Nashville Boom Means Apartments, Hotels, Restaurants Must Up Their Game
A real estate boom is great, but it also puts pressure on developers to offer a better product and foster experiences. How are Nashville developers upping their game?
By going mixed-use in popular locations, according to Magellan Development Group executive vice president Brian Gordon. Certainly the demand is there.
“When we were first introduced to the Nashville market, we were amazed at the opportunities that existed for luxury downtown apartments," he said. "As that market matures and competition increases, I’m actually more optimistic at the likelihood for our success, given the influx of new corporate headquarters, office buildings and new restaurants."
Magellan is at work on The SoBro at 205 Demonbreun, with about one-quarter of its 312 units pre-leased. Recently the Euro-style Cafe Intermezzo inked a lease to join the retail component of the development.
Gordon said The SoBro is in the heart of this new growth, and will benefit as new employees and area residents increasingly seek upscale housing options in the downtown submarket.
As for the famously hot hospitality and restaurant industries in Nashville, M Street chief operating officer Jamie Ikerd said the local hospitality game is becoming increasingly competitive by virtue of the city's rapid growth, and she expects that to mean even greater quality from the guest perspective.
"As preferences become increasingly discerning, successful businesses must elevate the quality and innovation of their service and products to win," she said.
M Street Entertainment Group has expanded rapidly in recent years, and is the parent company of Virago, Citizen, Whiskey Kitchen, Kayne Prime, Tavern, Moto Cucina + Enoteca, Saint Anejo and The Rosewall, all with a strong emphasis on experiential offerings.
Find out more at our Nashville State of the Market event, where Gordon, Ikerd and other market experts will be speaking, on April 18 at Gaylord Springs Golf Links. Sign up here.