Thursday, April 30, 2009

BlueCross/BlueShield Moving to Nashville

According to this week’s Nashville Business Journal, new jobs are moving to the Metro Nashville area.

BlueCross/BlueShield of Tennessee, which supplies health coverage to nearly 3 million Tennesseeans, will be moving and expanding their commercial operations to an existing, but smaller, Nashville location.

The former location, based in Chattanooga, was closed because of the economy. The goal to be accomplished with moving is that the company will be located closer to qualified job applicants.

The new Nashville location will administer benefits for accounts in the private, government and non-profit sectors. Clients of Blue Cross/Blue Shield include the Tennessee Public Schools and employers like Nissan.

The Nashville location for Blue Cross/Blue Shield will create over 60 new jobs for the Nashville-Franklin-Davidson Metro Area. The new offices will move the divisions of Member Benefits Administration, as well as positions for analysts, claims processors, consumer advisors, and research associates. The company will also move current employees from Chattanooga to Nashville.

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Wednesday, April 22, 2009

Real Estate Moving in the Right Direction for Middle Tennessee

The recession will not stop Middle Tennessee from growth and development. In fact, deals are to be found in both the commercial and residential sectors.

Commercially, the state of Tennessee is currently “moving to expand an economic development program credited with landing two of the state’s biggest industrial deals last year”. The state wants to create large industrial parks called “megasites”. If passed by state lawmakers, the Department of Economic and Community Development would be able to “purchase, develop and turn land over to local authorities using proceeds from government bonds”, including accessory investments like highway ramps and rail spurs.

Current megasite projects for industrial development include the Hemlock Semiconductor Corp’s $1.2 billion plant near Clarksville, TN and Volkswagen’s $1 billion plant near Chattanooga.

Residentially, values can be found as well. It was recently reported that older homes are holding more value than newer homes, with many older and historic homes seeing slight price increases in established neighborhoods. This is in sharp contrast to many brand-new homes that are in foreclosure. Local realtors have claimed that Clarksville, Gallatin, West Meade and East Nashville tend to hold more value, as well as some areas of Brentwood and Franklin. In addition, older neighborhoods allow for more measurable increases and decreases.

Deals are to be found right now. Brentwood has seen sharp cost reductions in the tens of thousands of dollars, and condos in Midtown Nashville have been discounted 17-35%. However, home prices are, in most cases, still higher than four years ago. Franklin reported that home prices are 30% higher in 2008 than in 2004.

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Monday, April 13, 2009

Movie Moves Stars from Hollywood to Nashville

Hannah Montana: The Movie recently held its premiere in Nashville, just before the film opened nationwide. The film, based on the Disney series, stars Nashville native, Miley Cyrus and her father, Billy Ray Cyrus.

The movie was filmed in various locations around Middle Tennessee over a three-month period last summer. The film featured local country stars like Taylor Swift, Rascal Flatts and Bucky Covington. Originally, the movie was set to film in Louisiana until the Cyruses - who own a farm in Middle Tennessee - petitioned for filming in Tennessee, with Billy Ray even flying to Tennessee and photographed location options and convinced Disney to let Tennessee compete for the film. The Tennessee Film and Music Commission negotiated with Disney
According to Cyrus, “When you see the film, and the state, and its people, Tennessee really shines.”

The film features sites like The Hermitage Hotel in downtown Nashville, Columbia’s town square, and Smiley Hollow picnic grounds in Robertson County. Miley claimed “I feel Tennessee is just as big a character as any of the actors in the movie”.

The premiere for the movie was held at the Green Hills Regal Cinema in Nashville and was attended by Nashville Mayor Karl Dean and his family, as well as many country stars. The Hannah Montana movie joins “Walk the Line”, “The Last Castle” and “The Jungle Book” as Tennessee-based productions. The state offers financial incentives for filming, as movies provide jobs throughout a multitude of industries.

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Monday, April 6, 2009

Convention Center to Move Development Downtown Nashville

Nashville Metro is now considering purchasing land for a new downtown convention center. The addition of a convention center would bring conventions and economic development to the area….

The proposed 15.6-acre convention center would be developed on land south of Broadway, surrounded by 5th and 8th Avenues, Demonbreun Street and Korean War Veterans Memorial Blvd.

The cost of the land acquisition is yet to be determined, as real estate prices are moving “all over the place”. Mayor Karl Dean and the Metro Development and Housing Agency (MDHA) will present on April 13th to the Metro Council. It is estimated that property acquisition will cost $40 million, and construction and relocation will cost about $10 million, which equals out to $50-$60 per square foot.

Other issues to be addressed at the meeting are the businesses that would be required to move out of the area. The businesses that would be relocated include Rocketown, the Musicians Hall of Fame and Museum and the Greyhound bus terminal.

If approved, construction would begin in the summer…..

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Wednesday, April 1, 2009

Nashville-Area Mayor Moves for ‘Cautious Optimism’

The Tennessean reported today that the mayor of Mt. Juliet, a neighborhood outside of Nashville, is encouraged by the growth shown in Wilson County in 2008 and calls for “cautious optimism” moving forward.

Mayor Linda Elam delivered the State of the City Address at a luncheon at the Chamber of Commerce in Mount Juliet and discussed the success in 2008 and challenges that Middle Tennessee will face in 2009. In 2008, sales taxes moved up by almost $500,000 as the area opened many new businesses and restaurants. Additionally, several large-scale retailers have moved to the area and are prepared to open in 2009.

The fiscal year will begin at the end of June, and Elam stated that “tight fiscal controls, conservative revenue projections and continued business recruitment” will keep the area afloat, adding that “finances will be our biggest challenge, but we will get through these tough times”. Click here for the article.

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