March 27, 2015
City, Developers Moving Forward With $400M Downtown Project
Plans have been announced to move forward with a massive $400 million redevelopment project in the heart of downtown Nashville.
Mayor Karl Dean made the announcement Friday morning about what he calls the "epi-center of Music City."
The project will convert the former convention center into 205,000 square feet of downtown retail, restaurant and entertainment space, and includes space for the National Museum of African American Music.
A 24-story office building and 27-story residential tower will be built.
The full project covers 6.2 acres off Broadway between 5th and 6th Avenues – across the street from the Ryman Auditorium and northwest of Bridestone Arena.
Also included is a 781-space parking garage under the retail space, and owned my Metro.
Approval is still needed from the Metro Council, MDHA and Convention Center Authority.
If all goes according to plan, demolition on the existing structure could begin at the beginning of 2016, with completion on different phases completed from late 2016 to mid-2018.
According to a press release from the Mayor’s Office, the developers have until the end of 2015 to finalize their financing. If a series of extensions are available, but if financing isn’t in place by December 2016 the project would be off the table.
The city has been trying to develop the site since it closed in anticipation of the newly constructed Music City Center.
A first reading of the proposal has been scheduled for the Metro Council meeting on April 7.