Nashville will be home to the world's first medical trade center, state and city officials announced today.
"Tennessee will be home to an important new concept in the marketing and procurement of medical equipment, technology, and services," Tennessee Gov. Phil Bredesen said in a media release. "The healthcare industry is a significant economic engine for our state and this project expands that footprint, representing a major investment in our state's healthcare economy."
The Nashville Medical Trade Center, which will be located on the site of the existing downtown Nashville Convention Center, will be operated by Dallas-based Market Center Management Co., which will begin pre-leasing the proposed trade center's permanent exhibition space.
Development is contingent on MCM pre-leasing a significant amount of exhibit space and securing financing, as well as the approval of a new convention center by the Nashville Metropolitan Council. Developers estimate the cost of the project to be in the neighborhood of $250 million and estimate it will create approximately 2,700 new jobs.
"This project will create a large number of new jobs in our city right when we need them most," said Nashville Mayor Karl Dean. "In addition to building on Nashville's preeminence in the healthcare industry, the reuse of the Convention Center and the proposed improvements to the center's physical structure will be a significant contribution to our vital and robust downtown."
Bill Winsor, CEO of MCM, called Nashville "the perfect U.S. location for this international project."
"We're calling the Nashville Medical Trade Center a global healthcare marketplace because we envision healthcare providers from around the world coming to the city to learn about the latest medical technology and services."
MCM officials plan to construct a 12-story tower above the existing convention center with more than 1.5 million square feet of exhibit space, including permanent exhibit space for more than 600 medical equipment companies, display space for temporary trade shows, and a medical education and symposium center.
The project would bring the total available space at the Nashville Medical Trade Center to approximately 2 million square feet. The company is also exploring a possible public interaction center facing Broadway, such as a museum or a broadcast center devoted to healthcare issues.
If a decision is made on a new convention center in Nashville by early next year, construction on the Medical Trade Center could begin as early as the summer of 2010.