NASHVILLE, TN--(Marketwired - Dec 7, 2016) - Development partners OliverMcMillan and Spectrum Emery (OMSE) have unveiled the schedule and updated plans for the highly-anticipated $430 million, mixed-use Fifth + Broadway. Construction on the project site, which closed in November of 2016, will begin in spring 2017 with a projected two-year build-out for the critical retail component, which will be further transformative for Nashville's urban core.
Developers at OMSE have set forth the following execution schedule: Demolition and site excavation to begin in the second quarter (Q2) of 2017. Vertical construction of the retail, museum, residential and office spaces will begin in the fall of 2017. Retail spaces are projected to be complete in late 2019, and residential units will come online in the same period. The class-A office tower is slated for occupancy in late 2019 or early 2020.
Fifth + Broadway, a multi-faceted development, features 375,000 square feet of commercial class-A office space; over 350 residential units; 183,000 square feet of retail along a newly designed pedestrian street; and the Renaissance hotel with expanded meeting spaces. Strategically positioned at the apex of lower Broadway and across from the Ryman Auditorium, the Fifth + Broadway aligns the Bridgestone Arena with the central business district at the site of the former Nashville Convention Center. Fifth + Broadway is anchored by the National Museum of African American Music (NMAAM), fronting the newly redesigned 5th Avenue of the Arts as well as Broadway.
"Fifth + Broadway will soon come to life as a vibrant center of activity with unique offerings for corporations, residents and visitors alike," said Patrick G. Emery partner of OMSE. "Its core location merits a very progressive and thoughtful approach that serves many needs. Our Class A office space and stylish residences provide ready access to top entertainment, original restaurants and fashionable shops - with dramatic views of our city and within an easy walk of downtown's major attractions."
The prominent NMAAM completes Nashville's Music City story and features prominent entries across from the landmark Ryman Auditorium along Nashville's emerging 5th Avenue of the Arts, as well as in the heart of Broadway. The NMAAM is the only museum of its kind dedicated to the multiple dimensions of African American music. A point of pride for Nashvillians, the Museum will encapsulate approximately 56,000 square feet of space on one level at the center of the project.
"The National Museum of African American Music will feature exhibits spanning generations, chronicling some of the most significant artists and musicians of all time," added Emery. "By showcasing over 50 music genres created or impacted by African Americans, the Museum adds musical diversity that further solidifies Nashville's legacy as Music City. After countless hours working closely with the museum's board and staff, we are pleased to have solidified plans for such a vital piece of the development."
Additionally, the project will host TomKats Hospitality, Inc.'s recently announced restaurant. As the first restaurant and entertainment tenant announced for the transformative downtown Nashville project, the restaurant joins the site's approximately 230,000 square feet of retail and entertainment space. Other prominent features of the retail and entertainment mix include a Nashville food market as well as a 20,000 square foot rooftop amenity terrace that features dramatic views of downtown.
"In addition to Tom Morales' vibrant restaurant, we have many other new tenants in our pipeline," according to Dene Oliver, CEO of OliverMcMillan. "A project of this caliber in Nashville has attracted a strong retail tenant mix of both national brands and local offerings, and we look forward to announcing those names in the coming months."
Both the restaurant and the Museum are essential elements in creating the Fifth + Broadway district's tenant mix as OliverMcMillan and Spectrum|Emery enter the stages of planning and construction procurement for the project. For more information about Fifth + Broadway, please visit www.fifthandb.com.
Founded in 1978, OliverMcMillan has earned a reputation as one of the largest and most forward-thinking commercial real estate developers. The award-winning firm creates high-quality, artistic, market-appropriate developments and is recognized by industry leaders for its ability to move forward in a nimble and visionary manner. The firm has designed and developed more than eight million square feet of projects, with a total project value exceeding $5 billion. OliverMcMillan currently has approximately $3 billion in real estate projects under development in cities across the United States, including Houston, Atlanta, downtown San Diego, Nashville, Honolulu, Phoenix and Tustin. Approaching each project with respect for the surrounding architecture and local culture, the firm works to create vibrant, enduring destinations. For additional information about OliverMcMillan, please visit www.olivermcmillan.com.
Since veteran Nashville developer Pat Emery and Spectrum Properties joined together in 2010, Spectrum | Emery has been committed to being the most dynamic full service real estate company in Middle Tennessee. Today, we manage more than 1.5 million square feet of Class A office space in Cool Springs and are spearheading the future of the region with projects such as Franklin Park and the Nashville Convention Center redevelopment. Our diverse team of talented professionals affords us the flexibility to provide development, leasing, management, construction management, project maintenance, investment sales, tenant representation and corporate services. We are the area's comprehensive real estate services company with the vision to conceive the future, and the execution to make the future happen now. To learn more about our company's capabilities as well as our Class A office solutions, please visit us at www.spectrumemery.com.