December 9, 2016
Spring 2017 Start Eyed for OliverMcMillan & Spectrum|Emery's Giant Nashville Project, Fifth + Broadway
Commercial Property Executive
OliverMcMillan and Spectrum|Emery team up for a $430 million mixed-use development on the former site of the city’s convention center.
Nashville—Construction on Fifth + Broadway, a $430 million mixed-use development at the site of the former Nashville Convention Center, will begin in spring 2017 and take nearly three years to build retail, office and residential space along with the National Museum of African American Music.
Development partners OliverMcMillan and Spectrum|Emery (OSME) this week unveiled the project timetable that will start in the second quarter of 2017 with demolition and excavation at the downtown Nashville site. Vertical construction of the retail, museum, residential and office spaces will begin in the fall of 2017. The retail, which will feature 183,000 square feet along a newly designed pedestrian street, is slated to be completed by late 2019. The 350 residential units are also expected to be ready by late 2019. The 375,000-square-foot, Class A office tower should be ready for occupancy by late 2019 or early 2020.The project, which is the largest mixed-use development in downtown Nashville, includes expansion of convention and meeting space at the existing Renaissance Nashville Hotel and a 781-space parking garage.
Fifth + Broadway is being built on lower Broadway across from the Ryman Auditorium and near the Bridgestone Arena. The project will be anchored by the National Museum of African American Music that will have a front entrance on a newly redesigned 5th Avenue of the Arts and a second entrance on Broadway.
“Fifth + Broadway will soon come to life as a vibrant center of activity with unique offerings for corporations, residents and visitors alike,” Patrick Emery, OSME partner, said in a prepared statement. “Its core location merits a very progressive and thoughtful approach that serves many needs. Our Class A office space and stylish residences provide ready access to top entertainment, original restaurants and fashionable shops – with dramatic views of our city and within an easy walk of downtown’s major attractions.”
The museum will have 56,000 square feet of space dedicated to the multiple dimensions of African American music.
“The National Museum of African American Music will feature exhibits spanning generations, chronicling some of the most significant artists and musicians of all time,” Emery said. “By showcasing over 50 music genres created or impacted by African Americans, the museum adds musical diversity that further solidifies Nashville’s legacy as Music City.”
In addition to the museum, the second main anchor of the development will be a restaurant and entertainment concept from Nashville’s TomKats Hospitality Inc. run by noted local restaurateur Tom Morales. The TomKats venue, announced in June, will occupy about 12,000 square feet in the middle of the project with a rooftop overlooking Broadway, according to The Tennessean. OSME said it will be part of a 20,000-square-foot rooftop terrace that will feature several dining and entertainment spaces and offer views of downtown Nashville.
“In addition to Tom Morales’ vibrant restaurant, we have many other new tenants in our pipeline,” Dene Oliver, CEO of OliverMcMillan, said in a prepared statement. “A project of this caliber in Nashville has attracted a strong retail tenant mix of both national and local offerings, and we look forward to announcing those names in the coming months.”
Development in the Nashville area, including hospitality and residential offerings, is on the rise. A recent Tennessee Metro Multifamily market report by Yardi Matrix noted that the Nashville/Knoxville metro is “becoming one of the nation’s most attractive secondary markets for developers and investors.” The report said the investments are being “driven by a diversified economy led by its iconic entertainment industry and a first-rate healthcare sector.”
The report also noted that “developers are heavily targeting the metro’s city core with new housing options” ranging from 615 units in the Franklin submarket to 2,900 units in the Midtown/Music Row submarket followed by Downtown North with 2,600 units.
Link to original article here.