Nashville Symphony officials are requesting the Metro Planning Commission approve a lot consolidation involving a small portion of the nonprofit’s SoBro property that fronts Korean Veterans Boulevard and that a developer is reportedly eyeing for a hotel.
“This is housekeeping matter to make it possible to redevelop the site,” said Alan Valentine (pictured), Nashville Symphony president and CEO. “We would do this regardless of whether we were trying to sell the site or not.”
Nashville Business Journal, citing multiple real estate sources, recently reported the Nashville Symphony is negotiating to sell the property to Ohio-based Pizzuti Cos. The 0.75-acre site, currently used as a surface parking lot, sits at the southwest corner of the intersection of KVB and Fourth Avenue South.
Valentine declined to discuss the looming sale or identify the prospective buyer.
No commission meeting date has been set.
An Ohio-based development company seemingly with no history of involvement in Nashville is eyeing Music City for a project, the latest out-of-town entity to do so.
Nashville Symphony officials are in negotiations with a Columbus-based Pizzuti Cos. to sell SoBro land on which a hotel could be constructed, Nashville Business Journal reports.
Citing multiple real estate sources, NBJ reports Pizzuti is hoping to get the .75-acre symphony-owned site under contract. The parcel is located at the southwest corner of the intersection of Korean Veterans Boulevard and Fourth Avenue South and across KVB from the Omni Nashville Hotel and near the Music City Center convention facility.
Of note, the Pizzuti website lists 16 developments, most of them relatively small-scale and none in Nashville or in Tennessee, involving industrial, office, multi-unit residential, health care and hospitality buildings.
It is unclear if any Pizzuti officials have indirect involvement or past history with Nashville or its development community. The company could not be reached for comment.
Pizzuti would join a growing list of out-of-town developers, architects, general contractors and equity partners now doing work in Nashville, or hoping to do so.
Check the company’s work here.
The Nashville Symphony has received some financial breathing space courtesy of Taylor Swift, who on Friday delivered a $100,000 check to the organization. The move is a positive cap to a year that featured a wholesale financial restructuring, layoffs and pay cuts. But local musicians union president Dave Pomeroy says there's a lot more work to be done.
“Now is the time for all the citizens of Nashville to step forward and support our world class orchestra in its time of need. Taylor Swift has set a great example and I hope that others will follow her lead and help ensure that the Nashville Symphony musicians’ salaries can be restored as soon as possible. This is an incredible start,” Pomeroy said.
Nashville Symphony officials announced today the launching of a KickStarter project to record three works by American composer Joan Tower.
The orchestra has set a goal of $15,500 to fund the recording this fall of Chamber Dance, Stroke and Violin Concerto live in concert at the Schermerhorn Symphony Center.
Tower has been composing for more than 50 years.
The announcement follow’s a recent contract agreement between the symphony and its musicians (read more here).
The Nashville Symphony Association and Bank of America on Monday announced they have finalized a loan reduction agreement that the Symhony's board chairman says is "a comprehensive resolution that represents the best path forward for all parties involved." The parties did not release details about their deal, but sources say BofA's writedown is between $30 million and $40 million. In addition, the Symphony on Monday filed papers for a new $20 million mortgage.
“With a healthier balance sheet, the Symphony will be in a better position to pursue its cultural mission of engaging the community, enriching audiences and shaping cultural life through musical excellence and educational vision," said Symphony Association Chairman Ed Goodrich.
That said, Goodrich added that the Symphony will be making more cuts in the near future to get its costs more in line with revenues. For more details, check out The City Paper's story.
SEE ALSO: Friday's first report of a deal
The financially troubled Nashville Symphony Association laid off its entire catering and dining staff on Monday in a cost-cutting move that followed a decision that food service was “not directly related to our core mission.” The City Paper has the story here.
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