The long-talked-about Fifth + Broadway mixed-use development just took another step forward earlier this month, as developers have officially acquired the building site and look to begin prep work as soon as possible.
According to reports, OliverMcMillan and Spectrum | Emery purchased the 6.2 acre site from the Nashville Metropolitan Government in a deal that involved putting up $5 million at closing and paying an additional $250,000 a year for the next 25 years, bringing the total acquisition cost to $11.25 million.
Demolition of the convention facility that currently occupies the site is already planned for next year, and in its place, the new development is expected to include 230,000 square feet of retail, restaurant, and entertainment space; the National Museum of African American Music; a 375,000 square foot commercial office tower; an expanded conference center for the Renaissance Nashville Hotel; and finally a 350-unit residential tower as well.
If construction goes according to schedule, the entire Fifth + Broadway project is expected to be finished in 2019. It’s also worth noting that as part of the approval, developers must include separate parking for the office and residential buildings, and the Metro Convention Center Authority will own and manage a public parking garage that will include 780 parking spaces that can be used for the retail, restaurant, and entertainment spaces.