NASHVILLE, Tenn. (WKRN) – Nashville Mayor Karl Dean made a major announcement Friday morning regarding the future of the old Nashville Convention Center.
The mayor, along with developers Spectrum | Emery and Oliver McMillan, announced to a packed crowd at the Renaissance Hotel in downtown Nashville, they are moving forward with the plan to redevelop the convention center into a 205,000 square foot mixed-use project.
The project will include retail, restaurants, entertainment space and office space.
“All-in-all, this will be what downtown as a whole has become – a place where people can live, work and play,” said Dean.
The project will also include a 27-story residential tower and a National Museum of African American Music.
“In 2009 we met with the mayor and said this is a top priority for the Metro Minority Caucus, and guess what? The mayor has developed it,” said Metro Councilman Jerry Maynard regarding the plans to include the museum.
The $400 million, 6.2 acre development at the corner of Fifth Avenue and Broadway will also include a public parking garage that can hold 781 vehicles.
Developers Spectrum | Emery and Oliver McMillan will pay Metro $5 million in cash for the property at closing once they have secured full financing for their project. Metro will put that money into the Barnes Fund for Affordable Housing.
‘I’m excited by the jobs this is going to create and the fact it’s going to produce more revenue through property taxes and sale tax for the city things that go to fund schools and other important projects,” said Dean.
The deal is subject to Metro Council approval. The first reading is scheduled for April 7.
The Nashville Convention Center opened in 1987. After it outgrew its space to accommodate large conventions and meetings, it was replaced in 2013 by the Music City Center at 201 Fifth Avenue South.