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The Medical Mart | CANCELED | What's to go in the old NCC space now?


satalac

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  • 1 month later...

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I am beginning to think this is like WES, Signature Tower (formerly speaking), The Federal Courthouse, The Westin, The Lionstone Building, The Sounds Stadium et. al.

Just a bunch of talk and no action. Who in their right minds thinks we could have leased 1.5 million square feet in Nashville for Medical Trade?

Please enlighten me!

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  • 2 weeks later...

Here's a newer article about it..

http://www.bizjournals.com/nashville/print-edition/2011/10/21/nashville-med-mart-inches-forward.html

They supposedly have tenants who have signed but that they have not announced yet.. and others close to signing.. to add another 209,000 sq ft of leased space.

That would bring it to 60% of the 450,000 they have to lease before construction begins.

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  • 1 month later...

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.

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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.

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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.

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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.

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Where is that article?

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.

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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.clevescene.com/scene-and-heard/archives/2012/02/23/rumor-nashville-med-mart-dead-cleveland-the-winner-of-something-updated

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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?

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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.

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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

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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.

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