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6.11 Acres Development OpportunityEntitled for 204 Units 0 PENNINGTON BEND ROAD | NASHVILLE, TN 37214
SOHAILA WILLIS, CCIMSenior Associate
Colliers International615.850.2757
RADLEY HENDRIXSON, CCIMSenior Vice President
Colliers International615.850.2745
KAYCE BETTINIAssociateColliers [email protected]
SITE
OPRYLAND HOTEL & CONVENTION CENTER
(2,800 ROOMS)
OPRY MILLSMALL
BRILEY PKWY
CUMBERLAND RIVER
MCG
AVO
CK P
IKE
MUSIC VALLEY DRIVE
95,704 2017 AADT
WYNDHAM NASHVILLE RESORT
HYATT PLACENASHVILLE
COURTYARDBY MARRIOTT
THE INN ATOPRYLAND
GUESTHOUSE NASHVILLE
GRAND OLE OPRY
SOUNDWAVESOPRYLAND HOTEL
111,000 SF WATER PARKRYMAN HOSPITALITY
MIXED-USE DEVELOPMENT ON 130 ACRES900 APARTMENTS
FUTURE OPRYLANDDEVELOPMENT SITE
2 COLLIERS INTERNATIONAL | NASHVILLE
This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the Owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and Colliers International. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or Colliers International, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or
any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Colliers International. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Colliers International.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Colliers International.
Confidentiality Agreement
COLLIERS INTERNATIONAL | NASHVILLE 3
Table of Contents
Property Overview..........................................................................4
Property Location ..........................................................................5
Market Overview ............................................................................7
Demographics.................................................................................8
4 COLLIERS INTERNATIONAL | NASHVILLE
Property OverviewAddress: 0 Pennington Bend, Nashville, TN
County: Davidson
Interstate/Highway: Briley Parkway / SR155
Entitled Development Land: 6.11 Acres
Zoning: CA Zoning (Commercial Attraction)
Maximum Building Height: 4-Floors
Floor Area Ratio: .67 FAR
Parking: 204 Spaces
Acreage in Street & Parking: 87,720 SF / 2.01 Acres
Colliers International | Nashville is pleased to exclusively offer the opportunity to acquire 6.11 acres located at 0 Pennington Bend in Nashville, TN. The property is located adjacent to the Wyndham Vacation Resort with shared access, and approximately 5-minutes from the 2,800-room Opryland hotel that consists of a $90M, 111,000 square foot water park, SoundWaves. Grand Ole Opry, the weekly American country music stage, and Opry Mills mall, the largest retail destination in Tennessee are within walking distance to/from the site.
The site is entitled for 204 units with a max building height of 4-floors that is commercial attraction zoned, and designed for 204 parking spaces with easy access to Briley Parkway (95,704 2017 AADT). The site is located in close proximity to 130 acres owned by Ryman Hospitality, which is planned for mixed-use development that will include 900 apartments.
PROPERTY HIGHLIGHTS• CA zoning (commercial attraction) / multi-overlay (allows hotel/
time share/investor-owned short-term rental • Entitled for 204 units• Adjacent to Wyndham Vacation Resort Time Share Condos (2415
McGavock Pike)• Easy access to Briley Parkway (95,704 AADT)• Approximately 10-miles to/from Downtown Nashville• Shared access with Wyndham, and the future Opryland
development site, with the ability to add additional accesses off Pennington Bend• Seller is open to sell approximately half (+/-100 entitled units)WYNDHAM VACATION RESORT
COLLIERS INTERNATIONAL | NASHVILLE 5
Property LocationAddress: 0 Pennington Bend, Nashville, TN
County: Davidson
Interstate/Highway: Briley Parkway / SR155
Entitled Development Land: 6.11 Acres
Zoning: CA Zoning (Commercial Attraction)
Maximum Building Height: 4-Floors
Floor Area Ratio: .67 FAR
Parking: 204 Spaces
Acreage in Street & Parking: 87,720 SF / 2.01 Acres
SITE
6 COLLIERS INTERNATIONAL | NASHVILLE
OPRY MILLS MALL (180 STORES)
BRILEY PKWY 95,704 AADT
Property Location
SITE
CUMBERLAND RIVER
TWO RIVERGOLF COURSE
OPRYLAND HOTEL & CONVENTION CENTER
(2,800 ROOMS)
GRAND OLE OPRY
WYNDHAM NASHVILLERESORT
MCG
AVOC
K 7,
268
AADT
THE INN AT OPRYLAND
TWO RIVERSCORPORATE CENTER
SOUNDWAVESOPRYLAND HOTEL
111,000 SF WATER PARK
RYMAN HOSPITALITYMIXED-USE DEVELOPMENT ON 130 ACRES
900 APARTMENTS
OPRYLAND FUTURE DEVELOPMENT
COLLIERS INTERNATIONAL | NASHVILLE 7
Nashville Market Overview
“Strategically located in the heart of the Tennessee Valley, the Nashville region is where businesses thrive and the creative spirit resonates across industries and communities.”
Source: Nashville Chamber of Commerce
Nashville is the leading economic center of Tennessee and a vital transportation, business and tourism center for North America. The Nashville MSA, in the state’s center, comprises 10 counties with a total population just over 1.8 million, making it the largest metropolitan area in a five state region. When it comes to satisfying and exceeding business needs and expectations, the Nashville region is a top location in America for relocating business, expanding business and start-up companies.
Nashville is consistently recognized for its pro-business environment, highly educated work force, and compelling demographics. Its energetic and growing economy and environment for doing business is encouraging corporate relocations and expansions. HCA, Bridgestone, Dollar General, CVS/Caremark, Jackson National Life, Healthways, Clarcor, Louisiana Pacific, Caterpillar Financial, Tractor Supply, and Nissan are just a few of the national and international headquarters that have chosen Nashville as a location. This environment has also earned Nashville a top position in national accolades including positions on Forbes magazine’s “Best Cities for Business & Careers” and “Best Cities for Jobs.”
Commonly known as “Music City”, Nashville is the center of the U.S. country music scene and is home to numerous artists, recording studios, and record labels, making it the largest music production center and the number one music scene in the U.S. outside of New York City. With a growing population exceeding 1.8 million people, Nashville is one of the fastest rising metropolitan areas in the country. As the city grows, its diverse workforce, unique community and Southern hospitality make Nashville a perfect location for both business ventures and residents.
8 COLLIERS INTERNATIONAL | NASHVILLE
Demographics0 PENNINGTON BEND | NASHVILLE, TN
1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS
2019 Estimated Population 4,466 56,093 150,891
2024 Estimated Population 4,504 57,016 152,956
2010 Census Population 4,337 52,125 137,845
2000 Census Population 4,196 52,174 140,260
2019 Estimated Households 2,124 25,256 65,765
2024 Projected Households 2,267 27,150 70,545
2010 Census Households 1,966 22,376 57,404
2000 Census Households 1,823 22,068 57,417
2015 Median Home Value $247,335 $229,839 $229,227
2019 Est. Average Household Income $107,099 $65,613 $64,632
2019 Est. Median Household Income $75,392 $53,066 $52,922
2019 Est. Per Capita Income $51,007 $29,614 $28,258
2019 Households by Income2019 Est. HH Income $200,000 or More 5.8% 2.3% 3.0%
2019 Est. HH Income $150,000 to $199,999 6.9% 4.1% 4.0%
2019 Est. HH Income $125,000 to $149,999 6.6% 4.6% 4.4%
2019 Est. HH Income $100,000 to 124,000 10.9% 6.7% 6.2%
2019 Est. HH Income $75,000 to $99,999 21.1% 14.2% 13.2%
2019 Est. HH Income $50,000 to $74,999 20.4% 20.8% 20.9%
2019 Est. HH Income $35,000 to $49,999 14.5% 16.3% 15.4%
2019 Est. HH Income $25,000 to $34,999 3.9% 9.9% 10.5%
2019 Est. HH Income $15,000 to $24,999 6.7% 10.9% 10.5%
Daytime DemographicsTotal Businesses 149 1,890 5,337
Total Employees 3,389 25,717 63,265
OPRYLAND HOTEL & CONVENTION
OPRY MILLS MALL
For Additional Information, Please Contact:
RADLEY HENDRIXSON, CCIMSenior Vice PresidentColliers [email protected]
COLLIERS NASHVILLE615 THIRD Ave South | Suite 500 Nashville, TN 37210www.colliers.com
SOHAILA WILLIS, CCIMSenior AssociateColliers [email protected]
KAYCE BETTINIAssociateColliers [email protected]
