NASHVILLE, TENN. — A joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin has broken ground on the office component of Capitol View, a 32-acre mixed-use development in Nashville’s North Gulch district. HealthStream Inc., a healthcare IT firm, will move its corporate headquarters to 65,000 square feet at the new office building, called Block E. The design team includes Hoar Construction, Barge Waggoneer Sumner & Cannon, Cooper Carry, Kiser Vogrin Design, RPM Transportation, TTL, TVG Environmental, Stansell Electric and Jones Brothers. Once completed, the $750 million Capitol View will feature 1.1 million square feet of office space, 130,000 square feet of retail and restaurant space, 650 multifamily residences, 170 hotel rooms and a 2.5-acre park connected to Nashville’s greenway system. In lieu of a groundbreaking ceremony for Block E, the principals of Capitol View presented a $5,000 check to the Arthur E. Newman Scholarship Fund.

Originally Published in ReBusiness Online

By John Nelson

Southeast Real Estate Business

Led by Nashville’s substantial employment gains, Tennessee and Kentucky are successfully navigating the national disruption caused by closing box box retailers following the 2016 holiday shopping season.  Several industries unique to the region are supporting the growth of the two states’ retail markets.

“Our Tennessee and Kentucky markets have enjoyed strong economic performance with solid population growth and investments by both existing and new-to-market employers,” says Stephen Lebovitz, president and CEO of CBL & Associates Properties Inc.  The publicly traded retail owner and developer is based in Chattanooga, Tennessee and owns, holds interest in or manages 123 properties as of this writing, including 80 malls and open-air retail centers.

“The employment growth has supported expansion into these markets by new retailers as they see opportunities to reach a growing base of new customers,” adds Lebovitz.

Retail owners and developers in the two-state region are experiencing the buzz of activity firsthand.   BC Wood Properties, a value-add shopping center investment firm based in Lexington, Ky., owns several assets in the region.  Jason Gentner, BC Wood’s executive vice president of operations and leasing, says that the Tennessee and Kentucky assets in the company’s portfolio are performing well.

“All of our properties in Kentucky and Tennessee are at or above occupancy of what they’ve been in the past,” says Gentner.  “We’re able to push rents right now in our Kentucky and Tennessee properties, and our occupancy rates in those centers are all above 90 percent.”

The following is a metro-by-metro look at the retail markets in Nashville and Memphis.

Nashville Capitalizes On Its ‘Incredible Growth’

By almost every measure conceivable, Nashville is thriving.  The Nashville area Chamber of Commerce reports that anywhere from 80 to 100 people are moving to the metro on a daily basis, and the city has posted above 4 percent employment growth on an annual basis for the past four years running.  The city’s robust job market is such that Nashville has nearly 20 percent more jobs now than its pre-recession peak, according to Co-Star.

Nashville also offers the intangibles that set it apart from other markets in the Southeast, including its renowned country music presence and its identity as a tourist destination.

“Tourism is a major factor that is helping drive the retail and restaurant demand, which was initially spurred by the new convention center downtown,” says Fraser Schaufele, director of leasing for GBT Realty, a retail and multifamily development firm based in nearby Brentwood.

Within a two-week span in June, the city hosted the Stanley Cup Finals and the 2017 CMA Music Festival, as well as Bonnaroo Music and Arts Festival in nearby Manchester.

“Nashville was the center of the entertainment world for a good 10 days, and the city really shined in the spotlight,” says Charles Warner, vice president and principal of Baker Storey McDonald Properties Inc., a member of the X Team International Brokerage Network.

Retail demand in Nashville has outpaced supply for the past few years, driving the metro’s vacancy rate to 3.4 percent in the end of the first quarter, 260 basis points lower than its historical average, according to CoStar.  Net absorption in the first quarter was about 1.8 million square feet, nearly double deliveries in the same time frame (992,000 square feet).

“Nashville is finally getting more retail added to our inventory,” says Rob Foss, principal and head of retail services at Avison Young’s Nashville office.  “There’s an enormous amount of demand for retail, dining and entertainment in the core markets around Nashville, but the supply hasn’t kept up.  The new space coming on line has been absorbed quickly and the market continues to tighten.”

IKEA announced in late May its intention to open a new 341,000-square-foot location within Century Farms, a 310-acre mixed-use development off Interstate 24 in nearby Antioch.  Oldacre McDonald LLC and TPA Group are the developers of the project.  The new IKEA store is expected to open in 2020.

In southwest Nashville, Crosland Southeast is underway on One Bellevue Place, a major redevelopment of the former Bellevue Mall.  The project will add 375,000 square feet of retail and restaurant space, as well as multifamily residences, seniors housing, a hotel and a 120,000-square-foot skating rink/community center operated by the Nashville Predators, the city’s NHL franchise.

Even though the enclosed mall platform is struggling nationally, Nashville’s malls are faring pretty well thanks to the heightened demand of retail space in the metro area.  CBL has renovated its Cool Springs Galleria mall in Franklin’s Cool Springs district by adding a California Pizza Kitchen and Kings Bowl America, and Simon Property Group recently added Madame Tussauds at Opry Mills.  The new location is the company’s seventh wax museum in the country and first ever within a mall.

“Clearly at this time, the enclosed mall format in Nashville is not dying,” says Justin Schad, principal broker of TRIO Commercial Property Group’s Tennessee office.

In Nashville’s core, several mixed-use developments are changing the face of the city.  OliverMcMillan and Spectrum Emery broke ground in April on the $430 million Fifth + Broadway development, which will add 235,000 square feet of shopping, dining and entertainment to downtown.

AEG, the developer behind entertainment and sports arenas including LA Live and the 02 Arena in London, recently purchased four acres from Southwest Value Partners within the former LifeWay Christian Resources campus downtown.  AEG will develop a 4,000-capacity music venue, Regal Cinemas theater, boutique hotel, dining, retail and a 600- to 700-capacity live entertainment club.

In the North Gulch district, a joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin is developing Capitol View, a $750 million, 32-acre mixed-use development that will add 130,000 square feet of retail and restaurant space.

On the other side of the Cumberland River, Chicago-based Monroe Investment Partners is planning a 125-acre mixed-use project called the River North Development District.  Monroe is anticipated to break ground on Phase I, known as The Landings, this fall.

“The River North Development District could be a game changer for the other side of the Cumberland River, which will completely transform the north and east side of the river,” says Warner.

Despite the large amount of retail development in the works, demand continues to outpace supply in its top submarkets.

“Nashville can be considered under-retailed to a certain extent in the most desirable submarkets,” says Schad.

Nashville has helped keep its retail supply in check thanks to the natural barriers to entry of the Cumberland River and the city’s unique topography.  The price of developable land also has increased dramatically, along with construction costs.

“Land and construction pricing is putting heavy pressure on market rents,” says J. Anthony Vaughn, executive vice president and partner of Colliers International’s Nashville office.

“Developers, investors and lenders are being very strategic about what kind of product is being built and where it’s being located,” adds Allen McDonald CCIM, principal at Baker Storey McDonald Properties.

Retail landlords in Nashville have been able to command higher rents from their tenants to recoup the increased price of development.  CoStar reports that the market experienced 5.4 percent rent growth at the end of the first quarter, 400 basis points above its historical average.

The only negative to so much growth in a concentrated area like Nashville is the stress it can put on infrastructure.  On the horizon, Nashville’s residents are hoping that the $6 billion transit plan, known as nMotion, can alleviate the congestion and create a more walkable cityscape, which should ultimately help support even more retail, dining and entertainment nodes.

“Mass transit will create new opportunities for many retailers in Nashville,” says Schad.  “We are anxiously waiting to see how that plays out here.”

Memphis Retail Performance on the Rise

Memphis is adding to its well-established identity as a distribution and manufacturing hub with gains in its retail and office markets.  According to CoStar, Memphis is close to its historical average in terms of first-quarter deliveries (approximately 1.2 million square feet) but is outpacing its historical performance in terms of vacancy, absorption, rent growth and investment sales.

The city’s office market is also seeing a boost with ServiceMaster, a home and commercial services provider whose products and services include home warranties and inspections, transforming the former Peabody Place Mall downtown into its global headquarters.  The publicly traded company was considering several other metros before deciding to stay in Memphis.  Wunderlich Securities Inc. is also relocating its headquarters from the suburbs to downtown.

“Memphis is having its own kind of renaissance right now, it’s getting a lot of attention on the national scale,” says Brian Whaley, senior associate of CBRE’s Memphis office.  “There’s a lot of excitement and investors are still able to get a good return on investment.  It’s a low cost to entry market, and right now it’s just an exciting time to be here.”

One of the most talked about projects in the metro area is Crosstown Concourse, a 1.5 million-square-foot adaptive reuse project of a former Sears distribution center in Midt0wn.  Set to open in August — 90 years after it original opening date — the project will include 65,000 square feet of retail space, 620,000 square feet of office space and 270 residential apartments.

“Crosstown Concourse is going to be a one-of-a-king project,” says Jonathan Aur, a commercial sales and leasing associate with Boyle Investment Company, a Memphis-based commercial real estate developer and investment firm.  “The Shopping Center Groups is doing a good job of putting together a unique tenant mix over there.  “It’ll be interesting to see how the surrounding properties in the neighborhood react to it.”

Memphis has several retail and mixed-use projects that are in various stages of the development pipeline.  Boyle just delivered the first phase of Schilling Farms, a 443-acre master-planned development in Collierville that was quickly absorbed by the market.”

“Phase I was fully leased before we finished construction, which is wild because we didn’t know how retailers would react to the development,” says Aur.  “We unfortunately had to pass on some pretty great retailers because we didn’t have any more availability.”

At the corner of Poplar Avenue and Perkins Roads, one of the most desirable Main-and-Main intersections in Memphis, Seritage Growth Properties is redeveloping a former Sears store.  The company is converting the nearly 200,000-square-foot store into a Nordstrom Rack and LA Fitness.  At the same intersection, Sprouts Farmers Market is underway on its third store in the market at  a former Kroger location.

Kroger is adding another store of its own in Arlington.  The grocer will add a 125,000-square-foot Kroger Marketplace store across from Arlington High School, the largest high school in the state.

In Germantown, Atlanta-based Carter and Memphis-based Elkington Real Estate Group have teamed up to develop a $200 million, 33-acre mixed-use project near Saddle Creek, an open-air lifestyle retail center.

These significant retail and mixed-use projects, the city’s strong industrial presence, and a resurgence of corporations locating downtown are helping revitalize the Memphis area, and retailers are taking notice.

“Memphis is still viewed nationally as a tertiary market, but we’re inching closer to becoming a secondary market for a lot of retailers,” says Whaley.  “Memphis is a blue collar town and we have a heavy presence of discount retailers, but our trajectory is on the rise.”

Living in the suburbs used to mean getting in your car if you needed a carton of milk or wanted to go shopping. Now in growing numbers of mixed-use neighborhoods, you can ride your bike or walk to the store next door.

Ken Sloane enjoyed living just steps away from the shops and restaurants in Lenox Village, the mixed-use development along Nolensville road on Nashville’s south side where he and his wife, Bridget, lived for seven years.

They look forward to that same level of convenience in Carothers Farms, the new Davidson County subdivision near Nolensville being developed by Regent Homes. The neighborhood will have up to 3,400 homes when complete as well as 200,000 square feet of office and commercial space.

“That was one of the amazing things for us in Lenox Village,” Sloane said. “We really like that. It was nice to know you had places in walking distance and people you know.”

Demand is strong in both neighborhoods. After they became empty nesters, the Sloanes’ first choice was to buy another home in Lenox Village. That proved to be impossible.

“Lenox Village was selling so fast,” Sloane said. “If you didn’t see it the first day, you missed out.”

When they discovered Carothers Farms a few miles away where several homes were under construction, just one was still unsold. Single-home prices there range from $224,900 to $439,900.

They signed the contract immediately and sold their Lenox Village townhome just as quickly.

“We put it on the market Wednesday morning. Sixteen people looked at it and by the end of the day we had four offers over asking price,” Sloane said.

In two popular mixed-use subdivisions in Williamson County, residents can shop at a full-sized grocery store without having to leave the neighborhood. A Publix store opened earlier this year in Berry Farms on the south side of Franklin. Westhaven, the master-planned community on Franklin’s west side, has a Kroger.

Both neighborhoods have a variety of shops, dining establishments and service providers. When complete, Berry Farms will have 3 million square feet of Class A office space and 1.8 million square feet of retail space.

Mixed-use communities have a number of advantages, said Kristin Cales, spokesman for Boyle Investment Co., the developer of Berry Farms. Workers might live near their offices and can walk or ride a bike. They can also walk to restaurants for lunch.

“From a retailer’s perspective, they benefit from both an on-site daytime population, office, and nighttime population, apartment residents and hotel guests,” Cales said. “From a resident’s perspective, everything they could want or need is at their doorstep, including gathering places (and) parks.”

Capitol View, a mixed-use neighborhood being developed by Boyle along Charlotte Pike in downtown Nashville, will have 1.1 million square feet of Class A office space, 130,000 square feet of retail, 600 multi-family residences and several hundred hotel rooms.

Nearby, the oneC1TY development will offer 1 million square feet of office space, 170 hotel rooms, 600 apartments and 100,000 square feet of retail space.

In Westhaven, there are more than 20 retailers and service providers in the Town Center as well as restaurants. Some are operated by Westhaven residents.

Sisters Erica Reynolds and Noelle Holland, who own Hollie Ray Boutique, estimate that 80 percent of their customers are Westhaven residents.

“When we began looking at our retail space, the streets were always busy with people walking their dogs, talking with their neighbors or taking in the scenery at the lake,” the sisters said in a joint email.

Regent Homes, the company developing Carothers Farms, is also developing two additional mixed use neighborhoods. In Spring Hill, Petra Commons will feature 40 townhomes priced from $200,000 to $250,000 and 37 single-family homes with prices ranging from $260,000 to $290,000. The neighborhood will have 15,000 square feet of commercial space, including a bank and a restaurant.

In Nolensville, Regent is launching Burkitt Commons, a 200-residence subdivision with condominiums, townhomes and carriage houses. The subdivision will have 38,000 square feet of retail space.

“Residents enjoy the convenience of neighborhood retail at their fingertips,” said Regent Homes President David McGowan. “You don’t have to get out on the road and travel. People value their time now more than ever.”

Originally Published in the Tennessean

By Bill Lewis

Memphis Business Journal

By Meagan Nichols

June 23, 2017

After Tennessee Gov. Bill Haslam initially met with representatives from ServiceMaster Global Holdings Inc. last year, he wasn’t confident that the company would stay in Memphis. “I can actually remember leaving being a little discouraged, thinking, ‘This is going to be difficult,’” Haslam said. In early 2016, Haslam and members of his economic development team made a trip to the Bluff City after a consultant from ServiceMaster contacted the governor’s office to say the company was looking for a new headquarters — and that the search could take them out of the state. With the company looking hard at locations in Dallas and Atlanta, the argument to stay in Memphis was far from an easy sell.

Against all odds, ServiceMaster announced June 3, 2016, it would relocate from its longtime East Memphis site to one of Downtown’s largest vacant buildings, the former Peabody Place mall.

The transformation of the retail space into Class A office is underway, and the company is now preparing for both a geographic change and an innovative future — real-time tech comes to home services.

ServiceMaster — with brands that include American Home Shield, AmeriSpec, Furniture Medic, Merry Maids, ServiceMaster Clean, ServiceMaster Restore and Terminix — was on the verge of taking 1,200 employees and $100 million in annual compensation and leaving Memphis.

But, a few key influencers, a large vacant Downtown building and an East Memphis dinner party kept the Bluff City in contention.

A visit from the capital

ServiceMaster’s headquarters was a subject of discussion within the company.

That was the message Haslam received, and it was powerful enough to cause the governor to gather a few members of his economic development team — which included Randy Boyd, then-commissioner of the Tennessee Department of Economic and Community Development (and current gubernatorial candidate) — to arrange a meeting with Robert Gillette, CEO of ServiceMaster.

Haslam told MBJ he could not remember with certainty where that first meeting with Gillette occurred — it might have been in a room at The Crescent Club — but he vividly remembered the weight of the exchange.

FRANKLIN, Tenn. (WKRN) – Nashville is growing, but so are the communities around it. You can live, work and play, all without leaving an up and coming community in Franklin.

Berry Farms sits on 600 acres just off of Interstate 65 at Peytonsville Road, not far from I-840.

Planners say it’s the only true walkable mixed-use community south of downtown Nashville.

“We’re currently seeing a boom in Nashville; you can see construction cranes and construction going on there. One of the large trends right now is you’re seeing a boom in suburban areas such as this development,” said Justin Braden with Lee Company.

There are homes, restaurants and offices, all being built to mirror that historic Franklin feel.

“The town center will be a kin to a walkable downtown Main Street similar to downtown Franklin,” said Thomas McDaniel with Boyle Investment Company.

Developers expect the full Berry Farms project to take about 20 years, but some things are already in place, like an animal rescue organization, nail salon and dental office, and everything you need is within walking distance.

“We’ll have three million feet of office space at the end of the day, 1.5-million feet of retail space, 1,500 residences; a little bit smaller version of Cool Springs,” said McDaniel.

There’s even a green space, pool, gas stations a grocery store, and soon, there will be three hotels.

This project is bringing an area with a history dating back to the early 1800s, well into the 21st Century.

Originally Published on WKRN.com (News Channel 2)

By Cherish Lombard

With names like SoBro, WeHo, Tech Hill, Marathon Village, Germantown and The Gulch, fast-growing neighborhoods with colorful identities surround downtown Nashville. Now another district is poised to take its place on that list, but it may need a more distinctive name.

After all, the name James Robertson Parkway doesn’t exactly evoke the glamor of, say, East Nashville’s Little Hollywood neighborhood or the Nations on the west side.

James Robertson Parkway is quickly becoming downtown’s next potential hot spot for residential and commercial development, as unlikely as that may seem for a roadway created during the heyday of urban renewal as a bypass around downtown’s north side.

The amount of interest in property along James Robertson Parkway will become clearer June 21, when two parcels totaling 2.1 acres will be sold at auction in the Grand Ballroom of the Hermitage Hotel. The registration deadline for bidders is June 16.

The parcels, at 450 and 460 James Robertson Parkway, are being sold as surplus property by the state. The sale is being conducted by Chattanooga-based Compass Auctions & Real Estate LLC, which also has offices in Georgia and Kentucky.

Developers across the country are inquiring about the properties, says Justin Ochs, vice president of national development for Compass. He is based in the Nashville area.

“Virginia, Atlanta, L.A., Chicago, everybody loves Nashville, loves the place and wants to do business in Nashville,” Ochs adds.

“Downtown Nashville has become a place where families want to live and businesses want to operate. We’ve been amazed by the amount of national interest this premier location has already generated,” he says.

The properties are for sale individually or together. The 0.87-acre parcel at 450 James Robertson Parkway is being used as a parking lot. The building at 460 James Robertson Parkway is vacant but previously housed the Public Service Commission and later the Tennessee Regulatory Authority and other state offices.

Known as Emerald City because of its distinctive green exterior, the 45,294-square-foot office building is adjacent to NewsChannel 5.

Nashville’s downtown zoning code allows for mixed-use development of the properties, which could include office, residential or commercial uses such as restaurants or a hotel, says Paige Holt, Compass’ president. The company is the only woman-owned real estate auction business in the state.

The zoning “absolutely gives more flexibility,” she points out. The properties are in a district that until now has largely been government offices, but that is changing.

“It’s close to the entertainment district, really a hot spot,” Holt adds.

The state purchased the two parcels 31 years ago for $3.8 million. It’s unclear what they might bring now, which is the reason for selling them at auction.

“Let the market decide,” Ochs adds.

The nearby Parkway Towers building, a 21-story office and parking structure on 0.71 acres, sold for $19 million in 2015.

The site at 450 and 460 James Robertson Parkway is “a great opportunity for a multitude of uses,” explains Lisa Maki, senior vice president of capital markets with commercial real estate firm Avison Young’s Nashville office. The firm is not involved in the auction.

“It is situated within the path of progress from Germantown to the resurgence of the northern part of the CBD (Central Business District). Our city’s growth has far surpassed experts’ predictions over the last few years,” she adds.

James Robertson Parkway is close to downtown destinations including the Tennessee Performing Arts Center, Bridgestone Arena, Ascend Amphitheater, Schermerhorn Symphony Center, Ryman Auditorium, County Music Hall of Fame and Museum and Nissan Stadium.

Bicentennial Mall State Park, Nashville’s Farmers Market and the new Tennessee State Museum, now under construction, are in the backyard of 450 and 460 James Robertson Parkway. First Tennessee Park, the 10,000-seat home of the Nashville Sounds Triple-A baseball team, is a couple of blocks north in Germantown, where some of downtown’s most expensive homes can be found.

Close to Germantown on the east bank of the Cumberland River, the proposed River North project is expected to bring new residential and commercial development to a 105-acre site near where Jefferson Street becomes Spring Street. The Topgolf sports entertainment complex is being developed nearby.

Around the corner from James Robertson Parkway, the $750 million Capitol View development is bringing 1.1 million-square-feet of Class A office space, 130,000-square-feet of retail and restaurant space, 650 multi-family residences and 170 hotel rooms to a 32-acre site at the intersection of Charlotte Pike and 11th Avenue.

A short distance away on Charlotte Pike, the oneC1TY development will offer 1 million square feet of office space, 170 hotel rooms, 600 apartments and 100,000-square-feet of retail space.

If a buyer chooses to develop them for residential use, the parcels at 450 and 460 James Robertson Parkway are well suited for commuters using mass transit.

Music City Central, the Metropolitan Transit Authority’s main bus terminal, is about a block away.

James Robertson Parkway connects with Gallatin Pike, where Mayor Megan Barry proposes constructing the city’s first light rail line.

Residential uses are well established on James Robertson Parkway. Metro Manor Apartments, a 170-unit building at 413 James Robertson Parkway, was sold for $15.8 million in 2015. The price totaled more than $92,000 for each apartment. Capitol Towers, a 219-unit apartment building, is at 510 Gay St. but fronts James Robertson Parkway.

The state moved its offices out of the old PSC-TRA building in 2014, says David Roberson, spokesman for the Department of General Services, the department in charge of selling the property.

It didn’t take long for word to get out that the property might be for sale.

“We have been getting calls since around that time. We’ve had a lot of interest in it,” Roberson adds.

“Nashville real estate is quite desirable. This is a good time to sell it and make some money for the state,” he says.

Real estate investors across the country are interested in Nashville, Maki says.

“It’s an incredible time for our city. I give a lot of credit for the growth to the people and businesses who have worked so hard to craft a thriving environment,” she says.

“People cannot get enough of Nashville. One of the major contributing factors for the growth in the downtown corridor is the revival of the surrounding niche neighborhoods in every direction of the city’s core.

“If you have property for sale in this town, you are being courted by some of the best developers in the country because they have seen how carefully this town has mastered a diverse population of professionals and quality developments,” she adds.

Originally Published in the Tennessee Ledger

By Bill Lewis

Article originally published on, wkrn.com.

NASHVILLE, Tenn. (WKRN) – Get ready for more shops, restaurants, apartments, hotels, community space, and parking in downtown Nashville–all within walking distance to things like First Tennessee Park and Nashville Farmer’s Market.

Capitol View is a walkable community under construction on 32 acres at the intersection of Charlotte and 11th avenues that’s anchored by HealthStream.

Construction on the newest section just started on Monday, and in lieu of a groundbreaking, a check was presented to HealthStream’s “Arthur E. Newman Scholarship Fund,” to benefit employees.

The full Capitol View project should be finished in 2019, but some offices and the SVM Boutique are already up and running.

Local burger restaurant, M.L. Rose, as well as Starbucks and Your Pie pizzeria are set to open by fall. News 2 has also learned there will be plenty of parking that’s free for guests who are eating, or shopping.

“There will be public parking. We’re going to have a 1,200 space garage, multi-storage garage built for the office building and a future hotel and all the ground floor retail, and so the parking will be open to the public,” said Jeff Haynes with Boyle Investment Company.

More than 270 apartments will be ready for tenants next year, and two hotels are being built at Capitol View, so your friends and family members can stay literally right around the corner when they visit.

There will also be a 2.5 acre urban activity area with a dog park, playground, yoga lawn and volleyball courts, as well as greenspace.

“That’s part of our agreement with the city. We’re dedicating land, approximately 3.5 acres for a bike way-greenway trail connection,” said Haynes.

The park is also a trailhead for the Nashville Greenway, connecting Capitol View to more than 190 miles of biking and running trails throughout Davidson County.

With work underway on Block E at their mixed-use Capitol View development Boyle Nashville and Northwestern Mutual Wednesday announced a donation to the Arthur E. Newman Scholarship Fund of The Community Foundation of Middle Tennessee.

According to a release, the fund is intended to endow permanently one or more scholarships benefiting full-time HealthStream employees who have been employed for at least one year and who are furthering their education in person or online.

In lieu of a groundbreaking for Block E — which will include an office tower to accommodate HealthStream — Boyle and Northwestern Mutual donated the $5,000 check Wednesday afternoon.

Regarding the announcement of the retirement of Newman, HeathStream Chief Executive Officer Robert A. Frist Jr. said, “We thank Art for his extraordinary leadership on HealthStream’s executive team for the last 16 years.”

At the event, Eddie Pearson and Mollie Condra represented HealthStream, Henry Lange represented Northwestern Mutual, and Jeff Haynes and Thomas McDaniel represented Boyle.

The drilling of piers began on Block E this past Monday.

Boyle has yet to announce what hotel will occupy the portion of Block E located next to the office building.

Originally Published in the Nashville Post

By Staff Reports

The Commercial Appeal

By Linda Moore

Mueller Industries’ relocation to Collierville moved forward on Monday with the approval of a 10-year PILOT by the Board of Mayor and Aldermen that will mitigate 75 percent of the property taxes for the nearly $15 million development.

The PILOT (payment-in-lieu-of-tax) resolution passed in a 5-1 vote with Alderman Tom Allen voting no.

Allen took issue with the length of the PILOT, pointing out that Collierville, as a town, has a lot to offer the companies seeking PILOTS.

“I don’t think we give the benefit to ourselves, of what we furnish the employees that come here, the employers, either one. We offer them a lot of benefits also, ” Allen said.

However, the 10-year PILOT is consistent with awards given to other businesses, said John Duncan, Collierville’s director of economic development.

Also, Mayor Stan Joyner told the board that the 10-year PILOT had already been approved by Shelby County and couldn’t be changed. The county’s tax abatement will be $183,000 annuall

Without the PILOT the proposed development would have generated $99,107 in annual Collierville property taxes. The 3.5-acre tract at the southeast corner of Schilling Farms Boulevard and Schilling Farms Boulevard East, now garners the town $4,700 a year in property taxes.

Mueller manufactures metal and plastic flow-control products and is now headquartered in the Southwind area of Memphis. The 100-year-old company moved to Memphis in 1996.

Talks between Mueller and Collierville began two years ago, Duncan told the board and was a competitive process with Memphis, Germantown, Olive Branch and Fayette County vying for the corporate headquarters.

The new offices will be owned by developer Kevin Hyneman Companies and leased to Mueller. It will bring 120 jobs with an average annual salary of $89,000 and the possibility of 10 new jobs by 2023.

The Tennessean

Employees at the new Capitol View development in the Gulch will soon be able to get their caffeine fix without leaving the property.

Starbucks plans to open a coffee shop at 1100 Charlotte Ave. in the ground-floor retail space of the HCA Healthcare building that houses Sarah Cannon, Parallon and HealthTrust subsidiaries.

Joining the coffee shop will be fast-casual pizza joint Your Pie, Brentwood-based women’s clothing boutique Southern Vintage Market, Pinnacle Financial Partners and the previously announced M.L. Rose neighborhood pub. The tenants will have free parking available for guests at an on-site garage.

Your Pie specializes in customized brick oven pizza, paninis, salads and microbrews.

Signature pizzas listed on the company’s website include the Ischia with olive oil, mozzarella, tomato, basil and garlic; the Southern Heat with buffalo sauce, mozzarella, chicken, red onions and jalapeno; and The Nat with basil pesto, mozzarella, feta, sundried tomatoes, spinach and chicken.

Prices for the Nashville restaurant weren’t yet available.

The Gulch location is the first of at least five Your Pie restaurants that Nashville-based franchisee SMS Holdings Corporation plans to open in the Nashville are

Southern Vintage Market plans to open at Capitol View this summer and Pinnacle Financial Partners plans to open its branch this fall.

M.L. Rose is slated to open by the end of the year.

Once completed, the 32-acre, $750 million Capitol View project at the intersection of Charlotte Avenue and 11th Avenue North will house more than 1.1 million square feet of office space, 130,000 square feet of retail and restaurant space, 650 multi-family residential units, two hotels totaling 750 rooms and a 2.5-acre urban park connected to Nashville’s greenway system.

The project is a joint venture between Northwestern Mutual Real Estate and Boyle Investment Company.

Boyle is working to bring a mix of retail and restaurant tenants that serve the surrounding community and the on-site workers.

The Capitol View project in the North Gulch has inked leases for a number of tenants, including Your Pie, a fast-casual pizzeria. Also signing up are Starbucks, Pinnacle Bank and Southern Vintage Market, a Brentwood-based clothing boutique, the Nashville Business Journal reports. Capitol View is being developed by Northwestern Mutual’s real estate arm, along with major Tennessee developer Boyle Investment Co. According to the developers, more than 4,300 people will work there by early 2019, and 1,400 people will live at the residential portion at the project or adjacent to it. HCA Healthcare has a large presence in Capitol View, with 2,000 employees already located there, and HealthStream Inc. will move its headquarters to the property. Also, LifeWay Christian Resources is building its headquarters within the development.

Originally Published in Bisnow

By Dees Stribling

Nashville Business Journal

A slew of new tenants were announced for the Capitol View project in the North Gulch Thursday, including fast-casual pizza joint Your Pie.

Other tenants announced Thursday for the project, located at 1100 Charlotte Ave., include Starbucks, Brentwood-based clothing boutique Southern Vintage Market and a Pinnacle Bank branch. Another location for M.L. Rose, the popular Nashville bar and restaurant, was announced for the project in April.

Capitol View already houses roughly 2,000 employees of subsidiaries of hospital giant HCA Healthcare (NYSE: HCA) and was recently selected to become the new headquarters for HealthStream Inc.(Nasdaq: HSTM). LifeWay Christian Resources is building its new headquarters within the project.