November 12, 2015
Report: Convention Site Developers Land Investor Equity, Eye Acquisition Extension
The development team seeking to undertake the $400 million mixed-used Fifth + Broadway at the Nashville Convention Center site has landed all the investor funding it needs, Nashville Business Journal reports.
The developers (Nashville-based Spectrum | Emery and OliverMcMillan of San Diego declined to disclose to NBJ reporter Adam Sichko the identity of the investor group providing what is believed to be about $200 million in equity. However, it said the investor group does not include JP Morgan — which has been a longtime backer of both companies.
NBJ also reports the developer team will ask for two extensions related to the closing date with Metro (which owns the property). If the closing happens by June’s end as now planned, the earliest the project would be completed is 2019, according to NBJ.
The latest designs, released earlier this week, show a 32-story office tower that, if standing today, would rank among Nashville’s 10 tallest buildings. The project also is expected to include a 350-unit apartment tower of upwards of 30; a 1,200-space parking garage; and approximately 200,000 square feet of retail, restaurant and entertainment space, including a home for the long-anticipated National Museum of African American Music.
Link to the original article here.