Late Thursday morning, a Dallas developer announced the suspension of the Nashville medical trade center project in downtown Nashville.
The $250 million project announced in 2009 was set to reuse the current Nashville Convention Center on Broadway and add 12 stories on top of the existing facility
It was to be the first of its kind mart where healthcare providers could have one-stop shopping for a variety of medical related products.
"The idea was bold, the location was advantageous, the design was compelling, and our team worked diligently to make it a reality," Market Center Management Company (MCMC) President and CEO Bill Winsor said in a release.
"We were always met with enthusiasm by companies and organizations, and we were joined by partners with the foresight to support the durable benefits of a single home for health care commerce, education and innovation."
Winsor continued, "Unfortunately, long-term vision was met head-on by the shorter term realities of the sluggish U.S. economy, health care policy uncertainty and the immediate pressures on quarterly revenues that created barriers for many global companies."
Early Thursday afternoon Nashville Mayor Karl Dean expressed his disappointment in the medical mart not opening in Music City.
"A medical mart in a healthcare hub like Nashville made a lot of sense and was an exciting prospect. While I am disappointed that the Nashville Medical Trade Center is not moving forward, I understand that the challenges associated with a down economy made this project difficult," he said, adding, "The convention space remains a desirable piece of property located in a vibrant area of our downtown. It is a great asset generating a lot of interest, and the city will put it to good use."
Corporate realtor Tim Stowell told Nashville's News 2 it "was too large a development to get the pre-leasing necessary to get financing."
Stowell said there will be a "lot of speculation about what will go in" the old convention center once the new Music City Convention Center opens next year a few blocks away.
He thinks the best use for it would be a mixed use development, restaurant, retail stores performance venues and nightclubs.
The Market Center and Management Company CEO Winsor did leave open the door slightly saying "we hope to have the opportunity to conduct business in Tennessee at a later date."