Shopping Centers Today

JUL 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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48 S C T / J U L Y 2 0 1 8 S I T E S & C I T I E S e downtown, whose population has surpassed 10,000 residents, is about to get its first grocery store: a 41,500-square-foot Whole Foods that is now under construction and which will be part of a mixed-use development near the intersection of 12th Avenue North and Broad- way. Apparel, home-furnishings and sporting-goods stores are among the retailers seeking to locate to the downtown, according to Atchison. "We have a lot of retailers and restaurants that want to expand or enter the market," said Moats. "e challenge has been finding the place to put them." Vacancies have result- ed from the closures of H.H. Gregg, Sears and others. When those spaces become available, there are frequently some half dozen retailers lined up to move in, he says. One challenge is the cost of land in the urban core, which has some devel- opers going vertical with below-grade parking. "at is new for Nashville, and our consumers are trying to get used to going to the grocery store and parking underground," said Moats. "But it's the new reality, based on land prices." n itates to downtown, and it's a natural opportunity for retail to expand." Development has focused on the central core and the urban markets, such as Germantown and e Gulch. ree mixed-use projects now under way are predicted to become game changers: Capitol View Nashville, Fih & Broadway and Nashville Yards. "All are within a half mile of each other, and all are unique in their own way and will really change the dynamic of our downtown," said Jeff Moats, a part- ner at retail real estate advisory firm e Shopping Center Group. Nashville Yards is a 16.2-acre mixed-use development that runs from Broadway to Church Street at the entrance to downtown Nash- ville . Its developer, Southwest Value Partners, intends to build about 1.5 million square feet of offices, 1,000 residential units, 1,100 hotel rooms and 600,000 square feet of retail space there. Construction is now under way on the first parcel: a 591- room Hyatt Regency that is slated to open in 2020. Separately, Los Angeles–based entertainment com- pany AEG purchased nearly four acres of the site from South- west for a project with a 4,000-seat music venue, a Regal luxury cinema, and other entertainment and food-and-beverage tenants, plus a boutique hotel. Fih & Broadway is a $400 million mixed-use project that OliverMcMil- lan and Spectrum Emery are building on the site of the former Nashville Convention Center. e master plan calls for 235,000 square feet of retail and entertainment space, 385,000 square feet of class-A office space, about 300 apartments and the Na- tional Museum of African American Music. e developers announced in February that they had agreed to bring in a 100,000-square-foot food hall, the city's first, to anchor the re- tail and entertainment portion. H&M is set to open a 27,000-square-foot store, most likely in the fall of 2019. e Capitol View mixed-use project sits on 32 acres in the North Gulch area. Early phases of the project are already open, with completion antic- ipated for the first quarter of 2019. Boyle Investment Co. and North- western Mutual are developing the project, which is to comprise 1.1 million square feet of offices, 130,000 square feet of specialty retail and restaurants, a 169-room Hampton Inn & Suites, a 378-unit upscale apartment project and a 2.5-acre urban park. "ose three projects alone are going to bring something to downtown that we don't have right now: We don't really have those gathering areas where there is critical mass and the opportu- nity to create that shopping, dining and entertainment destination that people are looking for today," said Atchison. 3.4% Retail vacancy has hovered in the same range for the past three years, Colliers reports The Capitol View development sits on 32 acres in the North Gulch area

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