551 replies to this topic

[nashvylle]

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Disappointing...

[nashvylle]

http://www.tennessea...|text|FRONTPAGE

Metro appealing court's ruling that Tower is owed $30mm for their property which the Omni Hotel is currently being built.

In my opinion, this appeal is the right move, and I hope it is overturned. Has anyone else property doubled in value during this recession?

Producer2, do you think there's a chance Metro will win?

[producer2]

Will win or should win are two vastly different scenarios in today's climate. The simple fact that real estate experts whomever hired them put the value at 16 million would indicate that the last reward by a jury is way over the top. I am not saying the property was not worth more than 16 million, just not that much more...Now that the final decision will not be heard by a jury but instead by the courts, Metro may have a shot.

And I should mention that the land in question is not where the Omni is being built. Metro made sure that Tower was handsomely paid for that piece of property. The property in question is the corner of 5th and Demonbreun where a portion of the MCC is being built.

Edited by producer2, 14 January 2012 - 08:24 AM.

[dmillsphoto]

producer2, on 14 January 2012 - 08:21 AM, said:

Will win or should win are two vastly different scenarios in today's climate. The simple fact that real estate experts whomever hired them put the value at 16 million would indicate that the last reward by a jury is way over the top. I am not saying the property was not worth more than 16 million, just not that much more...Now that the final decision will not be heard by a jury but instead by the courts, Metro may have a shot.

And I should mention that the land in question is not where the Omni is being built. Metro made sure that Tower was handsomely paid for that piece of property. The property in question is the corner of 5th and Demonbreun where a portion of the MCC is being built.

I don't think that a property doubles when EVERY other property around it within 5 radial miles is depreciating or stagnant. The judge who made that ruling was on a high horse to award the $30M in the first place, I don't see what Metro SHOULDN'T win the appeal and maybe pay them a few more - maybe $16 or $17M.

[nashvylle]

Completely agree. If this property was appraised in 2005/2006, I could believe a property doubling in value, but this appraisal happened during The Great Recession. I think this should not be $30MM. If you had asked Tower what they personally thought the property was value, I bet they would be very satisfied at $20MM. When the judge stated $30MM I bet they were astonished but happy, especially after independent real estate experts valued the property at $16MM.

I hope the appeal is reversed.

[nashvylle]

Good article from the Tennessean. Hopefully the bookings continue and we surpass the 1mm room-nights goal.


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[nashvylle]

And this possibility, which would be huge for Nashville from an international (well.. America and Canada...) standpoint.

http://www.tennessea...ext|FRONTPAGE|s

[dmillsphoto]

nashvylle, on 19 January 2012 - 08:02 AM, said:

And this possibility, which would be huge for Nashville from an international (well.. America and Canada...) standpoint.

http://www.tennessea...ext|FRONTPAGE|s

And Sweden and Finland and Czech Republic and...

[nashvylle]

Great point. I was referring to which cities had an NHL team, but great point in that the countries that have players in the game will be attentive. thanks

[timmay143]

Looks like a few events bolted but several more were booked!

[producer2]

they didn't bolt but actually had to move because the MCC will not be finished in time to hold their meetings in 2013. Each of the three have future meetings booked in the facility.

[timmay143]

Here is the story on the re-bookings.  Sucks that SBC won't be back until 2019.  Their meeting was scheduled for June 2013, but they were afraid that the April 2013 opening deadline wouldn't be made.  However, the Trucker convention is/was scheduled for March 2013, but in the story it says they haven't canceled even though Spyridon says they have.  The other booking by the Barbeque... was also scheduled for March 2013, and they did cancel.

http://www.tennessea...t-2-conventions

[timmay143]

Good news is the American Animal Hospital Association has booked for 2014.  This story says the reason for SBC was because the Omni hotel won't be ready until 2014.  I forgot about the hotel.  Also, the story says that the March 2013 Truckers meeting pulled out because of the uncertainty of the April 2013 completion?  A little confused on that reasoning, but anyways...  Oh, the story also says the NC&VB hopes to relocate the trucker meeting to somewhere else in Nashville.  Anyways, good news for the MCC.  Future looks bright!

http://www.tennessea...s-booking-binge

[producer2]

Just for clarification purposes Trucking and Hearth Patio did not cancel, they were told by the City that the MCC would not be ready so Nashville actually cancelled them. These groups wanted to be here and have future dates booked. They are not happy that they cannot come. I think it is important to understand the difference and am not trying to be argumentative.

[timmay143]

Thanks for the clarification.  One last note, the last piece of structural steel has just been placed in the MCC.

[BnaBreaker]

I just have to say that this thing looks AMAZING!!  I'm so proud of Nashville for really being adventureous with the design.  I was in town over the holidays and it was WAY more imposing than I had anticipated.  I can't wait to see the finished product!  I've been away for awhile and haven't gotten a chance to say that yet.  Hopefully this post wasn't too disappointing to the people seeing the 'new post' tag on the thread and expecting some useful information. haha  

[MTSUBlueraider86]

The city center is looking great. Now the hotel will start to rise.

[dmillsphoto]

MTSUBlueraider86, on 27 January 2012 - 04:26 PM, said:

The city center is looking great. Now the hotel will start to rise.

As a matter of fact, the next tier is rising on the southeast corner... w00t!

[nashvylle]

http://www.tennessea...|text|FRONTPAGE

This is great to see. I am still hoping that Metro's appeal of Tower's property will win and the MCC will be even further under budget.

Producer2- any inside info on future bookings? I know we are currently just under 600k room nights, but totaling over 1MM would be fantastic.

[timmay143]

Wow imagine that!  Thank you!!

Music City Center considers solar panels
Consultant will explore options for solar panels

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