Music City Center officials announced today that the SoBro-based convention building generated more than $110 million in economic impact during the first quarter of fiscal year 2016.
The figure is double the mark that was generated during the first three months of fiscal year 2015, according to a release.
In September specifically, the MCC hosted 31 events with 41,696 attendees, generating 12,438 room nights for about $21 million in economic impact. Fiscal year to date, the building has hosted 71 events with 187,314 attendees, generating $110.6 million in economic impact. According to the release, tax collections continue to outperform expectations, with the MCC portion of tax collections was up 19.72 percent for July year over year.
“Our team continues to do an outstanding job juggling multiple, large events in the building at the same time and this has enabled us to produce these kind of economic impact numbers,” Charles Starks, MCC president and CEO, said in the release. “During Mayor [Megan] Barry’s inauguration in the Grand Ballroom, we had 15,000 guests in the building for other events and everything went very smoothly.”
Nashville-based BNA Associates will go before the Metro Development and Design Review Committee Tuesday to seek approval for exterior updates — including what could be an eye-catching neon rooftop sign — for a proposed boutique hotel to be called The Fairlane and located in an existing building with an address of 401 Union St.
Bathed in travertine limestone, the modernist building to be reinvented is located at the southwest corner of the intersection of Fourth Avenue North and Union Street within the central business district (see the structure here courtesy of Google Maps).
Philip Welker, BNA co-managing partner, said the development team will soon begin undertaking cleaning and demolition work within the 12-story structure’s interior. Crain Construction is handling the work, with a permit valued at $300,000, according to a Metro Codes Department document.
Welker said Nashville-based Manuel Zeitlin Architects is handling the architecture, with Reunion Goods & Services, a New York City-based company, to oversee interior design efforts. Civil Site Design Group is the civil engineer, with EMC Structural Engineers (structural), MP&E Engineering (mechanical, plumbing and fire) and Kidwell Engineer (electrical) also contributing.
As to the exterior, the most noticeable proposed change involves a large neon sign that would, if approved, cap the 1972-opened building. Nashville-based Sideshow Sign Co. has designed the sign.
Relatedly, Welker said the team will replace all the building’s glass to yield a more environmentally efficient structure. In addition, the design calls for the moving of the building’s main entrance from the corner to the middle of the building fronting Union. That entrance is to offer valet parking and a canopy. A secondary entrance fronting Fourth Avenue would remain.
“We feel comfortable about the proposed exterior updates and we are hopeful the MDHA committee will, too,” Welker said.
The team is not yet ready to disclose a construction timetable, opening date or brand, but Welker said the hotel will contain 72 upscale rooms, a penthouse and a “signature restaurant” on the fourth floor.
The property falls within MDHA’s Capitol Mall Redevelopment District and, as such, the exterior changes to the building require committee approval.
(Image courtesy of BNA)
The Nashville investor behind the Virgin Hotel planned for Music Row is exploring alternative options for the property, according to the Nashville Business Journal.
Plans for the Virgin Hotel were first announced in 2014, with renderings released last January. The Business Journal reports construction executive Dean Chase, who owns the site and is in charge of raising money to build the hotel, is sizing up other development possibilities for the prime spot just off the Music Row roundabout — even though Virgin officials say they're still working to move the project forward.
To be clear, Chase's preference remains doing a deal with Virgin, according to sources. Exploring other options does not preclude the possibility that a Virgin Hotel will wind up appearing on this site, though at best, the hotel now wouldn't open until 2017, which is later than originally stated.
Additional options could include office buildings, apartments or condos. For the full article, click here.
An event production company headquartered in Charlotte has set up a local outpost on Airpark Center Drive. The local office of JHE Production Group will be run by Bert Hensley, who had spent more than a decade at Gary Musick Productions. Check out more details here.
Amesbury, Mass.-based Lark Hotels is planning a boutique hotel for a building planned for SoBro and to be developed by Frank May, The Tennessean reports.
Lark will call the 40-room boutique hotel The Bridge, according to the morning daily. It will occupy four floors of the six-story, mixed-use building.
May is seeking restaurants as tenants for the first floor of the building, to have an address of 120 Second Ave. S. He hopes to open the building in spring 2017, The Tennessean reports.
Read more here.
The directors of Ryman Hospitality Properties have voted to set up a share repurchase program for up to $100 million. The plan, which will expire at the end of 2016, will use available cash and borrowings under Ryman’s revolving credit line. The company is not required to buy a particular amount of stock.
Chairman and CEO Colin Reed said the buyback is “part of a capital allocation strategy that we believe is in the best interest of our shareholders and our business. We believe using capital to repurchase our shares at appropriate prices represents a favorable strategic use of capital.”
Shares of Ryman (Ticker: RHP) fell about 1 percent Thursday — before the buyback news — to $52.16. So far in 2015, they’re down slightly.
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