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Condo Developers Bet on Planning, Patience

Here is the latest on "Cascadia" as reported by Richard Lawson on October 13th, 2008 in the Nashville City Paper

With yet another report of home sales continuing to slide in the Nashville area, now wouldn't seem like a good time to launch a sales effort or turn a little dirt for a new condominium project.

But that is just what BK Partners is doing with the $95 million, 217-unit luxury project named Cascadia, which would be built next to the Cumberland River near the Gaylord Opryland Resort & Convention Center.

The developer needs to sell 109 of the units, which are priced from $345,920 to $1.75 million, before breaking ground. Brian Kemp, a partner in the project with John Broderick of Nashville-based remodeling company Broderick Builders, doesn't expect that to happen for at least 18 months.

"I hope it happens faster than that," said Kemp.

The local market, however, doesn't appear to be cooperative or willing to turn anytime soon. The Greater Nashville Association of Realtors reported Thursday that area home sales fell 20 percent from September 2007. They’re down almost 28 percent so far in 2008, which has helped put another local waterfront development on ice.

"We have chosen to put (Cumberland Yacht Harbor) on hold until the condo market improves and the financial market stabilizes," said Alex Marks, a principal in Tower Investments, the lead firm in developing that condo project in Donelson.

On the flip side, the proposed H2O Urban Waterfront District off Charlotte Pike is in the engineering and architectural design phase. Portland-based Alpha bought the 24 acres in June for the mixed-use development.

"We're not stopping anything," said Ron Sapp, a principal in the development, adding that plans are still to get going on construction in early 2010.

Kemp said his team knew the market — booming as recently as 18 months ago — might pass them by as they moved through the process of nailing down their construction costs and securing all of their approvals. The group has done some site preparation before some of its permits expired.

"John and I have about $1.5 million of our own cash in it," Kemp said, adding that they also have a $500,000 line of credit through Wilson Bank & Trust.

Kemp said one local and two out-of-town banks — Kemp wouldn’t name them just yet — have committed to funding construction. In the meantime, he’s confident that, once the storm passes, his project will find an eager audience.

"I started selling resort properties in the Jimmy Carter years," Kemp said. "I remember offering 21.9 percent interest on condos in Gulf Shores, Ala. People are going to look for places that have weathered the storm and Nashville is one of those places."