THREE QUESTIONS

THREE QUESTIONS

John Tirrill

Atlanta developer with Nashville roots ponders post-COVID urban placemaking

JOHN TIRRILL is senior partner at Atlanta-based META Real Estate Partners. He has deep roots in Nashville, with his late grandfather having once worked as an obstetrician-gynecologist at what is now Metro General Hospital.

META was formed when Worthington Hyde Partners and SWH Partners merged in October 2019. The latter has garnered headlines the past eight years or so for its work in Nashville. How do Nashville’s urban districts that o er mixed-use buildings — and that are suitable for more — adjust to a post-COVID-19 world related to restaurants, retail, bars, cafes, etc.? And relatedly, how do developers create true urban places if full urban elements cannot be a part of that mix? The several key sectors of tenants of successful mixed-use urban buildings have been severely impacted by the pandemic. What the future holds is, at best, an educated guess. Past global events of the scale of COVID-19 have been catalyst for significant social, economic and/or political changes.

For example, it is unfortunately likely that a number of restaurants, retailers and entertainment-oriented businesses will fail over the next year or two. We are beginning to see the emergence of the influence of Gen Z as they move into adulthood and a decline in the impact of the Baby Boom generation as its members transition into retirement. Today’s reality raises more questions than answers.

A few trends that may occur post-pandemic include a greater focus on health, an increase in the home being the base for living, working and playing, the emergence of new consumers and a tendency toward frugality — a la people who grew up during the Great Depression. With time, entrepreneurial people will figure out how to creatively reuse vacant space. That has happened time and time again. Public spaces, particularly how pedestrians experience a neighborhood at street level, will probably become even more important going forward. In the meantime, we should do all we can to help each other move through this challenging period in our lives.

META Real Estate Partners is also invested in Atlanta, Charlotte, Charleston, Huntsville and Memphis. Compare and contrast those markets to Nashville. We endeavor to invest in a diverse group of markets throughout the Southeast and are drawn to each city for di erent reasons. Atlanta is the ninth-largest metropolitan area in the country with a diverse and large economy. Charlotte is the Southeast’s banking hub. Charleston is a seaport city and popular tourist destination with an emerging tech and venture capital start-up community. Huntsville is enjoying significant growth in professional, scientific and technical services in addition to a robust manufacturing sector. Memphis’ downtown and in-town neighborhoods are enjoying a resurgence, particularly in the city’s Medical District.

Nashville’s growth has been in the national headlines for nearly a decade. It has long been known as the state capital, Music City, the Athens of the South and a place with an economy that is not dependent upon one sector for its growth. The diversity of Nashville’s interest and points of view have been the catalyst to create a great community.

On the comparison theme, how does urban Nashville — and how its build-out is progressing — compare in 2020 to, say, in 2011 — i.e., the beginning of the city’s second boom of this century? Overall, Nashville is doing a very good job managing its growth. It is important for Nashville to continue to involve its citizens in updating the vision and plan for Nashville as it grows. Creating incentives to develop a ordable mixed-income housing and quality public spaces for all to enjoy should always be a priority.

When Nashvillians and the development community work together, the outcomes are almost always better than if they fight. It is important that all involved listen to and understand each other’s ideas, concerns, opportunities and challenges. The best developments typically involve leaders who have mastered the art of compromise in a healthy and inclusive way.