Getting Into The Gulch: Nashville's new $400 million real estate development

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A $400 million dollar mixed use development is coming on the market in a downtown area of Nashville known as "The Gulch." Despite a tough economic climate, three high-end condominium complexes in the Gulch (Icon, Terrazzo, and Velocity) are attracting interest and selling well. The Gulch, as well as the new Nashville condominiums are given a closer look.

Something of an industrial blight, "the Gulch" was not an area of Nashville that conjured up visions of luxury high rises. "About the only reason to venture into the Gulch was to catch a show at 12th and Porter," said Jeff Fulmer (http://www.jefffulmer.com/index.php), a Realtor who specializes in Nashville condos. "That perception is changing before our eyes and it is now easy to envision an exciting urban hotspot."

In an April 8th, 2009 article, USA Today featured the $400 million development going on in the Gulch. Like other cities its size, Nashville is transforming an urban blight into urban chic; creating an area for young professionals to live and play. If you weren't paying attention, it may seem the area just west of the downtown district emerged overnight. In reality, it has been a slow and steady fifteen year plan that is now coming to fruition.

The Turner Family (of Dollar General Stores and Market Street Developers) owns and manages much of the thirty five plus acres. The Turners have mandated that retail space will occupy the street level of all buildings, ensuring a steady stream of shoppers and a vibrant nightlife. While the trendy Radius10 restaurant had to shut its doors recently, Sambuca, Watermark, Urban Flatts, Ru San all appear to be doing well. Yazoo Brewing Company is supposed to be moving to the area. Just a couple of weeks ago, Urban Outfitters had their grand opening where the City Hall music venue was formally housed.

Icon

The mixed-use centerpiece of The Gulch is the twenty-two story Icon. Ten foot floor to ceiling windows give owners a great place to see and be seen. Balconies and walk-in closets help provide the one and two bedroom units a little more elbow room. Stained concrete floors and steel construction create a sense of privacy within a modern urban space.

Most condos were in the $300,000, but The Icon has been open for a couple of years and has already sold most of its units. "There is still some availability and, for someone looking for a downtown cool Nashville condo, it could be a great investment," Fulmer said.(http://www.jefffulmer.com/condominiums-nashville-tn.htm).

Velocity

Still in the construction phase, Velocity is the new kid on the block. Ranging in prices from the low $200,000s to the mid $300,000s, the six story midrise Velocity is the least expensive of the three big developments. Velocity condominiums offer a variety of one and two bedroom units in 16 different floor plans. While a little on the small size, they do have a "lofty" hip modern feel.

Catering primarily to a younger market, Velocity offers a sky lounge with an outdoor cabana, a fitness room, a courtyard, and even a guest suite you can reserve for out of town guests. With 70% of their units already under contract, you will need to move fast to catch Velocity.

Terrazzo

On the high end of the Gulch is the glass plated Terrazzo, standing a sleek fourteen stories. Prices begin in the low $300,000s and go all the way up to the penthouse price of $1.6 million. 109 units run from one to three bedrooms, ranging in size from 950 to 3200 square feet. The spacious units have high-end touches throughout like bamboo flooring, Italian kitchen cabinets, gleaming appliances, and open, flowing floor plans. The result is an impressive living and entertaining space.

"Terrazzo" means "terrace" in Italian, and true to its name, each unit has at least one large terrace. Floor-to-soaring-ceilings (11 foot, 4 inch) windows bring the outside in. Amenities include a sixth floor pool terrace with a large lap pool, fitness center, 24 hour concierge, and "room-service" from in-house and neighborhood restaurants. Nashville's first pre-certified green building, Terrazzo has gone the extra mile in providing environmental quality which will lower your utility costs while helping the planet.

With easy access to downtown, Vanderbilt, Music Row and the Interstate, the Gulch is centrally located. "As businesses fill in around 12th Street, you may not need to drive anywhere," Jeff Fulmer (http://www.jefffulmer.com/index.php) commented. "Before you know it, The Gulch will be the place to be in Nashville."

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