March 27, 2015
$400M Plan Announced To Redevelop Nashville Convention Center
The mayor and other city officials have announced their plan to redevelop the Nashville Convention Center into a mixed-use project. The development , expected to cost $400 million, will be at the corner of Broadway and Fifth Avenue.
The 6.2-acre facility is expected to have retail, restaurant and entertainment space and also include a 24-story office tower and a 27-story residential tower. The two towers will have their own parking, and the Metro Convention Center Authority will also have a garage under the retail space.
"All in all, this will be what downtown as a whole has become: a place where people can live, work and play," said Mayor Karl Dean in a news release. Dean said this project is "the big thing we've been missing downtown."
The development will also house the National Museum of African-American Music. Dean reaffirmed the city's commitment to contribute $10 million to its construction.
The developers , Spectrum | Emery and OliverMcMillan, have until the end of 2015 to put together their financing. They will pay Metro $5 million for the property at closing, and starting in year six of the deal, would pay the city $250,000 each year for the next 25 years.
Metro Council will need to approve the deal. First reading is scheduled for April 7.
The Nashville Convention Center opened in 1987 and was eventually replaced in 2013 by the Music City Center.
Link to original article here.