The Urban Land Institute has just published a new book recognizing best practices in condominium development. The book is titled "Developing Condominiums: Successful Strategies," and is available at the ULI Bookstore. Here's the press release announcing the award:
Urban Land Institute Names 807 Eighteenth
Among Nation’s Best Condominium Developments
Developer brings the lessons learned to new project at 1101 Eighteenth
NASHVILLE, Tenn. Feb. 16, 2007 – It was the first condominium project in Nashville’s Midtown in 20 years and also the first for developer M2H Group. Now, the story of 807 Eighteenth is a case study as one of the nation’s most successful condominium developments, according to the prestigious Urban Land Institute. The Nashville condominium is one of only ten projects featured in the ULI’s recently released book, Developing Condominiums: Successful Strategies. (Urban Land Institute, © 2006)
“Convinced of the urban neighborhood’s historic significance and high quality location – sandwiched between Music Row and Vanderbilt University – the pioneering firm [M2H Group] successfully broke Midtown’s residential development drought with this new urbanist infill project that subsequently sold out while still in construction,” wrote ULI author Alexa Bach.
Not content to rest on their national laurels, the M2H Group will soon top out a new, larger luxury condominium project just down the street at 1101 Eighteenth.
“This is not something we solicited or applied for. They found us, which I suppose is quite an honor, considering the number of projects they looked at to select a handful as examples of success,” said Marty Heflin, founder of M2H Group. “We were still under construction when the first evaluation team visited the site. After construction was complete, the author came and spent two days in Nashville. We showed her around the site and the neighborhood to explain why we picked 18th Avenue.”
Developing Condominiums: Successful Strategies features ten developments around the country ULI believes embodies the best practices for developing condominiums. 807 Eighteen in Midtown and The Bakery in New Orleans are the only two developments in the book from the South.
“[M2H Group] focuses on community needs, pledging to pursue ‘organic development’ that is sensitive to the site and its neighborhood,” writes the author. “In lieu of a ‘cookie cutter’ approach to development that seeks to force a product that was produced elsewhere onto a site, M2H is committed to allowing the site and the neighborhood to steer the design.”
“When we looked at 18th Avenue, we felt that this was once a vibrant residential neighborhood and should be again,” Heflin said. “With responsible development, we can bring it back. 807 was the first step.”
Heflin said he and his partner, Bob Springer, learned a lot of lessons during the construction of 807 Eighteenth that are being put to use at 1101 Eighteenth.
“We’re trying to build on our success and bring the same quality work to 1101 Eighteenth,” Heflin said.
Heflin said he is already getting calls from developers around the country that have seen the book and want advice about developing projects. He’s also gotten some very positive feedback from Midtown residents who have seen the impact of having new people move into neighborhood.
“I got a call from a friend of mine who has a studio on 18th,” Heflin said. “He said it was great to see people walking their dogs or jogging along the sidewalks. He said it was beginning to feel like a neighborhood again.”
Construction is going well at 1101 Eighteenth, which has sold more than two-thirds of the available units. Heflin said they should top out the 6-story structure by the end of February.
The Urban Land Institute is a nonprofit education and research institute that is supported by its members. Its mission is to provide responsible leadership in the use of land in order to enhance the total environment.
1101 Eighteenth is a 56-unit condominium development designed by award-winning architectural firm Gilbert McLaughlin Architects. The project features one-, two-, and three-bedroom floor plans with town homes, city flats and sky lofts available. The units feature balconies, decks and terraces, as well as a variety of luxury upgrades. For more information contact Scott Troxell with Keller Williams Realty at 615.425.3600 ext. 3612 or online at 1101eighteenth.com.
