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

[email protected]

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.


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


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]


Site Plan


Images

SUBJECT WAREHOUSE VIEW NORTH

SUBJECT WAREHOUSE

VIEW EAST


Interior Property Images


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


DTC Regulating Plan


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



DTC Regulating Plan


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



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


Property Location

629 + 635 7TH AVENUE SOUTH


Property Aerial

629 + 635 7TH AVE S

8th

AVEN

UE S

OUTH

LAFAYETTE


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


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.

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

COLLIERS INTERNATIONAL523 3rd Avenue South, Nashville, TN 37210

MAIN 615 850 2700 FAX 615 244 2957colliers.com

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