Developers planning a mixed-use redevelopment project for downtown's Nashville Convention Center site said they have equity funding needed to finance the $400 million project.
The disclosure puts OliverMcMillan and Spectrum | Emery on track to complete buying the 6.2-acre site from the city.
Spectrum | Emery's President Pat Emery expects closing on the purchase to occur around the second quarter, when the Nashville Convention Center would be demolished.
That means the OliverMcMillan-Spectrum | Emery team is likely to seek an extension of the year-end deadline to complete that purchase from Metro. Under their agreement with the city, the developers have four three-months extension opportunities that require paying $250,000 each time.
This rendering shows what the Nashville skyline could look like with the addition of Fifth + Broadway. GenslerFullscreen Next Slide
Emery said the undisclosed equity partner will account for roughly half of the overall financing package. Work continues towards a construction loan, which he doesn't expect a problem securing.
On Thursday, the developers also unveiled new streetscape renderings for the redevelopment project being called Fifth + Broadway.
"Music City’s years of momentum have culminated in this, a mixed-use destination with office, residential, retail, entertainment and much needed parking all interconnected on a scale beyond anything else in the region," Emery said.