155 replies to this topic

[smeagolsfree]

There is a little bit in this article about the Med MArt. Nothing really new however the next 6 months could be crucial as to when they start. The part on the Med mart is at the end.

http://www.tennessea...ve-forward-2012

[nashvylle]

http://williamwillia...art-update.html

I find the comments to this blog interesting. Anyone that has twitter can elaborate?

[samsonh]

I've said it before in this thread and I'll say it again, this project will not happen. We should start thinking about what will go here.

[BnaBreaker]

samsonh, on 24 February 2012 - 11:34 AM, said:

I've said it before in this thread and I'll say it again, this project will not happen. We should start thinking about what will go here.

Do you have some inside information that leads you to believe that?  Because as far as I know, there is no public knowledge out there that should lead anyone to this decision.  You may end up being correct in the end, but there is being realistic, and then there is simply taking a constant pessimistic point of view to ease the disappointment if it ends up not happening.

[samsonh]

BnaBreaker, on 24 February 2012 - 12:10 PM, said:

Do you have some inside information that leads you to believe that?  Because as far as I know, there is no public knowledge out there that should lead anyone to this decision.  You may end up being correct in the end, but there is being realistic, and then there is simply taking a constant pessimistic point of view to ease the disappointment if it ends up not happening.

Common sense dictates this project will not happen. Projects this size require significant debt financing. Getting that financing requires lots of leases be signed. The leases they have announced over a 2 year period have been tiny in the scope of how large this project is. I mean absolutely tiny. So unless they dramatically increase the number of tenants who have signed on this project is DOA. Its all public knowledge, and my guess is in the next 6 months they will quietly end their efforts.

[MTSUBlueraider86]

There was an article recently too that said Tony G has no chance of building 505CST. He should stick to residential. Who knows? I think the Medical Mart could come about in some form or another. I could see the Medical Mart moving to the ONECity project now. It would be a lot closer to the medical area including Vanderbilt. It could create a need for hotels in the ONECity project.

[producer2]

The lead group on this project has always said they wanted 60% of leasable space under contract to begin. They are currently at 40% with more leases to be announced soon according to the report. The main difference between the 2 projects has always been that the Nashville project has binding leases and Cleveland has nothing. So IF the project moves forward those who have signed leases WILL be in play. Cleveland can't say that and so far if you look at their list it is mostly small local entities. Now having said that the project may NEVER get off the ground, but if I was going to put my money behind either one working it would be Nashville.
If this project does not get off the ground I am pretty sure you will see the Renaissance assume the meeting space and larger ballroom within the center for their own use of smaller groups that are not looking for space in the MCC. It is a perfect fit for their 600+ rooms. What becomes of the 100,000 square ft. of exhibit space is anyones guess.

[barakat]

Where is that article?

MTSUBlueraider86, on 24 February 2012 - 12:24 PM, said:

There was an article recently too that said Tony G has no chance of building 505CST. He should stick to residential. Who knows? I think the Medical Mart could come about in some form or another. I could see the Medical Mart moving to the ONECity project now. It would be a lot closer to the medical area including Vanderbilt. It could create a need for hotels in the ONECity project.

[jice]

nashvylle, on 24 February 2012 - 09:05 AM, said:

http://williamwillia...art-update.html

I find the comments to this blog interesting. Anyone that has twitter can elaborate?

here's the twitter account:
https://twitter.com/#!/MedTradeCenter

Also, the Cleveland article has been updated with a comment from the NMTC, which basically reiterates producer2 above.
http://www.clevescen...mething-updated

[samsonh]

Guys, be honest with yourselves about the MTC. When a huge project like this is GOING to happen is there not more fan fare? I mean, there has been almost zero publicity over this and even less progress with leasing. Projects of this magnitude require massive amounts of equity and debt financing. Where exactly would the millions in equity for a project like this come from?

[jice]

samsonh, on 24 February 2012 - 09:44 PM, said:

Projects of this magnitude require massive amounts of equity and debt financing. Where exactly would the millions in equity for a project like this come from?

I'm guessing these people would have something to do with that...
http://www.crowholdings.com/

[samsonh]

They will help with a portion of the equity. They then have to secure at least 60% signed leases and then shop around for the debt financing, which would be the majority of the financing in a deal like this. In today's economic climate this will not happen.

I hope it does and will gladly eat crow.

[producer2]

samsonh,
you are probably correct. The reality is that the model for this is not going to work anywhere. My only point is that if it was to work, I would bet on Nashville.

[smeagolsfree]

samsonh, on 25 February 2012 - 07:56 AM, said:

They will help with a portion of the equity. They then have to secure at least 60% signed leases and then shop around for the debt financing, which would be the majority of the financing in a deal like this. In today's economic climate this will not happen.

I hope it does and will gladly eat crow.

In this case it woudl be Tramel CROW

[smeagolsfree]

I am with William on this one. The longer this goes without being built the lower the chance it will get built. I really want to see this happen, but if it does not happen, then what is the backup plan. The current CC has to be used for conventions through 2017 I think, according to one of the news reports I saw. Has anyone heard any alternative plans yet.

[producer2]

It has to allow the Renaissance to use the ballroom they are currently using through 2017. they do not have to hold conventions there unless they want to.

[smeagolsfree]

producer2, on 25 February 2012 - 05:08 PM, said:

It has to allow the Renaissance to use the ballroom they are currently using through 2017. they do not have to hold conventions there unless they want to.

I figured you would know.

BTW, how about those Preds. Good seeing you at the game.

[producer2]

smeagolsfree, on 25 February 2012 - 11:21 PM, said:

I figured you would know.

BTW, how about those Preds. Good seeing you at the game.

likewise!

[MTSUBlueraider86]

I would like to see the Medical Mart be built at the OneCity development. It seems to make more sense there.

[NashRugger]

I agree with the above.

I think a mixed use development of about 10 floors would be good for the current convention center site. Leave the ballroom space and add vertically with retail and either apartments or office space.