Alex S. Palmer’s West End Summit was frequently mocked by Nashville’s citizens for numerous reasons, with frequent construction delays cited as the biggest issue that residents of the Music City had with the proposed mixed-use real estate development.
To add to the project developer’s embarrassment, Harmon Inc. filed a lawsuit against palmer, claiming that he owed the firm $120,000, which ultimately postponed the project’s materialization for another year. With nothing to show but an 80-foot hole in the ground filled with rainwater, the development was nicknamed “Lake Palmer.”
Nevertheless, a surprising turn of events suddenly made it possible for structural developments to commence within the project, thanks to HCA Holdings’ move to expand within the Nashville area, along with the creation of over 1,000 jobs.
According to reports, not all members of the commercial real estate community completely discredited the development’s chances for success, despite the fact that most of Nashville’s population voted it as the sixth most likely building to be abolished.
Before HCA’s announcement for major expansion, Nashville law firm Waller Lansden Dortch & Davis reportedly considered becoming one of West End Summit’s anchor tenants.
Regardless of all the negative criticism, Palmer never lost hope in the building’s potential to become a high-profile real estate development, and stuck to his plans even when most of his acquaintances were telling him to back down.
Today, plans for draining “Lake Palmer” are being made. Moreover, two company affiliates of HCA Holdings, Parallon Business Solutions and Sarah Cannon Research Institute, have announced their intentions to become anchor tenants of the twin 20-storey towers scheduled for construction this 2013.
Sarah Cannon Research Institute, a cancer and heart research organization, will be using 150,000 square feet of one tower as office space. On the other hand, Parallon Business Solutions is planning on utilizing 350,000 square feet for office space in the second tower.
Not only will Palmer’s project act as a strong stream of income for Nashville, but it’ll also be creating more than 2,000 jobs (from HCA and its affiliates), with an average of $85,000 to $90,000 annual pay, for locals to fill in.
The Ashton Real Estate Group of RE/MAX Advantage
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