Nashville's Big Deal
Spurred by a diversified economy that includes a legendary entertainment industry and first-rate healthcare sector, Nashville, Tenn., is planning a $430 million mixed-use development to begin in spring 2017. Anchored by the new 56,000-sf National Museum of African American Music, the complex will showcase 183,000 sf for retail tenants, 350 units for multifamily, and a 375,000-sf Class A office tower. “The National Museum of African American Music will feature exhibits spanning generations, chronicling some of the most significant artists and musicians of all time,” says Patrick Emery, partner at OliverMcMillan and Spectrum/Emery in Nashville. “By showcasing over 50 music genres created or impacted by African Americans, the Museum adds musical diversity that further solidifies Nashville's legacy as Music City.”
NYC Embraces Electric
ReachNow has launched a new model for electrical vehicle
care sharing in Manhattan. The pilot program provides residents of two
sustainable high-rise apartment buildings with its own fleet of EVs for car
sharing. “We see great promise in this approach that both reduces
congestion in crowded metropolitan areas and creates a new market for
zero-emission vehicles in regions with profound air quality challenges,” says
Paul Lipson, president of Barretto Bay Strategies.
The Trump Impact on
Tax Policy and CRE
President Donald Trump’s tax reform proposals of reducing
corporate income tax to 15 percent, decreasing and simplifying taxes for top
income earners to 33 percent, and repealing the estate tax and eliminating the
alternative minimum tax would affect commercial real estate.
A more rigorous economy supports a stronger commercial real
estate market, especially if job growth remains healthy and spurs office space
Faster income growth most probably will boost retail and
industrial demand. Capital gains tax stability removes the threat of a
significant increase and may lead to higher property sales in 2017.