Brandon Glenn at Med City News has a Q&A today with Market Center Management's Bill Winsor. In the story, at this link, Glenn asks Winsor to distinguish between the $250 million Nashville development and its smaller competitor in Cleveland.
Q: The Cleveland project’s backers always say their biggest advantage is they already have secured a source of funding, and Nashville hasn’t. What would you say to a potential tenant that says it’s leaning toward Cleveland over Nashville for that reason?
A: Again, in the private world of financing, if you prelease to a certain level, then you can securitize it in a way that’s affordable. Building a mart that doesn’t have certain preleasing goals is a huge risk. Merely getting a building open does not secure its success; having it occupied with a critical mass of important industry resources and services will make it successful.
For more on the NMTC, see our Sept. 9 story on its progress.