April 21, 2015
Why The Retail Must Be Upscale at $400M Convention Center Site Overhaul
Nashville Business Journal
The developers proposing a $400 million mixed-use development in downtown Nashville have offered another reason why the project's retailers are likely to be upscale.
It's sort of an obvious reason, but that makes it no less worth noting.
"This is an expensive project to do, so we'll have to have top-flight tenants who can muster the finances to participate in a project like this," said Dene Oliver, CEO of the developer OliverMcMillan.
In other words: Higher-end retailers are the likeliest to be able to afford the rent that the project's developers will have to charge, in order for them (and their financial backers) to turn a profit.
"It won't be run-of-the-mill things that you see everywhere in every mall," Oliver added. "We're going to appeal to tourists, locals, conventioneers and the office workers that will work nearby."
OliverMcMillan, headquartered in San Diego, and co-developerSpectrum | Emery Inc., of Cool Springs, are pushing a plan to overhaul the 6.7-acre site where Nashville's original convention center sits today.
The plans include a 27-story apartment tower, a 24-story office tower and 205,000 square feet of retail, restaurant and entertainment space.
The project faces a key vote at Metro Council Tuesday night ( more on that here).
To help attract retail tenants, OliverMcMillian is working with retail specialist Elliott Kyle, a Nashville-based real estate broker who has represented both national and local companies.
Metro officials have touted the fact that all of downtown today contains 340,000 square feet of retail. This project promises 180,000 square feet of additional purely retail space, which would be about a 50 percent boost, as well as other space for entertainment venues.
Link to original article here.