Local real estate experts believe that the failure of the medical mart project proposed for Nashville’s old Convention Center could open the door to dozens of new possibilities that would rejuvenate what remains one of the city’s oldest and most important landmarks.
Nashville real estate experts, together with local community leaders, have been considering several possible ideas regarding how to make use of the salient property located downtown, which now faces uncertainties following the decision by authorities not to press ahead with the Nashville Medical Trade Center plan.
Tony Giarratana, a downtown Nashville developer, said that the med mart project was supposed to complement the Music Center and would indeed have become an important asset for the city. Giarratana said that even so, the city may have found more elating uses for the present convention center.
An article in the latest edition of the Nashville Business Journal revealed that the biggest live entertainment company in the city, Live Nation Entertainment Inc, is showing an interest in making the space a Broadway House of Blues location. These locations usually target places that receive a lot of traffic and are able to accommodate a minimum of 1,000 to 2,000 persons. A spokesperson from Live Nation refused to confirm the speculation, but did admit that Nashville would be a great place for business. He also said that they are currently looking at several cities that would be a good fit for House of Blue, although he refused to name any of them.
Experts from the Nashville office of CBRE will be conducting feasibility studies to come up with a use for the property in the meantime, while they wait for Live Nation to make a decision. The principal at CresaPartners, Tim Stowell, said that they were thinking of building an office tower but realized that large venues for entertainment would probably do better at this location.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!