With an increasing metropolitan and diverse influx of population, Nashville is seeing a significant rise in the demand of housing, condos in particular.
With the population continuing to rise, this has put a major demand on residential development. According to the Nashville Downtown Partnership, there is a 12.5% increase of downtown residential units from one year ago. Condominiums for example, make up 25% of the downtown Nashville residential market.1
The downtown area currently has over 14,000 residents, catching up to major cities like Tampa and Austin. A study recent study from Census Data shows that downtown Nashville has seen a 152% increase in population from 2010-2019. Not to mention, Nashville also has a 93.37% occupancy rate, exceeding other peer cities like Charlotte and Indianapolis.1 The Nashville Area Chamber of Commerce Research Center has also calculated that the area gains about 81 net new people per day.2
Over the past six years, there has been three condominium projects, only adding 535 units to the downtown area. Currently, there are around 2,360 condo units, but the number of condos is expected to quickly increase.
CA South Development has over 300 condominium units either completed or underway to keep up with Nashville’s expansion.
The thriving downtown area has been a main focus for CA South Development to improve the overall lifestyle of Nashville while creating a positive and aesthetic design environment.
Our current residential projects are in popular areas of downtown such as Germantown, Pie Town, Jefferson corridor, and Edgehill.
In Germantown, our project Eve, will provide 28 STR (short term rental) condos and we plan to launch sales by July 2021. We also have Alina, a 50 residential unit property on 8th Avenue South. We have already sold 50% of the units for Alina and plan to sell out units by the end of spring. Our project in Pie Town on 629 7th Ave South is just beginning, adding 78 very large multi-bedroom condos to the downtown area.
We are excited to continue to provide “affordable luxury condos” to Nashville.
To keep up with CA South’s work, visit casouthdevelopment.com and sign up for our newsletter for quarterly updates.
1https://ctycms.com/tn-nashville/docs/annual-residential-report-2020pdf-for-website.pdf
2 Nashville Area Chamber of Commerce, Research Department, January 2021