ANTIOCH, Tenn. (WKRN) – It’s a place full of nostalgia for many native Middle Tennesseans, but it has been vacant for years. Now, new life will be brought to the old Hickory Hollow Mall.

Mayor John Cooper and Councilwoman Joy Styles said the city plans to acquire the Global Mall at the Crossings, previously known as Hickory Hollow Mall. Plus, a letter of intent to lease the space to VUMC has been signed.

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They plan to submit their plan to Metro Council that would allow the city to buy the former mall building, which consists of 650,000 square feet of rentable space for $24 million and an office building on the east side of the mall for $20 million.

“This is incredible news for our area. After so many years of the mall sitting vacant, we are finally able to move forward with its new future for the community. I am grateful that Vanderbilt has recognized Antioch as a critical investment for community health care. I am also elated that with the purchase of the mall, we can now have a permanent arts space, an Antioch Performing Arts Center, to bring arts to Antioch,” Councilwoman Joy Styles said.

Wednesday, the city of Nashville announced it plans to partner with Vanderbilt University Medical Center to turn the empty space into a development similar to One Hundred Oaks.

The city said in addition to health services from VUMC, it will be looking for community input for other additions to the development like childcare services or small business opportunities. The city will be hosting public meetings and conducting surveys.

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“We are investing in one of our fastest-growing neighborhoods, and it will pay major dividends for our city and Southeast Nashville in particular,” Mayor Cooper said. “World-class health care is just the start of what this site can do for the community,” added Cooper. “I look forward to seeing residents shape how we can best serve them with this site through community benefits like additional greenspace, dedicated space for the arts, and resources for entrepreneurs.”

The old Hickory Hollow Mall first opened in August 1978. At that time it was Middle Tennessee’s fifth mall with around 250 stores, a movie theater and arcade.

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This is a developing story. WKRN News 2 will continue to update this article as new information becomes available.