HVYE condos is the first of a growing list of new mixed-use developments in PieTown. Condo sales at HYVE have been steady with 51 of the total 83 units being either closed or under contract. The developer is now working to bolster neighborhood vibrancy through its street facing commercial spaces. HYVE’s 4 retail shells gives it the unique opportunity to set the tone for the type of community the up-and-coming neighborhood will become. Hyve is located at 637 7th Avenue South.
The downtown sub district of PieTown is situated between the Gulch & Sobro. The area is currently defined by small warehouse buildings, a few restaurants with a slate of planned mixed-use developments. Given its proximity to downtown destinations such as Music City Center and Broadway, the area presents a great opportunity to offer options for tourists that can create more foot traffic. Moreover, tourists-focused retail in this phase of redevelopment can sustain the burgeoning neighborhood as it transforms from a warehouse district into a neighborhood destination.
HYVE has 4 retail shells along 7th Avenue. The two main level suites are 677 SF and 1,889 SF with access from 7th Avenue to the main level plaza. These suites are themselves fully deeded commercial condominiums available both for either purchase or lease. The other two street level commercial condominium suites are flanked by the entrance of the parking garage and are sized 1,567 SF and 2,582 SF.
PieTown also has a number of planned multifamily developments, some of which are on hold given current market conditions; an issue felt across the country. However, Nashville has been named the #1 Market to watch for the 3rd consecutive year based on the report completed by The Urban Land Institute and Price Waterhouse Cooper. Moreover, multifamily continues to be the number prospect for developers according to the report.
The map below offers a look into some adjacent developments surrounding HYVE for context. CityNowNext will report more on the status of those projects as updates become available.
Mixed-use developments have a unique opportunity to emphasize placemaking and help contribute to its vibrancy. CityNowNext had an opportunity to speak with Elam Freeman about their approach to finding tenants in areas such as Pietown. Elam is the Founder of OJAS partners and brokers a large share of retail in the Downtown core.
What other types of retail do you think are good in transformative areas such as PieTown that has their first residential building?
“Anything appealing to tourists given the proximity to downtown. There are some other buildings in the neighborhood that are focused on placing tenants that are more entertainment driven. I think this works well given there is a diversity of building stock and the adaptive reuse buildings close to the core are very unique. Once the residential density is added concepts that don’t require traffic from tourists can survive”.
When it comes to placemaking in first time residential neighborhoods such as Pietown, how do you decide which tenants have a business model that can sustain the transformational phases; and can reap the potential benefits of getting in early like the condo buyers?
“It needs to be a concept that can draw from a wide audience, already has a following, and is a destination. When we start working in these neighborhoods we focus on tenants that will “set the tone” and as leasing continues and the residential density increases you can add more convenience driven retail as the convenience driven retailers need to cohabitate with other convenience driven retailers and need to have ample access to parking (which usually doesn’t come in urban environments until mixed use buildings with parking garages are built)”.
Tourism-focused elements can also create opportunities within the creative community that Create neighborhoods that celebrate the past and future through art, design, and creativity, fostering a vibrant arts scene. These elements can also be sustained and have the opportunity to form neighborhood brand identity as the it transitions through redevelopment.
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