November 10, 2015
Convention Site Mixed-Use Project to be Called Fifth + Broadway
The development team behind a massive mixed-use project to replace the outdated Nashville Convention Center has released updated images and announced the $400 million project will be called Fifth + Broadway.
Relatedly, Burgin Dossett, a veteran mixed-use developer with long-standing Nashville ties, has been named regional manager at OliverMcMillan (the project’s co-developer) and will oversee the effort, according to a release.
Franklin-based Spectrum | Emery, led by developer Pat Emery, is partnering with the San Diego-based OliverMcMillan on the project. To address Lower Broadway, Fifth Avenue North and Commerce street, the development will offer 205,000 square feet of retail, restaurant and entertainment space; a 300,000-square-foot class A office tower; a 350-unit apartment building; and space for the National Museum for African-American Music.
“Burgin has joined our team at a pivotal moment as Fifth + Broadway comes closer to fruition,” Pat Emery, president of Spectrum | Emery, said in the release. “Burgin not only knows how to execute world-class developments in an urban core, he also knows and understands Nashville. His knowledge and expertise will allow us to flawlessly execute our one-of-a-kind vision for downtown, further strengthening our team on the ground as we raise the bar for what downtown Nashville has to offer residents and visitors.”
Dossett most recently served as founder and principal at Nashville-based real estate development and program management firm Ashwood Company. He has overseen regional and international developments, including the Parisian Resort and St. Regis Hotel in Macau. Prior to the Ashwood Company, Dossett served as the senior vice president for the Tennessee division of Crosland, at which he managed the construction of Terrazzo in the Gulch.
The release offers no update as to when the team will close with Metro (which owns the property) on the acquisition. However, the two parties have agreed on an end-of-year deadline.
The agreed-upon price is $11.25 million, with $5 million due at closing and the balance allowed to be paid in installments spanning 25 years. The development team is expected to receive $25 million in tax increment financing. The Nashville Convention Center Authority will finance a roughly 1,200-space public parking garage.
San Francisco-based Gensler and the local office of Gresham Smith & Partners are handling design efforts.
The Spectrum | Emery and McMillan buildings would replace the 1987-opened Nashville Convention Center, the main entrance of which is located on Commerce Street. The modernist structure has continued to host some small meetings and conventions since the opening of the Music City Center in 2013.
Link to the original article here.