As usual, I feel it necessary to chime in on Werthan and the neighborhood - since I am a Realtor and I live in the building (big metal box on the roof that you can see from Rosa Parks Blvd on the Hume Street side...). I have written a couple of blogs about this part of town that you may find by googling Germantown Nashville; but I'm not going to cram all those details in this answer - just some notes on the "rough part of town). When I moved here in 2006, I did a lot of my own research because I am a girl and have two greyhounds who love to go on their walks and I wanted to be able to walk through the neighborhood with them. The best way to experience this neighborhood is to meet the neighbors. Here are a few of them: several folks of all shapes races and sizes who live in a sixplex (owned by my insurance agent, I later found out). All kinds of stories in that building. A grandma who looks after her two grandchildren while their mother struggles to make ends meet, and older gentleman who hosts pig roasts for his cousins in the summer, a young couple...Then. down the street, we have three houses owned by a man who's family has been here since the 50's and will stay til the houses fall down. He takes in stray pets, gets 'em cleaned up and neutered and then finds them homes. Further down the next block - several younger couples (one pregnant, two with young children); an artist; a few Realtors; a day laborer for construction, a caterer. That's a snapshot from Hume Street west to Buchanan, an area many people consider rough - it's just an eclectic group of people with a pretty diverse range of races, income levels, occupations. I do not feel at all unsafe in the area and continue to reach out to my neighbors to get to know them better.
As for the development going on, you got some good insight from the Brians. Additionally, look for a mixed use development of flats, condos and townhomes with light commercial space at Hume and Rosa Parks, Concept G at Garfield and 6th, and really high end townhomes on Hume at 6th (listed at $582,000).
The appeal of Werthan itself continues to be the TRUE loft nature of the development. The only other that could come close would be Neuhoff, when that gets built out. The addition of the pool, bocce courts, public outdoor spaces and eventually two light commercial spaces (plans are being worked out for coffee shop and ale house) will only enhance the appeal.
As for appreciation, I had an appraisal this year - our unit in Werthan appreciated 32% since 2006 and it is one of those with newer construction and very little brick (ok, it is a penthouse and it does ROCK...but still, very little brick.) Alright, I may be a little biased, but if you ever want to meet the neighbors, just call and I'll be happy to give you the tour. You can see for yourself how really diverse and special this area has become.
And one last thing, we knew the neighborhood had made it when the Kroger started selling pate'.