognized for its pro-business environment,
highly educated work force, and compelling demographics. Its
energetic and growing economy and environment for doing business
is encouraging corporate relocations and expansions. HCA,
Bridgestone, Dollar General, CVS/Caremark, Jackson National Life,
Healthways, Clarcor, Louisiana Pacific, Caterpillar Financial, Tractor
Supply, and Nissan are just a few of the national and international
headquarters that have chosen Nashville as a location. This
environment has also garnered Nashville a top position in national
accolades including positions on Forbes magazine’s “Best Cities for
Business & Careers” and “Best Cities for Jobs.”
Commonly known as “Music City”, Nashville is the center of the U.S.
country music scene and is home to numerous artists, recording
studios, and record labels, making it the largest music production
center and the number one music scene in the U.S. outside of New
York City. With a growing population of approximately 1.6 million
people, Nashville is one of the fastest rising metropolitan areas in
the country. As the city grows, its diverse workforce, unique
community and Southern hospitality make Nashville a perfect
location for both business ventures and residents.