Tollgate Village in Thompsons Station Rumor

The previous content was removed at the request of James Carbine.

The only factual part of the story I feel comfortable posting at this point is the sales summary from the local MLS (I apologize to those sources who brought the original story to light, but I am not going to risk a frivolous lawsuit):

As of September 12, 2009: There are 21 homes listed for sale on the MLS, one of which shows an offer made. There are also 2 homes pending. Through the first 8.5 months of the year, only 4 homes have closed for an average $477,062 or $114/ft. One of these homes was a , one was sold for $140,000 less than original listing price and the other 2 were pre-sales. These prices represent rather large discounts from the year before when the 18 closed sales averaged $140/ft.

The story appears different in their condo/townhome product. Currently, there are only 4 listed for sale, 7 pending and 3 that have closed in 2009. Three of the active listings are representative ‘to be built’ listings.

Update 9/25/2009 – Thompson’s Station Officials sue Tollgate Farms

According to the Tennessean: “On Tuesday, Thompson’s Station officials filed a in Williamson County Chancery Court against Tollgate Farms, which is being developed by James Carbine. The complaint states that the development is required to dedicate land to the town for use as a wastewater treatment area. The town demanded that Tollgate convey the land on Aug. 24, but that hasn’t happened, according to the suit. The lawsuit also states that several roads in the subdivision are in need of repair.” – (thanks to Edgar for submitting the story)

* A reminder to those who wish to publish rebuttals. All of those will be published except for those who do not identify themselves. If you are willing to say it, you must stand behind it as I do.

  • Trish

    Wow. I hope someone can confirm this asap as I have a contract pending on a sale here. It is a good deal but I would hate to go through with it at this point. What are your thoughts.

  • http://yahoo Trish

    Wow. I hope someone can confirm this asap as I have a contract pending on a sale here. It is a good deal but I would hate to go through with it at this point. What are your thoughts.

  • admin

    A good deal is a good deal is a good deal. I don’t believe that the developer going under (if that is what is really happening) will take away most of the benefits of a good deal. If you are purchasing a home, I would hope that you would have secured a price around $115/foot which is the average price in 2009.

  • admin

    A good deal is a good deal is a good deal. I don’t believe that the developer going under (if that is what is really happening) will take away most of the benefits of a good deal. If you are purchasing a home, I would hope that you would have secured a price around $115/foot which is the average price in 2009.

  • admin

    A good deal is a good deal is a good deal. I don’t believe that the developer going under (if that is what is really happening) will take away most of the benefits of a good deal. If you are purchasing a home, I would hope that you would have secured a price around $115/foot which is the average price in 2009.

  • Name

    OMG! The sky is falling, the sky is falling! Hey read through your blog and well, do you ever have anything positive to say about anything. Are there shorts out there? Yes. Are 99% of the builders/communities out there feeling the pinch? Yes. Are there some great deals because of the current market? Yes. Is the sky falling? No that is just rain.

    Hey Trish, as for Tollgate, those in the know did a builder position analysis last week. It looks like those builders that were over extended, because of over building specs in multiple communities, have all now gone and their properties have been auctioned. Based on statistical and interview analysis, all the remaining builders have liquidity and are solid. Unless people like Mr. Hammond continue to go around and profess that the sky is falling and then well……..all bets are off.

    Mr. Hammond, quick question: I am curious as to who appointed you as the “foremost downtown Nashville real estate market expert and condo guru”. Or is that self appointed?

    Jon Jacob Smith IV

  • http://www.granthammond.com/ GrantHammond

    Hi Jon,

    Thank you so much for taking the time to comment. To address your questions and concerns:

    1) I am not the typical Realtor, I tend to give the news as it is without the salesmanship and constant pitch. Therefore, you will find almost all factual information and analysis on this site. Yes, some is bad. Yes, some is good. But, whatever it is, it is honest.

    2) I am not contradicting that we may be through the worst of it, but I politely disagree with your analysis regarding home builders. Were you aware that the Bank of Nashville just called almost all of their outstanding construction loans for their residential home builders. From reading your comment, you are not. Please call Bill Glaus, VP of Bank Operations and construction lending to confirm. This action alone with take down another 2 dozen home builders in Middle Tennessee.

    3) I am afraid that I earned that moniker from the sheer volume of business done in this market. But yes, the exact phrasing is mine. Some call me the Condo King, but I don't like that one. 😉

  • Edgar Grossman

    Any updates on this situation? I am particularly interested in Tollgate Village. From my perspective, it appears that all the “retail space” will be sold off and cheap apartments will be put up instead. As for the Amphitheatre, that's got to be a joke if it's ever built out in the next 5 years. I see this place as going down the draing…being parceled up like a Monopoly board.

  • http://www.granthammond.com/ GrantHammond

    From what I understand, the large grocery store user still has an active option on one of the main parcels as does a national pharmacy chain. I also understand that the medical office building is now 68% occupied by a joint medical venture between Williamson Medical Center and Vanderbilt. I am not aware of any other commitments for the rest of the commercial land. Carbine & Associates seem very dedicated to the project, the only remaining question is whether or not a bank will not finance any construction activity in the development. The answer to that question is the keystone to this development's success.

  • McClain Holloway

    THE CONDO KING??? I have a few questions for the “Condo King.” First, if you are the Nashville Condo King…why are you talking about residential homes in Thompsons Station?? Although Nashville and Thompsons Station are only 30 minutes apart, they are two totally different markets. Second, from my research (which could be wrong), MLS reflects the following 6 condo sells in which you were a listing agent, selling agent, or co-selling agent since you have had your license in 2002: $237,000 (Aug. 09), $194,000 (Nov. 06), $366,325 (May 08), $471,200 (May 08), $174,180 (Jan. 08), $174,180 (Jan. 08). That's a yearly average of $231,000. So where is this “sheer volume” that you talk about?? Maybe you can provide further information on your “sheer volume.” I think your “About ME' sections claims you “guided more than $215 million…” and “presented more than 125 individual pre-construction condo buyers.” Where do you get these numbers? Possibly they where not reflected in MLS?
    As for Tollgate, it is unfortunate that it was being developed at a time when the market began to fall. However, Tollgate has many things to offer to any buyer! As a listing agent in Tollgate, I think it is unfortunate that people like yourself comment on communities that you really don't know about. I would encourage you to visit Tollgate and see the wonderful amenity center….pond….great interstate access….new medical center….and BEAUTIFUL HOMES! Just like everything else, once this market gets turned around so will Tollgate! But in order for Tollgate to be successful, people like yourself need to stop giving information that is not 100% true! You don't have to “believe” in Tollgate Village and what it will become but in the mean time, please do not speak negatively. Thanks!

  • Edgar Grossman

    My understanding is that CSV has frozen all expansion plans nationwide except for a handful of projects already near completing in the Chicago area,so it is unlikely they will move forward with the Tollgate Village option. I agree the banks will be the final decision but they will base their decisions on the viability of the project…and where are all the people going to come from? People would rather live in Franklin than Thompson Station.

    And what's the deal with this McClain Holloway character? He's awful critical about an open and free discussion regarding the possibilities. He sounds like he works for Tollgate Village in my opinion. (Yes Mr. Holloway – assuming that is your real name – the rest of us are allowed to have opinions about Tollgate Village, be them negative or positive.)

    Grant – thanks for starting this topic. Some of us appreciate the honesty.

    Cheers!

  • http://www.granthammond.com/ GrantHammond

    Hi Edgar,

    To answer your question, it is also my understanding that CSV has frozen all construction/financing plans nationwide except for a few that site work and infrastructure have been completed in the Chicago area. The bigger problem is that the main financing for the development, Silverton Bank, was seized by the FDIC in May and now Carbine and Associates are unable to obtain financing.

    According to the Silverton Bank website: “On Friday, May 1, 2009, Silverton Bank, National Association, Atlanta, Georgia was closed by the Office of the Comptroller of the Currency (OCC). Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

    Silverton Bridge Bank, N.A. has been chartered as a new national bank by the OCC and controlled by the FDIC in accordance with section 11(n) of the Federal Deposit Insurance Act. A bridge bank allows a failed bank to be liquidated in an orderly fashion.

    The FDIC has assembled useful information regarding your relationship with Silverton Bank.”

    James Carbine is currently working with the regulars to free up his line or move to another financing entity, but has so far been unsuccessful. That being said, James is a very skillful developer, if anyone has a chance to get this line turned back on, it is him. In the meantime, no new development will take place in Tollgate Village.

    To address your question about Ms. McClain Holloway, she seems like a nice agent who is with Battleground Realty. She has been licensed since 2006 and clearly has no idea who I am or what I have done. In fact, the year she was licensed, my partner and I sold nearly $29 million and were ranked in the top 12 Realtors in volume for that year. I will address her comments directly in just a moment.

  • http://www.granthammond.com/ GrantHammond

    Ms. Holloway,

    I sincerely appreciate the posting on my blog and the opportunity to respond to your questions. Indeed, the MLS information is not correct for my sales volume. From 2004-2007 Cindy Jasper and I were the HummerHomes Team. As a team, we had to choose who was the receive the MLS credit and with Cindy’s seniority, she was the clear choice. This is a tact that many successful teams use in Middle Tennessee in order to compete for the top sales volume awards. As a team of two, we were able to reach the top 12 for this award twice in 2 years. Quite a feat considering the Gary Ashton’s and Terry DeSelms’ of the world have 12 or more team members. In fact, you should speak with your co-worker Steven Shalibo who knows who I am and what I have done quite well. Or, perhaps speak with Jimmy Franks, owner of Tennessee Valley Homes if you would like an opinion from a non-real estate agent.

    Cindy and I parted ways in 2007 and she has started her own company called Platinum Properties of Tennessee. I chose to remain with Realty Executives located in Cool Springs. Since that parting, I have been selling prominently in downtown, not listing. As you may not know, the developers of the downtown condos are not listing their sales in the closed comps of the MLS in order to keep us Realtors from doing an analysis on their true sales prices and volumes, hence, no MLS credit for yours truly. However, should you call Tony Giarratana, Rhett Smith, Jim Caden, any at the Bristol Group or MarketStreet Capital you will find that I am quite well known.

    I find it curious that you are so quick to criticize me considering you have only been licensed for 3 years and have not obtained any real estate accreditations. I suppose the MLS is misleading, so I don’t blame you for not being able to find more information there, but you really should Google me first.

    Okay, now that housekeeping in out of the way, let’s talk about Tollgate Village and Carbine and Associates. I have been to Tollgate several times, the last time was a week ago today when I met with the broker in charge, Beth Sturm, as well as uber-real estate agent Pegan Sherick. I agree that Tollgate has an excellent design and that it is a shame that the economy has turned at this particular time. However, I make no apologies for reporting the facts of the matter. The developer’s financing entity was seized by the FDIC this summer, the city is being very difficult in releasing building permits and the potential commercial tenants have not exercised their options. Tollgate Village’s future is still very much in the air. I do hope for the best though, I really like the entire Carbine family, Beth and Pegan and want nothing but success for them.

  • Retired Early

    Dear McClain Holloway,
    If you're not familiar with Grant Hammond, the volume of RE he has sold or his relationships with local banks, its clear you are not seriously involved in Nashville real estate. You also must have missed the several dozen pulbished quotes Grant has given in the Tennessean and Nashville Business Journal this year alone. Grant gives the “real”. If you want fake, uninformed, dangerous opinions then listen to people like yourself. You're not selling cookies, you're selling real estate. You have a responsibility and should take very seriously how you guide people and their money towards what is for most, the largest purchase of their life. Easy to forget if you're the listing agent, but remember Grant represents almost all buyers. I should also mention that here in the big city, people generally choose to report all the news whether good or bad. What value does news (or your opinion) really have when it sugar coats a story with glitter and happy fuzzy stuff? Reading the facts its seems there are some serious issues at Tollgate regarding the commercial development. Im sure its a great place with nice people. Putting your feelings and groundless opinions, the facts clearly speak for themselves. I you stop taking Grants real estate opinions so personally and you may learn something of value here.

  • Edgar Grossman

    Did you see the latest lawsuit?

    http://www.tennessean.com/article/20090925/COUN

  • http://www.granthammond.com/ GrantHammond

    Ouch. I am a little surprised that the city is being so aggressive in this economic climate and am not sure what Carbine's plan is to combat the suit. I really wish someone from Carbine and Associates would comment or at least release a public statement. Their silence is concerning.

  • Edgar Grossman

    What does the town have to lose going after the developer at this point? Being agressive is the best thing they can be. I am speculating completely at this point, but it would not be uncommon that there are rules where the town could annex larger portions of the land if the developers are unable to live up to their end of the bargain in regards to the earlier plats that the town had issued in the beginning. Earlier this summer, Thompsons Station town council tried to relieve themselves of any liability from the development. There's more to the story here than we are hearing but if there wasn't money to be made in the lawsuit, it would not be in play. It could be (pure speculation again) that there is another developer who is trying to move Carbine out of the lead role and is pushing the town to apply pressure to Carbine since it appears on the surface that the developer is in a weakened position to make good on their alleged promises.

    By law, the contents of the lawsuit will be available to the public so it's just a matter of someone going down to the court house in the next couple of weeks and getting a copy of the complaint. Of course, it could just be legal posturing for a post judgement when the or a developer comes up with some cash.

  • http://www.granthammond.com/ GrantHammond

    I would rather see the city and the developer work together in situations like this rather than sue or forcibly annex property. This is especially true for small towns like Thompsons Station who really need to make themselves attractive to larger developers if they expect to be able to increase their tax base. There is definitely more to the story here…is anyone planning on being in downtown Franklin this week and possibly pulling the suit? Anyone who has a listing in Tollgate Village should really get their hands on these documents. I am not going to be able to do so as my wife and I are having our first baby on Thursday at 7:00am.

  • Bill Felk VIII

    Jon Jacob Smith IV,
    Regarding the self appointed title Grant uses, the volume of real estate he moves speaks for itself. Find any another agent in Nashville able to sit down at a table and Grant would dominate them with his knowledge. Jon are you in real estate or just a backseat driver?

    Bill Felk VIII

  • Spring "Big Mistake" Hill, TN

    McClain,

    You would make a great “real estate cheerleader”.

    Ross

  • Jeremy

    My main concern with the development is the same with most in the Thompson Station and Spring Hill area. It is the fact that the houses are right on top of each other. When you go through the open houses and look out the window of the master bath you see your neighbor's house ten feet away. I understand that it is more profitable to build like this but I can't see how this will ever help the resale value of the property. There is a cow field across the street from the development. It's not like there a shortage of land. Once the economy “turns around” a new developer will probably develop the very vast farm land that is still available in the area and make tollgate look like a joke. This is why I can not see how the real estate in the area will ever appreciate at a respectable rate or that once you get into a neighborhood like this how you could ever leave with a profit that is worthwhile. If I wanted a house right right next to my neighbor's I would move to a downtown Nashville condo or better yet San Francisco.

  • http://www.granthammond.com/ GrantHammond

    I can agree that an urban planned development in a suburban, or even, rural area can be a challenge, but it is possible to pull off if a true community can be achieved. The biggest current issue for me is the funding + city lawsuit + the announcement today that the Penske deal to buy the Saturn brand from GM has failed and that GM now plans to shut down the entire brand.

    From the newspaper this evening: “As a deal failed for Penske Automotive Group Inc. to acquire Saturn from General Motors Co., GM said Wednesday in Detroit that it plans to shut down the brand.

    At Spring Hill, where GM launched Saturn about two decades ago, the surprise announcement creates uncertainty for employees at a Saturn parts distribution center.”

    I know that this isn't the bitter end of the plant and 'lifeblood' of Spring Hill/Thompsons Station, but is sure doesn't help me as a banker feel better about loaning money to a struggling development or home builder.

  • Edgar Grossman

    Any update on this story? Things appear to have gotten very quite. Grant – did your wife have the baby?

  • http://www.granthammond.com/ GrantHammond

    To answer the more important question first, yes, we had our baby 🙂 He's wonderful and healthy and all of the things I would hope for. I did send Pegan an email asking her to weigh in on these comments, but have not heard back yet as well as put in a call to Susan at the Williamson AM to see if there is an additional info available. I am considering heading down to the Franklin court house early next week and pulling a copy of the suit.

  • PaulWThomas

    Pegan is no longer at or involved with Tollgate Village and has not been for over a month.

    -Paul

  • http://www.granthammond.com/ GrantHammond

    Well, that should tell us something. I can tell you that she was flying the company flag the day I was there.

  • Edgar Grossman

    Is Pegan employeed by Carbine Realty or someone else? Is she still employeed with them?

  • http://www.granthammond.com/ GrantHammond

    Pegan was affiliated with Carbine, but did leave the company about a month ago now to go to work for Norfolk Realty Limited. I have traded cell phone voicemails with Pegan, but have not been able to find out what caused the change. Norfolks Homes has a website that shows that they are not in Tollgate Village: http://www.norfolk-homes.com

  • Edgar Grossman
  • Edgar Grossman

    Apparently, this was just the bank issue going to Federal court. My lawyers tell me that Tollgate this is likely to be just one of many lawsuits that follow in this type of issue.

    Grant – did you ever go to the court house and get the info on the case against Carbine regarding the land grant? How's the baby?

  • http://www.granthammond.com/ Grant Hammond

    Edgar, I must admit a dereliction of duty here. I have not made it to the Williamson County court house to grab these documents, but I have learned that most likely, Carbine is walking away from this development entirely. This is not firm information, but what told to me from a reliable source in the banking world. Honestly, given the current situation, I might cut bait to fish somewhere else too.

  • T Crown

    Hey guys guess what? Getting James Carbine, Carbine and Associates and Magnolia Group out of there is the absolute best thing that could happen out there. Let's get the hacks out of there and get a real developer and management company. They have stunk up this project so bad that even the skunks are complaining! I have been hearing RUMORS for months, (a rumor is something that I do not know to be fact but when you hear the same thing over and over again from multiple reliable sources, you can figure it out) so RUMOR has it that Carbine has been shopping for buyers all over the country. Problem is he has helped devalue the land and development so much that he likely can not get a price that he would need to make him whole. Carbine and his cronies have had a hand in bankrupting some of the County's oldest and most well known builders. How he sleeps at night is beyond me. Rest assured that he/they will get what is coming to him/them eventually, karma is a bi***! You can only lie and cheat so many times before it comes back to bite you, I just hope I am there to witness it. Hey Grant, you might know this: Has James Carbine really ever been involved in an ultra successful development project? Seems like everything that has his name on it smells pretty much the same…….if I was Kottas or some of the other bed fellows I would seriously think about cutting bait before you can not get rid of the fleas. Remember if you sleep with dogs you get fleas! Tollgate after Carbine looks a hell of a lot brighter than it does with him at the helm.

  • T Crown

    Hey guys guess what? Getting James Carbine, Carbine and Associates and Magnolia Group out of there is the absolute best thing that could happen out there. Let's get the hacks out of there and get a real developer and management company. They have stunk up this project so bad that even the skunks are complaining! I have been hearing RUMORS for months, (a rumor is something that I do not know to be fact but when you hear the same thing over and over again from multiple reliable sources, you can figure it out) so RUMOR has it that Carbine has been shopping for buyers all over the country. Problem is he has helped devalue the land and development so much that he likely can not get a price that he would need to make him whole. Carbine and his cronies have had a hand in bankrupting some of the County's oldest and most well known builders. How he sleeps at night is beyond me. Rest assured that he/they will get what is coming to him/them eventually, karma is a bi***! You can only lie and cheat so many times before it comes back to bite you, I just hope I am there to witness it. Hey Grant, you might know this: Has James Carbine really ever been involved in an ultra successful development project? Seems like everything that has his name on it smells pretty much the same…….if I was Kottas or some of the other bed fellows I would seriously think about cutting bait before you can not get rid of the fleas. Remember if you sleep with dogs you get fleas! Tollgate after Carbine looks a hell of a lot brighter than it does with him at the helm.

  • disgruntled homeowner

    I have had issues with Carbine & Associates for several months now. They are building a home on my street, Jocelyn Hollow Road, in West Meade and have total disregard for public safety. They let their sub contractors park at the top of the hill ON the public road–making me drive into the left lane of the road with on coming traffic.
    I’ve almost been hit head on twice. They have No orange cones, no employees directing traffic when it would only cost them $7.00 an hour to hire someone to direct traffic and make the street safe, I’m filing a civil suite against Mr. Carbine for his reckless work behavior with his company and my life being in danger while driving on my street. He’s made my neighborhood unsafe to drive in. My complaints continue to NOT be addressed and taken care of. i would never recommend this company to build a “dog house” for me or anyone!!!!

    Thumbs down to James Carbine

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