One of the world’s largest sports and entertainment companies, AEG, is set to acquire a four-acre parcel of land to develop a new mixed-use entertainment district in Nashville.
The company has entered into an agreement with Southwest Value Partners (SWVP), the company that owns Nashville Yards. The transaction further develops AEG’s portfolio which includes The O2 (above) and L.A. LIVE.
The agreement also includes an option to buy a further 1.5 acres for development if required.
Nashville Yards is a multi-phase office, retail, hospitality, entertainment and residential offering. The site’s first facility, a 591-room premium, full service Hyatt Regency hotel, is scheduled to open in 2020.
AEG’s flagship venue will be a 4,000-capacity music venue. Other facilities will include a Regal Cinemas luxury theatre complex, a 600-700-capacity live entertainment club and a boutique hotel.
According to Jay Marciano, Chief Operating Officer, AEG and Chairman and CEO, AEG Presents, the company has been looking for a suitable site in Nashville for some time.
He added that such a development opportunity needed to be “not just special, but remarkable”.
AEG and SWVP have committed to ensuring that the new development respects Nashville’s history and heritage in terms of materials, scale and “eclectic charm”.
The new entertainment district will be within easy reach of many of the city’s leading venues and attractions including Music City Center, the Country Music Hall of Fame and Museum, Bridgestone Arena, the Frist Center for the Visual Arts, The Johnny Cash Museum, and Nashville’s Honky Tonks.
Image courtesy The O2