Have you ever driven down West End and wondered if that massive hole at the West End, 21st Ave, Broadway junction was ever going to turn into that beautifully rendered building that was pasted all over the barrier fences?
If so then you will be pleased to know that Thursday morning HCA Holdings announced that they are expanding and they have decided to take up residence in the two 20 story towers that will make up the West End Summit.
HCA’s two business that are moving in are Parallon Business Solutions and Sarah Cannon Research Institute will take residence after the $200 million projected, which is slated to begin in early 2013, is completed.
“…big statement about the health of Nashville,” – Mayor Karl Dean
Both companies will occupy about 55% of the available office space on a 15 year lease. Nashville Mayor Karl Dean called the effect of this morning’s news a “huge investment in our midtown and downtown” that is “going to transform the area.” He also went on to say that this announcement is a, “big statement about the health of Nashville.”
No doubt this announcement is thrilling news for Nashville and Midtown residents in particular who have named the crater off of West End, Lake Palmer (after the developer who started digging the existing foundation before putting the project on an indefinite hold in the early 2000’s). But more than just the overall satisfaction of adding another two buildings that will help define the urban Nashville skyline there are several very real benefits that will be realized by the development of these class A commercial towers.
- 2,000 new jobs added (1,000 initially and an additional 1,000 by 2017)
- Increased need for supporting restaurant and retail development
- Increased property value in the midtown area
As Nevin Batiwalla pointed out in his Nashville Business Journal article on the announcement, the West End Summit once complete and fully occupied, should be an anchor that helps tie together downtown, the Gulch and Midtown. A next step that is critical in increasing the desirability of the urban Nashville landscape for homeowners and developers.
West End Summit Will Positively Effect the Surrounding Area
West End Summit’s two towers will provide 900,000 square feet of office space of which Parallon is expected to occupy about 350,000 square feet in one tower and Sarah Cannon Research Institute about 150,000 square feet in the other. The remaining square footage is being reserved to attract other companies or will be available for future HCA expansion.
The greatest take-away of the HCA Holdings announcement is that the future of Nashville continues to look bright. It’s a great time to live and work in a thriving city that is taking on massive projects that continually help to reinforce its economic stability.
But if you are a Tennessee resident you should also pat yourself on the back. Why? Because you helped “sweeten the pot” for HCA to the tune of $59 million in developmental incentives that come from state and local taxpayer funds. For a breakdown of these incentives check out Brian Reislinger’s article in the Nashville Business Journal.