Tuesday, April 30, 2013
End the Fed and Turn Their Buildings Into Apartments
Nashville, Tennessee shows the way.
The buyer of the Federal Reserve building in downtown Nashville plans to convert the vacant office property into a 61-unit apartment complex.
301 Eighth Avenue LLC bought the 75,000-square-foot building on 1.69 acres at 301 Rosa L. Parks Ave. for $4.25 million, according to Davidson County property records. The new owner is a local private real estate investment group, who also developed the Lofts at 30th North.
The project's initial plans have units ranging from 600 to 900 square feet, with monthly rents from about $1,200 to $1,800. All units will have one bedroom. Bigger units also will have studies. The project will include a pool and workout facility.
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It would be amazing to shut down the entire federal reserve system and convert the buildings into wealth-generating structures rather than wealth-destroying structures; however, I'd be weary of living in a former federal reserve building. Rental price could just start skyrocketing out of habit.
ReplyDeleteJust too funny!!!
DeleteThen there's fractional reserve rentals where they rent to you and then re-rent to nine other tenants...
Or, into small business complexes (sweet revenge), or a museum of tragic wars (a museum based on what shouldn't happen), or use it for a big lavatory.
ReplyDeleteA former federal reserve bank building in Minneapolis was for many years a strip club. It may still be. It was the first time the facility was used for honest commerce.
ReplyDelete