REDEVE LOPMENT OPPORTUN I TY

Transcription

1 OFFERING MEMORANDUM REDEVE LOPMENT OPPORTUN I TY JAMES AVENUE, NASHV I L L E, TN

2 TABLE OF CONTENTS Executive Summary...3 The Opportunity...4 Market Overview...5 Amenities Map...6 Development Map...7 Nashville Growth...8 Nashville Accolades...9 Disclaimer...10

3 EXECUTIVE SUMMARY EXECUTIVE SUMMARY This 4.67 acre multifamily development site ( the site ) represents an investment opportunity to develop a multifamily community of up to 62 townhomes alongside one of Nashville s fastest growing neighborhoods The Nations in West Nashville. The site is located just over the James Avenue Bridge in Urbandale at 670 James Avenue. The site boasts convenient access to The Nations, the Charlotte Avenue corridor, and Nashville West amenities as well as Briley Parkway and I-40. The site is comparable in size to The Nations Treaty Oaks development, a 5.5 acre community of 60 cottages. Before completion of the first home in Treaty Oaks, there were over 300 people on the waiting list. This style of community which is rapidly growing in popularity and includes homes ranging from 1,100 to 1,600 square feet for sale at an achievable price. Months of legwork has already been completed by the same development team behind Treaty Oaks who have received approval to build up to 62 townhomes. This is a turnkey venture for any developer or investor. 1 With its convenient location, the extremely high demand for multifamily and single-family homes in the area, coupled with the ability to build the homes and offer them for sale at an affordable price, this site can easily become one of the most desirable places to call home in Nashville. 2 Memorandum I 3

4 THE OPPORTUNITY INVESTMENT HIGHLIGHTS Entitled for 62 town homes Phase 1 and 2 Environmental Reports completed Qualifying for TDEC's Brownfield program Architectural and civil plans available for project The area is transitioning from an industrial district to a vibrant neighborhood and commercial mecca due to the multimillion dollar influx of infill redevelopment Located in the one of Nashville s hottest submarkets: Urbandale Nations/Charlotte Pike Corridor /Nashville West. Located less than 5 miles from downtown Nashville 1 2 Property Specifications Address: 670 James Avenue, Nashville, TN Map/Parcel: Acres: ± 4.67 Zoning: R8: one and two family Memorandum I 4

5 MARKET OVERVIEW RED HOT DEVELOPMENT IN THE CHAROLETTE AVENUE CORRIDOR The Charlotte Avenue Corridor is swiftly becoming one of Nashville s fastest growing markets, located 5 miles south of downtown, this area is defined by two hot neighborhoods: Sylvan Park and The Nations. This area has long been characterized by light, underused industrial space, but due to a recent influx of multi-million dollar infill redevelopment, the area has suddenly become a hip, commercial mecca. The Nations and Sylvan park has attracted many eclectic restaurants, luxury apartment complexes, entertainment venues, offices and single family housing, making it one of the most attractive neighborhoods in Nashville to live, 1 work and play. 2 Project Details: West Mill Town Homes + Treaty Oaks West Mill Corner of 51st Avenue and Pennsylvania Ave 98 Townhome project 2-3 Bedroom offerings Treaty Oaks Treaty Oaks, a 5.5 acre community of 60 cottages that is one of Nashville s first wellness-focused communities on Morrow Road near West Park MIXED-USE PROJECT WEST MILL + TREATY OAKS Project Details: Mixed-use project-centennial Blvd Southeast Venture is pursuing a rezoning of a 19-acre portion of the overall property from industrial restricted to specific planresidential Southeast Venture pursues rezoning for up to 400 residential units, another 200 possible The sheer scale of this particular project marks the most ambitious yet in the West Nashville neighborhood's revitalization Memorandum I 5

6 AMENITIES MAP Site: ± 4.67 Acres URBANDALE NATIONS WEST END SYLVAN PARK Memorandum I 6

7 DEVELOPMENT MAP DEVELOPMENT IN THE NATIONS Nashville s Fastest Growing Neighborhood 1 2 West Mill Townhomes Corner of 51 st Avenue and Pennsylvania Ave 98 Townhome project 2-3 Bedroom offerings Stocking 51-Revitalization of a former mill 5016 Centennial Blvd 1,500-19,000 SF Creative Office/Retail/ Restaurant Space RECENT CONSTRUCTION IN THE NATIONS 3. Commercial Redevelopment: office/retail-16,000 SF 4. Commercial Redevelopment: office/retail-14,000 SF 5. Mixed-Use Development: 600 residential units 6. Owner pursuing re-zoning 7. Cottage Development: 60 homes 8. Mixed-Use Development: apartments and 2,000 SF retail 9. Mixed-Use Development: 19 townhomes 10. Mixed-Use Development: retail, dining and 17 apartments 11. Mixed-Use Development: office, retail, restaurant- 30,000 SF 12. Apartment Development: 550 units 13. Mixed-Use Development: 246 units (Hill Center) THE NATIONS Charlotte Avenue Memorandum I 7

8 NASHVILLE GROWTH GROWING POPULATION GROWING JOBS GROWING DEMAND 2.7 MM 1.9MM 352, MM 1.1 MM 239,600 NASHVILLE MSA POPULATION: 2015 vs (Projected) 1 2 NUMBER OF JOBS: 2015 vs (Projected) HOUSING UNITS NEEDED: 2015 vs (Projected) Statistics supplied by JLL Memorandum I 8

9 NASHVILLE ACCOLADES NASHVILLE, strategically located on the Cumberland River in Middle Tennessee, is the "IT" place to be. Nashville has experienced unprecedented growth in a variety of sectors, attracting real estate investors and millennials for its overall quality of life, its pro-business government and its vast array of cultural and entertainment options. The Nashville momentum shows no signs of fading; The Nashville Metropolitan Planning Organization forecasts another million people to move to Music City before The community continues to benefit from low unemployment, steady job growth and substantial outside investment, helping to attract some of the most creative and innovative minds to live and work in Nashville. Nashville is a leader in a variety of industries: healthcare, entertainment/music, finance and education, but a new wave of businesses has Nashville reveling in a burgeoning tech scene. Nashville is home to 21 accredited four-year and postgraduate institutions, helping attract a diverse mix of skilled individuals. According to the Nashville Chamber of Commerce: Nashville has more than 100,000 students enrolled in higher education across the city (the largest concentration in a four-state region). Nashville also has a very high retention rate, 60% of those students enter the local economy upon graduation (Nashville Chamber of Commerce). The New Music City Convention Center Nashville s convention business is growing. The Music City Center's annual revenue grew by more than $8 million year-over-year, for the fiscal year that just ended June 30, (Nashville Business Journal) NASHVILLE Recent accolades: 1. Forbes ranks Nashville #5 in: cities people are flocking to (2015) 2. GQ names Nashville: Nowville (2015) 3. Kauffman Foundation ranks Nashville #2 in: Top City for Millennial Entrepreneurs (2016) 4. The New York Times: Nashville s skyline being rebuilt by building boom (2015) 5. ABC s Nashville renewed for fourth season (2015) 6. Forbes ranks Nashville #4 in: Cities Creating the Most White-Collar Jobs (2015) 7. ULI/PWC Emerging Trends in Real Estate ranks Nashville 7 th on their list of US markets to watch: overall real estate prospects (2016) 8. Business Insider names Nashville: one of The 13 hottest American cities for 2016 (2016) Nashville Tourism Nashville reached 13.1 million visitors in 2014, driving hotel room rates to record highs (Nashville Business Journal). Also, direct visitor spending reached $5.43 billion in Davidson County in 2014, an increase from $4.99 billion in 2013 (US Travel Association). Memorandum I 9

10 Disclaimer Chas. Hawkins Co., Inc. has been designated as exclusive advisor to the Owner regarding 670 James Avenue in Nashville, Tennessee. The enclosed information has been prepared by Chas. Hawkins Co., Inc. for the exclusive use by a highly selected number of parties and does not purport to be all inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Chas. Hawkins Co., Inc., Owner, and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond control of the Owner, and therefore are subject to variation. No representation is made by Chas. Hawkins Co., Inc. or the Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be, relied on as a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, the Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, This Chas Hawkins acre development Co., Inc., the Owner site ( the and site ) its employees represents disclaim an any investment and all liability opportunity for representations to develop and a single family warranties, expressed and implied, contained in, or for omissions from the enclosed information or any other written or oral communication transmitted or made community alongside one of Nashville s fastest growing neighborhoods The Nations in West Nashville. available to the recipient. The enclosed information does not constitute a representation that there has been no change in the business or affairs of the Property or The site is located just on the other side of Briley Parkway, with convenient access to both Briley and I-40. It the Owner since the date of preparation of the enclosed information. Analysis and verification of the information contained in the enclosed information is solely the responsibility of the prospective investor. is only a half mile walk to The Nations West Park, which is currently being revamped to include a new pavilion and seating area, new children s play area and new walking trails surrounding the park. Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. Contact with any of the Property s employees and tenants The site without is similar prior in approval size to of The the Nations Owner is strictly upcoming prohibited. Treaty Oaks, a 5.5 acre community of 60 cottages that is one of Nashville s first wellness-focused communities. Before completion of the first home, there were over The Owner and Chas. Hawkins Co., Inc. each expressly 300 reserve people the on right, the in waiting their sole list. discretion, This style to of reject community any and all that expressions is rapidly of growing interest or in proposals popularity to includes invest the smaller Property and/or to terminate discussions with any entity homes at (1,000 any time to with 1,600 or without square notice. feet), indoor air filtered with germ-killing ultra violet light, outdoor gyms and fitness trails, community gardens, bike racks, dog wash stands, and outdoor gathering places surround by The Owner shall have no legal commitment or obligation preserved to any existing entity reviewing trees. The the enclosed philosophy information of these or communities making a proposal is very to invest appealing the Property to those unless looking and to build until a written agreement for the investment in the relationships Property has been with fully those executed, around delivered, them and and strive approved for a by healthier the Owner lifestyle. and its legal counsel, and any conditions to the Owner s obligations thereunder have been satisfied or waived. Chas. Hawkins Co., Inc. is not authorized to make any representations or agreements on behalf of the Owner. Along with the healthy-living single family homes, other developments near the site are aiming to create density, which in turn will create the opportunity for a more walkable neighborhood. A few items on the The enclosed information and its contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as agenda include condos, townhomes and apartments to total over 1,000 new units, as well as thriving retail so contained herein called the Contents ), are of a confidential nature. By accepting the enclosed information, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) and not office to disclose additions, the enclosed including information Stocking or any 51, of a its former contents mill to remodeled any other entity to offer (except 19,000 to outside square advisors feet of creative retained by you, if necessary, for the completion of office, your Due retail Diligence) and restaurant without prior space. written authorization of the Owner or Chas. Hawkins Co., Inc., (iv) not to use the enclosed information or any of the contents in any fashion or manner detrimental to the interest of the Owner or Chas. Hawkins Co., Inc., (v) not to have any contact 1 With its convenient location, the extremely high-demand for single-family homes in The Nations, and the with any of the tenants and/or employees of the Property without 2 prior approval of the Owner, and (vi) to return the enclosed information and other materials furnished to you to Chas. Hawkins Co., Inc. upon request ability of to Chas. create Hawkins healthy Co., living Inc. or environments the Owner. at a very affordable price, this site can easily become one of the most desirable places to call home in Nashville. If you have no further interest in the Property, please return the enclosed information and all other materials furnished to you forthwith and continue to abide by the provisions herein. By accepting the enclosed information you agree to abide by the terms and conditions herein. Memorandum I 10

11 Please contact us for more information Bo Rainey Vice President Cell: Melrose Avenue, Nashville, TN Telephone: Facsimile: