Nashville's Wall Street Crowd to Score 87% Savings on Home Taxes
(Bloomberg) -- More money, less to spend it on. A shorter trip to work, less to do with the free time.
These are some of the trade-offs facing employees of AllianceBernstein Holding LP, the New York-based asset manager that announced plans to establish new corporate headquarters in Nashville, Tennessee, in a move that will shift 1,000 jobs over the next several years.
Wall Street workers flying south will likely experience some form of culture shock. They’ll trade Carnegie Hall for the Grand Ole Opry and Fifth Avenue for the Honky Tonk Highway. New York hockey fans will swap three mediocre teams for one competitive franchise, the Nashville Predators, whose fans are known for throwing catfish on the ice -- a local twist on the decades-old tradition of octopus-tossing at Detroit Red Wings’ games.
Learning to say hello to strangers, a staple of the South, could prove to be a tough lesson for New Yorkers.
There’s plenty more to look forward to. Foodies have a chance to experience Nashville-style fried chicken at its point of origin, Prince’s Hot Chicken Shack. The outdoorsy types can trade driving across the Hudson, Harlem and East rivers for fishing or boating the mighty Cumberland. For music lovers, Nashville’s renowned music scene surpasses its reputation as simply the nexus of country music.
“You can go out any night of the week and see a great band in any genre you’re into,” said Abby White, author of “100 Things to Do in Nashville Before You Die.”
Downtown neighborhoods like Germantown and the Gulch are walkable, which is a good thing, because Nashville residents just voted down a referendum to expand the city’s public-transit system. As a result, life often revolves around interstate highways.
As in New York, Nashville residents avoid the neighborhood most outsiders associate with their city. Lower Broadway, famed for its honky-tonks, was known as a dangerous place in the 1980s, but was cleaned up and is currently overrun by tourists. It’s largely shunned by locals, White said.
“People think, ‘We’re moving to Nashville, we’re going to go honky-tonking,’” she said. “If you’re a New Yorker, would you go to Times Square?”
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