Nashville Medical Trade Center Plans Scrapped
Even after securing several new exhibitors in the past six months, Market Center Management Company has decided to scrap plans for the Nashville Medical Trade Center, citing not enough long-term leases signed to continue with the project.
“Ending a development venture with such clear benefits for the health care industry has been a difficult decision, but ultimately we were unable to meet our internal leasing targets,” said Bill Winsor, president and CEO of Dallas-based MCMC, in a statement.
He added, “As we said from the outset, we would only proceed if we secured a critical mass of signed, long-term leases from industry leaders that would allow us to confidently take the project into the marketplace for financing.”
Even with high-profile clients such as the Health Information and Management Systems Society, the first exhibitor to sign on to the planned 1.5 million square foot center, the headwinds were just too strong to move the project forward.
Some of the other new exhibitors that also had committed to the new center included Informatics Corporation of America, Humanscale, ergoCentric, RFID in Healthcare Consortiumand Remind America.
Winsor said there was a lot of enthusiasm for the new center from not only himself, but several companies and organizations.
“Unfortunately, long-term vision was met head-on by the shorter term realities of the sluggish U.S. economy, health care policy uncertainty and the immediate pressures on quarterly revenues that created barriers for many global companies,” he added.
Besides the economy, the Nashville center contended with competition from another medical trade center project – the Cleveland Medical Mart & Convention Center – which is set to open July 2013.
The $450 million Cleveland project will include a 100,000 square foot medical mart, with an adjoining 230,000 square feet convention center.
In addition, the facility will have more than 92,000 sq. ft. dedicated to meeting rooms and a ballroom looking out onto Lake Erie in downtown Cleveland.
Winsor thanked the City of Nashville, the State of Tennessee and “the many business and civic leaders who offered encouragement and counsel.”
He added, “We are confident that under a different set of circumstances Nashville remains the ideal location for a global health care trade center. And we hope to have the opportunity to conduct business in Tennessee at a future date.”