Located in the former building of CAO Cigars in west Nashville, the owners have converted the space to house the non-profit.
The facility, whose slogan is "Brave New Art," boasts 12,000 square feet of space.
It has high end music artists and performers booked for the 2014 season with hopes of becoming a prominent performing arts destination to compete with cities known for their arts.
"This is a contemporary art space we are modeling after places already successful in New York, Miami, St. Louis, and we're bringing arts of different disciplines here," said Tim Ozgener, the executive director.
He continued, "So visual arts, certainly, but not in the first year. The first year is mainly performative, so dance, music, theatre of different kinds, but contemporary."
Ozgener explained that their family started the non-profit initiative as a way to give back to the city.
"The city has been a fantastic city for us. I think it is one of the best places in the world to live," he said.
The 2014 season begins this February 13. Tickets are already on sale.
Oz is located at 6172 Cockrill Bend Circle in west Nashville near the John C. Tune airport.