NASHVILLE, Tenn. – The world's first medical trade center will be built on the site of Nashville's current convention center, Governor Phil Bredesen announced during a news conference Monday morning.
He said Dallas-based Market Center Management Company will build the $250 million, 12-story structure on top of the mostly underground convention center.
Development is contingent on MCMC pre-leasing a significant amount of exhibit space and securing financing, as well as the approval of a new $585 million convention center by the Metro Council.
The Nashville Medical Trade Center would create a central place where makers of health care-related products and technology could feature offerings to buyers from the medical industry.
Construction on the 1.5 million square foot facility that will include permanent showrooms, temporary trade show space and other conference facilities that will be used year-round is estimated to take five years.
MCMC expects Nashville to see about 100,000 more visitors each year when the center opens and the creation of approximately 2,700 new jobs.
"This announcement means Tennessee will be home to an important new concept in the marketing and procurement of medical equipment, technology and services," Bredesen said. "The health care industry is a significant economic engine for our state and this project expands that footprint, representing a major investment in our state's health care economy."
The Nashville Convention Center was one of three potential downtown sites for the planned project.