Yesterday's announcement that Kite Realty Group has paid $37.5 million for Franklin-based big box strip center Cool Springs Market (read more here) might seem like nothing more than a standard commercial real estate story. But it followed the Monday announcement that XYQ Artist Management has opened a Nashville office within the West End Corridor. And so ... ? Both Kite and XYQ parent XYQ Inc. are based in Indianapolis. And so ... ? Within the past 15 months or so, we've also seen Buckingham Cos. prepare to break ground by year's end on a major mixed-use project in Midtown and White Lodging begin developing a Hyatt Place in SoBro. Yes, both are Indianapolis based. (Actually, White Lodging is located in Merrillville, but that's not much more than 120 miles from Indy.) We have no idea if this is some type "record" for Indy-area-based companies doing work in Nashville within such a brief time period. But it is interesting nonetheless.
Chattanooga-based Vision Hospitality Group Inc. has broken ground on the Residence Inn by Marriott-Murfreesboro (a rendering for which is seen below). Vision is the developer of the Fairfield Inn & Suites by Marriott, currently being built on Division Street in the Gulch (read more here). To learn more about the Residence Inn by Marriott-Murfreesboro, read here.
The investment management firm headed up by Mario Gabelli continues to trim its stake in Ryman Hospitality Properties. GAMCO Investors filed papers this week with the Securities and Exchange Commission saying it now owns 11.1 percent of Ryman, down from 13.5 percent a year ago and 12 percent in the fall.
Gabelli last year opposed the conversion of Gaylord Entertainment into Ryman, which is organized as a real estate investment trust. Shares of Ryman (Ticker: RHP) are up almost 40 percent since the REIT conversion.
The Nashville Convention Center Authority announced today that the Metro Codes Department has issued a certificate of occupancy for the Music City Center — one week before the construction completion deadline of the soon-to-open 2.1-million-square-foot convention facility.
The certificate of occupancy, which certifies compliance with all local and state codes and regulations, was issued following 250 final inspections and approvals by the State of Tennessee and Metro Nashville agencies and departments.
“I applaud the project management team and its crew for finishing construction of the Music City Center ahead of their deadline,” Mayor Karl Dean said in a release. “It is no small feat to finish construction on time, but to do so for a project of this scale is truly remarkable. I look forward to our grand opening festivities on May 19-20 when members of the public can see for themselves the size and beauty of this magnificent building.”
The contracts for architects TVS Design and construction management firm Bell/Clark, a joint venture, specified construction of the SoBro-based center be finished by April 30. With the certificate of occupancy now in place, the project and development, construction, and design leaders can progress with the contractual documentation of substantial completion.