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The Amp bus system could change the face of real estate on West End

By , June 12 2013

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Nashville has been abuzz in recent weeks regarding Mayor Karl Dean‘s call to spend $7.5 million to continue development of a bus rapid transit system that would run approximately seven miles from Five Points in East Nashville to the White Bridge Road area in West Nashville. The project, known as The Amp (yet another reference to Nashville’s musical tradition), is intended to help relieve traffic congestion and provide improved mass transit along the West End corridor. If federal funding is available, The Amp could be operational by 2016. Mayor Dean believes this type of long-term planning is needed as the Nashville area adds a projected one million new residents over the next two decades. Rapid transit and light rail have been proven to create positive economic development in other cities. In Atlanta, development of what is called the Beltline has created new commercial real estate development in areas that were previously abandoned by the […]

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Nashville’s Shifting Intown Neighborhoods

By , May 24 2013

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Everywhere you look in Nashville’s intown neighborhoods, developers are building multi-family housing or replatting existing lots for greater density. One can see this all over Green Hills, Music Row, Hillsboro Village, West End, East Nashville, 12South, Sylvan Park, Germantown and other intown neighborhoods. The market speaks for itself. This type of urban-infill development is doing very well. For example, in Hillsboro Village, there are plans for an 18-unit residential development. 12 South Flats, a retail and apartment development by H.G. Hills Realty Co. and Southeast Venture that is currently under construction, already has85 percent of its retail space leased. The development’s marketing materials describe it as “an urban location with neighborhood charm.” With increased density, it is vital that the city, developers, and builders act carefully and thoughtfully. Increased density creates many issues that must be dealt with prudently to ensure success for all involved, including affected neighborhoods. Traffic is the […]

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Is Nashville’s Brand What We Want it to Be?

By , May 8 2013

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In January, the New York Times acknowledged Nashville’s spot as the newest “it” city. Billboards and commercials across America showcase the city while advertising ABC’s hit series “Nashville.” On the business front, Nashville is leading the nation in job growth. Given these trends, Nashville must be doing something right. According to the New York Times, Nashville was “once embarrassed by its Grand Ole Opry roots,” yet those roots seem to be precisely why Nashville is so popular. Nashville, it seems, is now starting to embrace its musical heritage and unique culture. Look no further than the $623 million Music City Center downtown, which will provide ample opportunity for increased visitors and visibility for the city. The Music City Center itself harkens back to Nashville’s musical roots, with its main section being shaped like a guitar. There has even been talk of a guitar-shaped office tower in recent years. The question becomes, then, “What is Nashville’s brand […]

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Avoid This Costly Mistake When Signing Leases and Other Documents

By , April 29 2013

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One of the main reasons small business owners decide to incorporate is to limit personal liability for business debts. Lawyers usually advise clients to do certain things to maintain limited liability.  Those things are not difficult, but they must be done properly. The typical advice is to open a separate bank account, enact and follow corporate bylaws, hold regular board and shareholder meetings, keep a stock ledger and observe general corporate formalities. This is all great advice, but sometimes lawyers forget to advise their clients regarding the simplest things: how to properly execute legal documents on behalf of the corporation. A recent opinion by the Tennessee Court of Appeals serves as a great reminder to business owners on just how important the proper execution of legal documents can be. Mudd v. Goostree involves a fairly standard commercial lease in which Mudd Properties is identified as the “landlord” and (ostensibly) Liberty […]

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Tennessee Real Estate Transfer Tax and Exemptions (Tenn. Code Ann. § 67-4-409)

By , April 1 2013

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The Tennessee Real Estate Transfer Tax is codified at Tennessee Code Annotated § 67-4-409.  TCA 67-4-409(a) requires that “all transfers of realty, whether by deed, court deed, decree, partition deed, or other instrument evidencing transfer of any interest in real estate” are subject, upon recordation, to a tax of $0.37 per $100.00 (the “Transfer Tax”) calculated based on the greater of “the consideration for the transfer;” or “the value of the property” (“Transfer Tax Formula”).  The Transfer Tax is paid in consideration of the privilege of recordation and applies to both residential and commercial transactions. As in most states, there are several exemptions from the requirement to pay the Transfer Tax, including transfer of a leasehold estate, creation or dissolution of a tenancy by the entirety, deeds of division in kind of realty formerly held by tenants in common, release of a life estate to the beneficiaries of the remainder […]

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