New multi-million dollar property could help Nashville's real estate prospects
Sometimes, a single property can help turn a metro's real estate market around. Alex Palmer, a storied developer, believes that his new project, which has finally been approved after years in the pipes, could be that boon to Nashville's local market. The 900,000-square-foot West End Summit offers the possibility of thousands of new jobs for the metro, and could be Nashville's trophy, according to the Nashville Business Journal. People considering buying one of the homes for sale in Nashville, TN, might be happy to know that the project is gaining significant support and could help bring jobs to the city and lift property values.
For nearly a decade, Palmer was forced to sit idly by as the project, stalled by the economic downturn and other factors, languished. Although it was frustrating, Palmer says the extra time may actually result in the property becoming an even more compelling and original one.
"Instead of being a more traditional Southern building we decided we wanted something that was much more cutting edge and would stand the test of time and yet would have a very understated elegance about it," he said in an interview with the source. "I think that’s what we’ve got both inside and out. It will easily be the trophy property of this city, now and for a long time. It attracted trophy people."
Palmer also told the outlet that he believes the property will help transform the surrounding real estate. With shops and restaurants, the complex could help attract new residents and provide improved amenities to the ones already there. The ongoing revitalization of the downtown will likely be given a needed shot in the arm by the arrival of a cutting-edge, feature-rich property.
"It’s going to create a whole new synergism for this part of town. This is the growth area of this city," he said in the interview. "Down where the Pinnacle [building] is more of an entertainment area. This is where the business growth is going to happen for a lot of reasons."
Ideally, this project could help foster the ongoing residential real estate growth. According to another recent article from the Business Journal, home prices rose steadily throughout the summer, capped by a 2.3 percent jump in July. According to the source, these gains were the largest in six years.
Although home prices seem to be recovering on their own, the introduction of a new "trophy" that brings jobs and amenities to the city certainly won't hurt.