Nashville Yards Announces Joint Venture with AEG To Develop Entertainment District and Lease Agreement with AEG Presents for Music Venue
Southwest Value Partners (SWVP), owner and developer of the 18-acre Nashville Yards project, and Anschutz Entertainment Group (AEG), the world’s leading sports and live entertainment company, today announced a joint venture to co-develop the planned entertainment district and concert venue at Nashville Yards. AEG Presents, the live-entertainment division of AEG, has entered into a long-term lease agreement with the joint venture to operate the concert venue component of the entertainment district.
SWVP and AEG have together reimagined and expanded the original vision for the entertainment district to include a 4,000-capacity, state-of-the-art live music venue; an upscale eight-screen cinema; a curated collection of food, beverage, and shopping offerings; 275,000 square feet of Class A+ creative office space; and three beautiful and highly amenitized residential towers – all well placed with plentiful open space and plazas to relax in and enjoy. Construction on the entertainment district is targeted to begin in early 2022.
It was also announced that SWVP has acquired the ownership stake previously held by MGM Resorts International.
“Nashville is the perfect location to develop the next great entertainment district in one of the most important music and entertainment centers of our country,” said Ted Tanner, executive Vice President Real Estate, AEG. “Thanks to the great insights, market knowledge, and development success provided by the Southwest Value Partners team, Nashville Yards will bring together the core urban elements that make the city so unique and create a true destination where Nashvillians and visitors can live, work, and play together.”
“Our partners at AEG are leading worldwide experts on creating world-class entertainment districts, and together we have created a new, best-in-class vision for an incredible and highly enjoyable entertainment environment at Nashville Yards,” said Cary Mack, managing partner of SWVP. “Our ownership, design, and construction teams are focused and fully engaged to bring the concepts we have created to life.”
“Developing flagship live music venues for entertainment districts has proven to be a successful model for AEG Presents nationwide,” commented Jay Marciano, Chief Operating Officer of AEG and Chairman & CEO, AEG Presents. “Anchoring Nashville Yards with a versatile, mid-sized music venue is going to provide the area with a vibrant center point that reflects both the legacy and future of Music City. It’s exciting for us to have an even greater presence in a community that contributes so much to popular culture.”
In addition to the planned entertainment district, Nashville Yards includes the 591-room luxury Grand Hyatt Nashville (recently named the nation’s best new hotel by USA Today readers); the newly renovatedUnion Station Nashville Yards; Amazon Nashville’s two Class A+ office towers comprising more than one million square feet; a 650,000 square foot, multi-tenant Class A+ office tower, which will include the future headquarters of Pinnacle Financial Partners; a 1.3-acre park; multiple green spaces and plazas; and additional retail, restaurant, and residential buildings.
About Nashville Yards
Nashville Yards is an 18-acre project located in the heart of downtown Nashville. When complete, the project will be a walkable, urban community featuring high-end hospitality offerings, including a luxury Grand Hyatt hotel and the historic Union Station Hotel; exceptional retail and restaurant options; a world-class entertainment district and concert venue; and creative and Class-A+ office space anchored by Amazon Nashville and a new multi-tenant office tower that will include the future headquarters of Pinnacle Financial Partners. The development will benefit from open plazas and green spaces, including a 1.3-acre urban park that will span the west side of the project from Broadway to Church Street. To learn more about Nashville Yards, visit www.nashvilleyards.comor follow @NashvilleYards on Twitter and Instagram.
Headquartered in Los Angeles, California, AEG is the world's leading sports and live entertainment company. The company operates in the following business segments: Facilities, which through its affiliation with ASM Global, owns, manages or consults with more than 300 preeminent arenas, stadiums, convention centers and performing arts venues around the world; Music through AEG Presents, which is dedicated to all aspects of live contemporary music performances, including producing and promoting global and regional concert tours, music and special events and world-renowned festivals such as the Coachella Valley Music and Arts Festival; Real Estate, which develops world-class venues, as well as major sports and entertainment districts like STAPLES Center and L.A. LIVE, Mercedes Platz in Berlin and The O2 in London; Sports, as the world's largest operator of high-profile sporting events and sports franchises including the LA Kings, LA Galaxy and Eisbären Berlin; and Global Partnerships, which oversees worldwide sales and servicing of sponsorships including naming rights, premium seating and other strategic partnerships. Through its worldwide network of venues, portfolio of powerful sports and music brands and its integrated entertainment districts, AEG entertains more than 160 million guests annually. More information about AEG can be found at www.aegworldwide.com.