Nashville Puts $623 Million Confidence on New Convention Center

While others are practically bleeding for manufacturing jobs, four years ago in Nashville Tennessee, instead it opted to build a $632 million convention center in its downtown area.

Nashville Puts $623 Million Confidence on New Convention Center Close
Page Summary

Nashville Puts $623 Million Confidence on New Convention Center

Posted by Gary Ashton: RE/MAX ADMIN on Friday, January 4th, 2013 at 7:37am.

While others are practically bleeding for manufacturing jobs, four years ago in Nashville Tennessee, instead it opted to build a $632 million convention center in its downtown area.  It will be the most high-priced publicly financed structure in Tennessee’s history. The complex will stretch three miles that’s and will have an area of more than a dozen football fields.

Mayor Karl Dean runs a pro-development administration. The city is also putting up $128 million additional for the Music City Center which is at its finishing stages. It will be alongside the Omni hotel, which is 21 stories high. Both projects are located at downtown Broadway. This part of the city has emerged and to become the nation’s music scene.

The Music City Center is three times the area of the Nashville Convention Center. It has 350,000 square feet of exhibit space and it even tops Gaylord Opryland Resorts’ area. Middle Tennessee is now home to two convention centers. 

Mayor Dean admitted that four years ago it was very unreasonable to pass this kind of expensive project while the state is hitting its lowest point in decades. Unemployment was high and the economy was simply in a rocky situation. But what Mayor Dean saw at the time was that the interest rates and constructions costs were also at its record lows. The timing was right. So he gambled on this and the projects created new jobs while the heart of the city experiences development.  

Another plus brought about by the city’s gear towards the convention business is that, tourists will be the one’s paying taxes and not the local residents in the area. Visitors who will be touring or spending time in the convention zones will be paying fees that would help settle the project’s debt. 

Marketing plans and project boosters have already been made. These centers are expected to capture the interests of thousands of tourists to Nashville for years to come. According to Ralph Schulz, Nashville’s Chamber of Commerce leader, the twin projects will boost energy and bring vitality in to the community’s economy. 

 

Gary Ashton

The Ashton Real Estate Group of RE/MAX Advantage

The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!

Google

Leave a Comment