Nashville real estate observers see the Row becoming more of a mixed-used community. Much like the Gulch and Midtown area, the Row in the future could include a combination of multifamily, retail, and office spaces.
Ira Blonder, a managing general partner with Sound Kitchen Studios in Franklin and a real estate broker on Music Row for 18 years, says that any diversification of an area to where it’s not solely dependent on one industry is a good thing, so long as it’s consistent with the neighborhood’s desire. You’ve got to be respectful of the past in order to embrace the future.
Some apartment construction has already been happening on the Row with 153-unit Artisan on 18th at 18th Avenue South and Chet Atkins Place and the 1515 Demonbreun project underway next to the Music Row Roundabout. There’s also the Note 16 apartment community located at 16th Avenue and Horton Avenue.
Chad Poff, the Colliers International broker representing SESAC, said the rising cost of land on Music Row should drive developers toward mixed-use projects. Because it’s close to the universities, you have a large student population that likes the convenience of being able to walk to Belmont or Vanderbilt. You also have young professionals moving into Nashville who like the restaurants and attractions in Midtown. So it’s driving that demand for the upscale apartments.
Many entertainment offices that were once located on Music Row have moved to other locations in order to have a larger space with sufficient parking to consolidate tasks and operate more efficiently. It seems to be difficult to find such space in one building on Music Row.