Nashville’s Population Is On The Rise. How Can Placemaking Help Building Owners Capitalize On This Boom?

People can’t seem to get enough of Music City. Data from the Census Bureau showed that the Nashville metropolitan statistical area added 86 people a day to its population in 2023 for a total of more than 31,000 new residents. 

What’s driving people to Tennessee’s capital? According to NINE dot ARTS Manager Aaron Monu, it’s a mixture of affordability, robust economic growth and a pro-business landscape providing a stable base for development and incentives for top talent. 

“Nashville has a diverse economy with strong sectors in healthcare, education, manufacturing and tourism, not to mention the lack of state income tax, which benefits both businesses and residents,” he said. “Mix all of this with the city’s universities, vibrant arts and cultural scene, and entertainment and recreation opportunities, and it’s no wonder Nashville has become one of the top 10 migration destinations and a real estate market to watch.”

NINE dot ARTS is a national art consulting and creative placemaking firm that works with public and private sector clients on projects ranging from curated corporate art collections to extensive arts and culture master plans for large-scale developments, municipalities and cities.

Monu will be speaking at Bisnow’s Nashville State of the Market event on July 31, where local commercial real estate leaders will be talking about the rise of the East Bank, the city’s development and investment outlook, and more. Register here for the event. 

Bisnow spoke with Monu about placemaking's role in Nashville’s growth and how NINE dot ARTS finds cost-effective ways to help building owners stand out and attract top tenants. 

Bisnow: Can you describe your role at NINE dot ARTS and any projects you're working on in the Nashville area? 

Monu: I serve in an account leadership role focused on nurturing clients and ensuring each client and project can reap the greatest possible returns from their art program. 

Those returns can vary widely in ways people don’t immediately consider. With the economic landscape we’re in, clients are naturally thinking about financial returns: how a property’s art program can help achieve higher asset sales rates, higher room rates, faster lease-ups, longer lease terms, less turnover, increased property values and more. 

But there are also social returns — what some might call “soft returns” — that directly influence your bottom line. I help clients strengthen the connection between those soft and hard return metrics and understand how to best leverage their art programs to create welcoming, inclusive spaces that build community, honor local culture and altogether elevate the audience experience to keep people coming back. 

Exciting projects shaping up include Tempo Hotel by HRI Hospitality right off Broadway, Vista Hotel by MCRE outside downtown, Starling Apartments by Portman Holdings over in Germantown, and forthcoming public art for the Peabody Union Development by Stiles and Hensler Development Group in the new South Bank district.

We’ve also been working in The Gulch neighborhood on 1111 Church with Tidal Real Estate Partners, once the home of the historic Valley Arts Guitar. The venue is often associated with a famous ribbon-cutting event where a grand piano was dropped from a helicopter into the parking lot, so of course this gave our team an incredible story to tap into and build upon with the art program.

Other completed projects in The Gulch include Kenect Apartments by Akara Partners and Hutton Hotel by Tidal Real Estate Partners, both of which feature artistic nods to the Music City. Additionally, we curated exterior artwork for the new residential towers at Prima Apartments within Somera Road’s mixed-use district, Paseo South Gulch.

Bisnow: What placemaking trends are driving demand in the Nashville market? What strategies are companies using to gain a competitive advantage with their properties? 

Monu: This is something we explore every day with our own clients and with industry leaders on our NINE dot ARTS Podcast. 

One key strategy for long-term distinction is to establish an art vision early in the project life cycle and to integrate art alongside architecture and design. This leads to stronger cohesion across the three disciplines, allowing for better storytelling and differentiation while informing the budget throughout development and supporting project permitting, DRB review and public approvals. 

When brought in early, we can also help our clients save time and money by demonstrating how art can be a cost-effective way to enhance a space compared to architecture or design. Instead of an elaborate architectural feature, for example, we can be strategic about art location planning and identify high-traffic socialization areas where art can make the greatest impact. Examples include a landmark sculpture establishing a focal point or “meetup” spot outside a building, a large-scale mural supporting visitor navigation, or another kind of installation that captures attention and entices people into nearby retail and restaurant offerings.

Combined with a commitment to uplifting local artists and enhancing community values, all of these strategies culminate in a bespoke art program that prompts longer stays, repeat visits, word of mouth and earned media marketing, and overall increased spending at a site.

Bisnow: How are your partners working to stand out despite budget constraints?

Monu: Having attended many of these industry events, it’s refreshing that people are beginning to recognize art as a key placemaking tool that can help them stand out from the competition. Our firm’s most recent State of the Art Report, a survey of hundreds of real estate professionals, found that leaders who treat art and culture as equally essential as architecture and design are seeing greater financial returns, budget efficiencies and ongoing social impact. Respondents even shared that for every dollar spent on art, they see at least twice the return. 

Bisnow: What do you most look forward to at Bisnow events, including the upcoming one on July 31? 

Monu:  It’s always great to make personal connections and hear from industry leaders about what projects they’re working on, trends they’re seeing, etc., but admittedly, these events can feel somewhat “doom and gloom” when we focus too closely on the negatives. We all know we’re in a challenging economic climate, but what I most look forward to at these events is seeing how innovative and resilient companies and projects can be.

It’s invigorating to hear what folks are doing to keep the momentum, think outside the box and continue producing quality real estate outcomes that are benefiting communities. Some of the best, most rewarding projects happen when we’re forced to get creative, so I love tapping into those kinds of conversations and learning what folks are doing to remain both competitive and impactful for communities. 

This article was produced in collaboration between NINE dot ARTS and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.