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$1B+ entertainment district Nashville Yards starts construction
Southwest Value Partners, AEG heading 2.5M sf development
From left: Southwest Value Partners’ Mark Schlossberg and Cary Mack along with a rendering of Nashville Yards (Getty, Southwest Value Partners, Nashville Yards)
Dirt is finally turning at one of Nashville’s most-anticipated developments.
Construction is underway at Nashville Yards, a 2.46 million-square-foot entertainment district, spearheaded by Southwest Value Partners and Anschutz Entertainment Group, also known as AEG, the Nashville Business Journal reported.
Plans for the $1 billion-plus project include a 12-story, 456,000-square-foot building with a movie theater, creative office space and retail, as well as a 125,800-square-foot event venue. Two residential towers at Nashville Yards will rise 34 and 35 stories, with a total of 696 units and amenities such as meeting rooms, restaurants, gyms and a pool.
Connecting the four main buildings will be a pedestrian “paseo,” lined with outdoor seating, dining and landscaping.
The four-story event venue has been sponsored by Nashville-based Pinnacle Financial Partners, and therefore will be called the Pinnacle. It will feature ground-floor retail and dining and a large plaza at the entrance.
Construction of the Pinnacle is expected to be completed this year, with the first performance slated for early 2025, the outlet said.
Pinnacle plans to move its headquarters to the 35-story, 670,000-square-foot office tower, which is also scheduled for completion later this year.
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Is Nashville’s multifamily market headed toward oversupply?
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The 19-acre development, poised to become a gateway to downtown Nashville, will be home to two Amazon towers, the Grand Hyatt and the Union Station hotel.
Last year, Southwest Value Partners secured a $241 million construction loan for the two residential towers, a triumph given the tough lending environment that’s hindered developments throughout the country. The developers scored a $212 million construction loan for the event venue and multipurpose building in October.
—Quinn Donoghue