A new property sale clears the way for developer Turnberry Associates to bring a 450-room hotel, 250 condos and upscale restaurants to a site across from Nashville’s convention center.
On Friday, the United Methodist Publishing House paid $9.25 million for buildings in MetroCenter, just north of downtown.
According to the property deed, the seller was Lake Front Office Park LLC. Investors in the entity included the estate of Bud Adams, the deceased former owner of the Tennessee Titans football team, and Corner Partnership, comprised of three longtime Nashville real estate developers and investors.
That transaction was the first domino that had to fall in order for Turnberry to pursue its project — which is set to be built on the current home for the United Methodist Publishing House, at 201 Eighth Ave. South.
Turnberry is under contract for that site, but couldn’t close until the publishing house found and moved to a new headquarters.
Turnberry is majority owner of two downtown Nashville hotels, Union Station and the Hilton. The company’s hospitality division is run by lifelong Nashville resident Ray Waters, who previously ran those two hotels before being promoted to Turnberry’s Miami headquarters last year.
When I spoke with Waters last week, he declined to disclose what Turnberry will pay for the publishing house site. “They’re right where they need to be in the process, and we are right where we need to be, too,” Waters said.
Lately, there’s been a lot of attention paid to the deficit of full-service hotels close by to the Music City Center, which opened last April.
Nashville convention officials have said 16 conventions — representing some 90,000 room nights — have bypassed Nashville for that very reason.
Turnberry’s hotel would help close that gap. So would a Westin proposed nearby. If all stays on track, that hotel would open in 2017 with 430 rooms.
Adam covers commercial real estate and manufacturin