3 min read April 2024 — Tom Turner, president and CEO of the Nashville Downtown Partnership, sat down with Invest: to discuss the significance of the planning and development activity for downtown Nashville, what it takes to create healthy economic activity in the area, exciting projects in the pipeline, and priorities looking ahead.
How has Nashville’s downtown area grown in the past 12 months?
Nashville is a growth market, as are many other Southeast cities. Our downtown is constantly growing and expanding to keep pace. The Urban Land Institute has named us No. 1 again in real estate prospects, which is a great spot to be in. Growth has continued in retail and residential markets, and we are one of the few markets with office buildings under construction. There continues to be huge growth in hospitality, as well. Downtown has 12,074 hotel rooms with another 1,030 rooms under construction. Compared to other downtowns of our size, we are far outpacing peers in the hospitality sector.
Of the 25 largest U.S. cities, if you compare 2019’s second quarter to 2023’s second quarter, the No. 1 city in the country in foot traffic recovery is Nashville. Magically, our number is right at 100%. San Jose is the only other city above 90%. We are so fortunate to be in this position and believe the focus on being clean, safe, active and attractive has definitely played a part in this. This metric was measured by tracking cellular phone data activity, using the specific boundaries of downtown used for urban planning and development. Both our own study and an external study reported us being near 100%. I am very happy that our residential, employee and visitor bases put us back to where we were in 2019, which has actually gained when compared to the rest of the country.
How can this growth be sustained in the long term?
From our perspective, we put 85% of our resources into our clean, safe, active and attractive downtown. Focusing on these four items is important, with heavy emphasis on clean and safe. This sets the stage for people to return, whether it is to open a business, permanent residence or visit. Having that environmental aspect is incredibly healthy. When you combine that with a business-friendly environment, the opportunities are endless.
What undergoing projects best exemplify Downtown Nashville’s growth?
This is like asking me which child is my favorite. There are so many exciting projects underway, from Peabody Union to Nashville Yards. There is a lot to be excited about in Nashville.
Various projects, such as Nashville Yards, Peabody Union, East Bank, the new football stadium and more, will bring additional residential, commercial and hospitality activity. Collectively, these developments will change the look and feel of Nashville for years to come.
What partnerships are you excited to strengthen or begin in 2024?
We have been very happy with our ongoing partnership with Metro Parks in combination with the city and county, which is the first of its kind here in Nashville. We are at full management of one downtown park and are working to expand to three parks. Programming is growing, from painting, to yoga, to dog training. We are working to take these parks and make them clean, safe, active and attractive components of our downtown to elevate the downtown experience.
How is the rebuilding process of Second Avenue progressing?
The Second Avenue Rebuild is significant because historically Second Avenue was Market Street and First Avenue was Front Street. Front Street faced the river, where product was shipped by boat and then sold on Market Street. The types of buildings there are from the 1870s and early 1900s. There was an explosion on Christmas Day in 2020 which forced everyone to take a step back and refocus on what Second Avenue, and First Avenue too, could be. A lot of previous work that had been done, almost 30 years prior, was tired and worn. The ability to reimagine that 30 years later in the 21st century makes for a huge opportunity to get ready for the next generation of uses. We will have slightly wider sidewalks, and the ability to have more interaction with food-and-beverage options by sitting inside or outside. Overall, it will liven up the street. Three years of stagnant activity later, it has to come back and be spectacular. We are also focused on a connection to First Avenue, as well, to expand the uses of Riverfront Park.
What is your outlook for your organization and the Nashville market?
Whatever market you are in, we are all impacted by interest rates along with the rest of the country. We have a significant development pipeline with projects underway and many that are funded and soon to start. Our primary focuses happen to be a huge piece of that economic expansion and our current daily operation.
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