New Sounds Ball Park And Its Affect On Real Estate

New Sounds Ball Park And Its Affect On Real Estate

Prices already are going up in the neighborhoods surrounding the proposed Sounds ballpark north of the Capitol.Grant Hammond, a real estate broker and investor who represents several developers and land owners in the Germantown area, said just the news that the city is pushing for a new stadium at the historic Sulphur Dell site had property sellers calling him to raise prices.A new baseball stadium north of downtown likely will provide a major boost to property values and attract homebuilders and developers to the nearby neighborhoods of Germantown, Hope Gardens, Buena Vista and Salemtown.The impact a new ballpark could have on that area will be similar —albeit smaller— than the ripple effect Music City Center had on SoBro, where property values have in some cases tripled in recent years.If the project becomes official, look for property values to initially jump around 15 percent, Hammond said. Once construction is underway, Hammond expects prices to climb again, about 25 percent higher than now. Once completed and the buzz of the new stadium is at its peak, Hammond anticipates values will be up about 50 percent from today.Hammond, who was planning on selling one of his investment properties in Germantown next spring, said he now plans to hold on to the condo until the first season of baseball in the new stadium.“It could be a remarkable little ride for Germantown,” Hammond said.With Germantown already flourishing, the biggest impact might be most noticeable in the area’s other neighborhoods.“Hope Gardens and Buena Vista are seriously underdeveloped,” Hammond said. “That all turns around the moment they open the stadium doors. Those neighborhoods need some sort of big development to be the spark.”A new ballpark likely would bring new restaurants and bars, too. “Part of baseball is drinking beer,” Hammond said.Builders will rush at the chance to snatch up land that's walking distance from the ballpark and the commercial development it spurs, he said.“It will be really fun to watch,” Hammond said.

Reported by: 
Nevin BatiwallaStaff Reporter-Nashville Business Journal

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Phone: 615-973-6363
Dated: August 28th 2013
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About Dorothy: Dorothy Lee’s 22+ years extensive knowledge and experience in Real Estate provides her a unique v...

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