The proposed National Museum of African American Music is projected to annually produce $9.1 million in new revenue, 133,000 visitors per year and more than 100 permanent jobs, project officials announced Wednesday.
HVS Convention, Sports & Entertainment Facilities Consulting conducted the study. Some Nashvillians will recall HVS as the Chicago-based company that conducted a similar study, submitted in January 2010, regarding the then-planned Music City Center convention facility.
The HVS economic impact analysis predicts many visitors to the $47.5 million museum will include tourists, both national and foreign. Additionally, the study forecasts 117 permanent jobs and more than 200 indirect jobs created.
“We’re pleased to confirm, with the results of this study, that NMAAM is a viable entity, providing substantial economic impact as the newest member of the Music City landscape,” Paula Roberts, NMAAM executive director, said in a release.
The stud reveals that, in addition to benefiting from Nashville’s tourism and convention activity, NMAAM has the potential to expand the city’s market base and attract a greater share of meetings and conventions, NMAAM proponents said. Of note, HVS compiled data on 24 local Nashville and comparable national museums to "inform and test the reasonableness of demand forecasts."
The Nashville Convention and Visitors Bureau recently identified more than 50 ethnic and multi-cultural events and 75,000 attendees that have been lost (or will be lost) to other cities for events occurring between 2008 and 2015. Lost business includes national professional organizations, religious conventions, fraternity and sorority national conventions, family reunions, and sporting events.
"This study further demonstrates that the museum has enormous potential to draw new visitors and to strengthen and diversify our tremendous brand,” Butch Spyridon NCVB president, said in the release.
Though a groundbreaking has yet to be announced, the NMAAM has events planned for 2013.
In September 2011, NMAAM announced a name change (originally it was proposed as the Museum of African American Art, Music and Culture) to reflect an opportunity to solely feature the impact African American’s have made on music. That announcement was the latest in a string of updates since the project was first visualized in 2001.
The NMAAM is to be located on the southwest corner of Jefferson Street and Rosa Parks Boulevard.
Designed by Nashville-based Tuck Hinton Architects, the building’s exterior will showcase a contemporary façade incorporating celebrated African American musicians and a 64-foot-tall drum.
POSTDATA: WARRANTY DEEDS