November 12, 2015
Financing in Place for Fifth + Broadway Project
Developers planning a mixed-use redevelopment project for downtown's Nashville Convention Center site said they have equity funding needed to finance the $400 million project.
The disclosure puts OliverMcMillan and Spectrum | Emery on track to complete buying the 6.2-acre site from the city.
Spectrum | Emery's President Pat Emery expects closing on the purchase to occur around the second quarter, when the Nashville Convention Center would be demolished.
That means the OliverMcMillan-Spectrum | Emery team is likely to seek an extension of the year-end deadline to complete that purchase from Metro. Under their agreement with the city, the developers have four three-months extension opportunities that require paying $250,000 each time.
Emery said the undisclosed equity partner will account for roughly half of the overall financing package. Work continues towards a construction loan, which he doesn't expect a problem securing.
On Thursday, the developers also unveiled new streetscape renderings for the redevelopment project being called Fifth + Broadway.
"Music City’s years of momentum have culminated in this, a mixed-use destination with office, residential, retail, entertainment and much needed parking all interconnected on a scale beyond anything else in the region," Emery said.
Fifth + Broadway will include office and residential towers and a retail, restaurant and entertainment destination featuring the National Museum of African American Music and the Nashville Public Market. Components include 350,000 to 450,000 square feet for office use, 230,000 square feet for retail and entertainment and 350 residential units.
With its lobby entrance on Commerce Street, the office tower will feature on its 14th floor an open-air wrap around deck and amenity floor with indoor and outdoor meeting spaces, a full-catering kitchen and work-out room.
“Workers will be able to step out, conduct a meeting or eat lunch and enjoy the refreshing outside elements, taking inspiration from the life and vibrancy of downtown Nashville,” Emery said.
Dene Oliver, CEO of San Diego-based national mixed-use developer OliverMcMillan, said the Nashville Public Market will offer a blend of Southern classics and creative dining experiences.
"This will be true to Nashville, and a culinary destination that residents, workers and visitors will not be able to get enough of,” he said.
The retail mix at Fifth + Broadway will offer both a local flavor and include niche favorites in fashion, technology, home, music and lifestyle. An entertainment venue is also planned as part of the project.
Link to the original article here.