AEG To Anchor Nashville Yards

AEG aims to develop an entertainment center including a 4,000-capacity concert venue, 600- to 700-capacity nightclub, a Regal Cinemas luxury movie house and a 240-room boutique hotel on four acres in downtown Nashville, with the acquisition of land from Southwest Value Partners announced June 19.

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The property is expected to be integrated into a planned 15-acre mixed-use development by SWVP called Nashville Yards. The project, when completed, is expected to include “retail, hospitality, creative Class A office, residential and entertainment offerings” according to a statement.

AEG’s task is to create an entertainment hub similar to L.A. Live, London’s O2 and the under-construction Mercedes-Benz Platz in Berlin, Germany, within the Nashville Yards project, located near railyards just east of landmarks including Music City Center, Bridgestone Arena and the Country Music Hall of Fame and Museum.

“For several years, we’ve been looking for the right venue development opportunity in Nashville, one of the fastest growing cities in the country,” AEG CEO Jay Marciano said. “A development offering like this has to not just be special, but be remarkable.”

Nashville Yards will be phased in starting with a 591-room premium Hyatt Regency hotel, including 65,000 square feet of meeting space, expected to open in 2020 at the corner of Broadway and 10th Avenue. The AEG campus will also be located on 10th Avenue, between Commerce and Church streets.

The deal also offers an option for AEG to acquire an additional, adjacent 1.5-acre parcel for further mixed-use development.

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“We know AEG to be the world’s leading sports and live entertainment company and are thrilled to collaborate together to bring this mixed-use entertainment district to Nashville Yards,” said SWVP Managing Partners Cary Mack and Mark Schlossberg in a joint statement. “Today’s announcement confirms our vision for Nashville Yards as well as the incredibly positive trajectory of the city.”

Nashville Yards, unveiled June 15 by SWVP along with images from architects Gresham Smith and Partners and HKS Architects, is expected to include more than 4 million square feet worth more than $1 billion, according to the Tennessean.

If AEG exercises its option for the additional 1.5 acres, its footprint will expand to more than 1 million square feet of building space.