BY ARTHUR PERLEN, CCIM
Nashville has been steadily drawing new residents from across the country for the last several years. Its temperate climate and business friendly nature has had both entrepreneurs and corporations alike making strategic moves to Music City. Office, multi-family, commercial and mixed-use markets have all seen tremendous growth through some unpredictable real estate cycles.
But the question on everyone’s mind remains: Can this kind of momentum continue or is it bound to abate in the months to come? Getting an idea of some of the exciting developments in the works will no doubt answer that question.
Nashville Yards: Just blocks away from Broadway, this 18 acre land parcel is the most up-and-coming neighborhood in the downtown area. While it’s currently a hub for construction crews, cranes, and lots and lots of dirt, by the end of 2025 it will be the epicenter of live-work-play in Nashville.
River North: Billions of dollars will go into development of what has historically been a discarded and largely unutilized part of Nashville. Highrise luxury homes, mixed-use complexes and retail developments top the list of projects on docket. But arguably the most exciting is the proposed new Titans stadium and the revitalization that comes with it.
Oracle Campus: New Tennessee resident Oracle has created a stir in the best possible way. Building the campus along the river was done in large part because the proposed 65 acre development couldn’t squeeze itself into many other parts of town. Now the riverside tech giant’s campus operations will create thousands of jobs and massive tax revenue for the city. Oracle is going to build a pedestrian bridge across the Cumberland River from the Oracle campus to Germantown.
The Unsung Hero: Additionally, one of the lesser acknowledged counterparts of the urban growth is in fact the suburban markets. Affordable housing, desirable school districts, abundant jobs, and thriving social scenes have made the city’s outskirts just as appealing as the city itself. Cities like Mount Juliet, Lebanon, Hendersonville and Gallatin draw residents looking for all of the above amenities alongside a picturesque lakeside setting. Residents of these and surrounding towns enjoy a suburban lifestyle while remaining close enough to take advantage of all the city has to offer. These areas have experienced the same massive growth that Nashville has, and it’s only going to accelerate in the months to come.
A Native Nashvillian’s Perspective
Rutherford County is one of the fastest growing counties in the country, and despite challenges in land development and changing interest rates, Nashville has become one of the greatest destinations in the country. Having spent my entire life here and seeing the various stages of growth and development, people often ask me my thoughts on the city’s substantial growth. I find it to be truly exciting and frankly a little validating. It’s always been a mystery to me how people have only recently discovered the untapped potential of this city.
For business owners, particularly those with multiple locations, this is an ideal city to make home base. At the risk of my Chicago friends snickering, the influx of residents and businesses has certainly impacted our traffic a bit. However, outside of rush hour traffic, you can drive from one end of the city to the other in around 45 minutes! For a major metropolitan city, it’s one of the easiest to navigate.
For residents, the lifestyle is unparalleled. Nashville is obviously well-known for its music scene and nightlife, but during the day, there’s no shortage of retail shops, restaurants, entertaining and outdoor living. We also have some of the most impressive research universities and medical centers in the world. The Nashville lifestyle is appealing to so many ages and stages of life, making it an ideal place to settle for just about any demographic.
For investors, the choice to invest in Nashville has provided lucrative returns. I think we’ve only just begun to see the value of being a piece of this wildly prosperous puzzle. As long as tourism is still one of our strongest money makers (and that’s not changing any time soon), investors will continue to have ample opportunity to see incredible success in Nashville.
Despite being in a challenging interest rate environment, residential projects will continue to progress in Nashville, corporate headquarters will continue to relocate to Nashville, and class AA office will continue to find a home in Nashville. If you find yourself somewhere in that narrative, I’d love to be the one to help you find the perfect opportunity in one of the greatest cities in the world.
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