Small entrepreneurs changing face of Nashville
After nearly a quarter-century living in cities such as Washington, D.C., and London, economic and strategic planning consultant Randall Gross is once again officially calling Nashville his home.
Through Randall Gross Development Economics, he performs real estate market analysis and financial feasibility studies for real estate and other projects and consults in areas such as economic development, affordable housing and neighborhood revitalization.
Locally, Gross has worked for such clients as the Metro Development and Housing Agency and Metro Planning, including on a downtown market analysis and a revitalization strategy for Nolensville Pike. He also has performed work for a range of private-sector clients.
Gross spoke withTennessean growth and development reporter Getahn Ward about key issues facing Nashville as the city grows.
What's the biggest change you've seen in Nashville's growth?
The role of the health care industry has become much more important than when I was growing up here. That drives a lot of development and decisions in the region. Another change is the influx of small entrepreneurs, artisanal businesses and small technology companies that are shifting the dynamic here. Nashville's always been an entrepreneurial town, but I think there's been a shift upwards in the number of small entrepreneurs that have been attracted here. It's strengthening the entrepreneurial spirit of the city.
What are we handling well, and what could we do better?
One thing that Nashville is very good at is marketing. Nashville is getting its name out there. The Nashville brand is becoming better known nationally and around the world. Nashvillians have always been sensitive to the issues of growth and appreciate the natural environment of the city and work hard to maintain its natural setting. The other thing Nashville does well is that it's always had a fiscally responsible government, and consolidated city-county government has been a strength for the city.
In terms of what we could do better, every great city has a great transportation system, and Nashville needs a great transportation system. The region must invest in public transportation if it wants to grow and prosper. It's simple as that.
The other thing is Nashville's commercial corridors are very important to the city's fiscal health, and there's a need to look at how we can invest in improving the physical environment and the infrastructure in our streetscape, and investing in our transportation and infrastructure can leverage development. The last thing is that we have to be careful to ensure that we have affordable housing to meet the needs of a growing population.
How has the economic analysis business changed, especially in regard to technology?
My business would not have been possible before the Internet — to be able to travel and do business in all of these places at once. There used to be several large companies that did this work, but they're gone and now a few individuals like me are doing this kind of work.
What's the most interesting finding in work you've done for developers and other clients in Nashville?
The most interesting thing now is how the market is shifting dramatically in terms of the demographic — who is moving here, who is living here and the types of jobs that people have. Nashville's population has become more diverse. There are a lot more people moving here and living here from other countries, and there is the millennial generation of people who are attracted here. Nashville is a relatively unique place because of the musicians and artists who are based here and help to attract other creative people and entrepreneurs to the city who want to be part of what's going on here. That's a strengthen of the city and the region.
What are your thoughts on supply and demand of apartments here?
I believe that the downtown area and Midtown have been undersupplied for some time, so these areas are catching up in terms of supplying the market. But in addition to that, there's demographic growth that's driving demand in the market. And as long as there's net new-job growth in the region, it will continue to generate demand for housing. Every real estate market has cycles, and the demand is currently outstripping supply. And as long as supply continues to grow, that cycle will eventually peak.
How global are the growth issues we face here, especially in light of the work you do overseas?
In Europe, at least, they have much more stronger controls over development, so there isn't the kind of sprawling growth in Europe as much as you would find here. But on the other hand, we tend to have a more dynamic local economic base. In South Africa, the issues are more similar to Nashville than they are in Europe because South African cities are designed in a way more similar to American cities. They are more dependent on the automobile than European cities.
What recommendation would you like to see implemented from your analysis for MDHA on downtown?
There was a strategic recommendation on establishing a walkable downtown commercial district on Lafayette Street. Another recommended strategy is to strengthen the family entertainment component of the downtown entertainment mix, for example, to include musical theater entertainment. Another example of the recommendations was establishing more of a commercial and mixed-use neighborhood around the Farmers' Market, but also strengthening the Farmers' Market as a destination. And that would help enhance the linkages between Germantown and Capitol Hill.
What do you see as the biggest task for Nashville's next mayor?
I would go back to the issues I said need to be addressed, such as public transportation, our commercial corridors and affordable housing. Those are the three key issues that need to be addressed. There is also a need to enhance our urban environment and ensure that we have walkable, diverse, mixed-use "urban" neighborhoods as an important part of the mix of communities that Nashville has to offer. The amenity value we attach to urban neighborhoods should be considered an economic development asset since it is important for attracting and retaining young workers.
Reach Getahn Ward at 615-726-5968 and on Twitter @Getahn.