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VOL. 46 | NO. 21 | Friday, May 27, 2022

Former Watkins campus to be developed

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EJF Capital LLC and Chartwell Residential has announced the close of an approximately $67.35 million construction loan to develop the first phase of a multifamily development in Nashville’s Metrocenter neighborhood.

The first phase of the project, which is located at 550 Great Circle Road on the former Watkins College campus, includes 377 multifamily units in a five-story structure with a 529-space, above-grade parking garage.

The loan is from Synovus Bank.

The project is in an area certified as a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 which offers investors potential tax benefits to invest into Qualified Opportunity Zones with the aim of spurring economic growth in lower income areas.

Construction is expected to take 24 months with first deliveries expected in the first half of 2024. The site sits adjacent to 40-acre Lake Amulet, just north of downtown Nashville.

Located in the Metrocenter submarket, the project will contain a mix of studio, one-bedroom, one-bedroom plus den and two-bedroom units. The project’s amenities include coworking spaces, fitness facilities, resident lounges, a resort-style pool, sundeck overlooking Lake Amulet, rooftop lounge and deck, pet spa and a bicycle room.

Bar’s Gold Diversity award goes to Bradley

Bradley Arant Boult Cummings LLP has been named a recipient of the 2022 Gold Diversity Recognition Award by the Nashville Bar Association’s Diversity Committee.

The Diversity Recognition Awards recognize legal departments, firms and businesses that have demonstrated outstanding leadership to promote diversity and inclusion through education, innovation, collaboration, development and mentorship programs within their own organizations. The NBA’s Diversity Committee is responsible for determining which level of recognition (Gold, Silver or Bronze) the nominees qualify for based on their submission.

HealthStream purchase of CloudCME complete

Nashville’s HealthStream, a provider of workforce and provider solutions for the health care industry, has completed its acquisition of the remaining equity interest of CloudCME, a Nashville-based health care technology company.

HealthStream originally invested in CloudCME in March 2019 when it purchased approximately 20% of the equity interest in the company. With its acquisition of the remaining equity interest in CloudCME, HealthStream gains a best-in-class SaaS-based application for managing all aspects of continuing education within a health care organization.

Across all health care organizations where patient care is delivered, many hours of CME/CE (“continuing medical education / continuing education”) for physicians and clinical staff are mandated – with the amount and frequency required dependent upon state requirements and particular area of practice.

TN reports employment back to pre-COVID level

Tennessee nonfarm employment has fully rebounded from the pandemic, surpassing pre-pandemic levels of employment with 45,500 more people holding jobs now than in February 2020.

The Tennessee Quarterly Business and Economic Indicators report issued by Secretary of State Tre Hargett’s office shows that state unemployment dropped to 3.2%, below the national rate of 3.6%.

New business filings in the first quarter of 2022 grew 8.7% from first quarter filings in 2021, marking 42 consecutive quarters of year-over-year growth. Over 77,000 new businesses filed over the past year and 21,353 new entities filed in the first quarter of 2022.

Growth in business filings typically leads to growth in jobs, personal income and state revenue.

The largest number of filings in the first quarter were in Shelby County, followed by Davidson, Knox and Hamilton counties. These four most-populous counties accounted for 44.3% of new filings statewide.

Most of the year-over-year growth in filings occurred in Tennessee’s other 91 counties. Businesses in those counties expanded by 16.2%, reflecting efforts across the state on workforce development, education, infrastructure and responsible fiscal management.

Ware Malcomb opens Middle Tennessee office

Ware Malcomb, an award-winning international design firm, is opening of its newest office in Franklin, the firm’s 26th office across the Americas.

The new space, located at 3401 Mallory Lane, will support Ware Malcomb’s growing client and project base across the region.

Gregory Spon, previously director of architecture for Ware Malcomb’s Irvine office, relocated and will lead the Nashville office as regional director. He will oversee the growth and management of the company’s operations in the Nashville region.

Ware Malcomb has completed more than 100 projects in the area, including retail, office and industrial projects.

Cortex issues 2022 sustainability report

Nashville-based Cortex Sustainability Intelligence has released its official report detailing four pressing predictions for sustainability in commercial real estate in 2022.

The guide, developed by the decarbonization experts behind the sustainability intelligence platform currently serving Empire State Realty Trust, JLL, RXR Realty and more, offers insight to not only help CRE leaders determine which decarbonization methods to implement in their office buildings, but how to prioritize initiatives based on their sustainability and financial goals.

As a part of Cortex’s goal in making the challenge of decarbonizing office buildings a more manageable feat to conquer, this guide provides a breakdown of:

• The effectiveness of each carbon reduction methods

• The time to realize savings

• Disruption to ongoing operations and tenants

But, with building decarbonization, every initiative is important as buildings strive toward Net Zero goals and deadlines. To help provide the most useful aid in this decision process, this report focuses on providing context on how CRE can strategically prioritize their initiatives in a way that reduces the most amount of environmental impact without breaking their ESG budgets.

The report is available online

Asurion to support Amazon tech purchases

Customers who buy tech devices from Amazon’s online store now have the option of buying protection from Asurion.

The Nashville-based tech care company has announced it is offering the Asurion Tech Unlimited protection and support plan to Amazon shoppers, providing those who enroll the ability to have one protection plan for all eligible devices purchased from Amazon in the past and into the future.

Asurion Tech Unlimited combines tech protection coverage with expert support for all the eligible tech bought from Amazon, including eligible devices purchased from Amazon up to two years before enrollment and any eligible new tech purchased from Amazon after signing up. Eligible devices include laptops, TVs, desktop computers, gaming consoles, cameras, and more. Mobile phones are not included. The cost is $16.99 plus tax.

Solotech unveils new Nashville facility

Solotech has announced the opening of its massive new facility in Nashville.

Covering more than 120,000 square feet of space, Solotech, in AV and entertainment technology, is also a Top 10 AV system integrator in North America across the corporate, worship and transportation sectors.

Recent notable projects in the region include the expansion of Nashville International Airport, as well as new sound, lighting, and video in several of the city’s iconic Broadway honky tonks, several major corporate headquarters, and a number of large houses of worship.

Ryder expansion includes Smyrna

Ryder System, Inc. has new distribution centers in Smyrna and Boise, Idaho.

The company is a leader in supply chain, dedicated transportation and fleet management solutions, announces the further expansion of Ryder Last Mile, its customizable, multi-tiered delivery solution for big-and-bulky goods.

The Nashville area and Boise are two of the top 20 fastest growing metropolitan areas in the U.S. Ryder addresses the growing need for last-mile delivery services for large appliances, furniture, exercise equipment and more, as populations shift with the ability to work remotely.

Allbirds shoes, apparel lands in Green Hills

Allbirds, a certified B Corp and Public Benefit Corporation that makes shoes and apparel, has opened a new retail store and community center in Green Hills.

It is the brand’s first store in Nashville and 42nd globally, with locations across North America, Asia and Europe.

The new 3,259 square foot space speaks to the brand’s sustainable focus, which has driven its development and use of natural materials in replacement of petroleum-based synthetic fibres.

The store is located at 2126 Abbott Martin Road.

Ole Smoky celebrates moonshine in Nashville

Ole Smoky Distillery, the top moonshine brand in the U.S., is bringing National Moonshine Day to life with Shine Fest June 2.

The most notable celebration will be Ole Smoky’s Shine Fest hosted at their Nashville Distillery, 6th & Peabody. Musicians such as Levi Hummon and the Grammy-nominated Po’ Ramblin’ Boys will perform on 6th & Peabody’s outdoor stage. There will be delicious, local food and an exclusive National Moonshine Day cocktail to bring an extra tasty and refreshing Ole Smoky spin to the festivities.

Shine Fest is from 3-11 p.m.

Prisma plans expansion, addition of 109 new jobs

Prisma Nashville, LLC will invest $12 million to expand operations in Davidson County, creating 109 new jobs over the next five years.

Prisma’s facility is located at 2947 Brick Church Pike in Nashville.

Prism has, for more than 40 years, managed the manufacturing and distribution of marketing materials for several national brands.

Today, the company employs roughly 330 people across its locations in Nashville and Phoenix, Arizona.

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