Bellevue Center Redevelopment Reaches Major Milestone
- Jul 15, 2015
The old Bellevue Center mall took a step forward after the Industrial Development Board approved additional funds in the tax increment financing plan for its redevelopment.
The 848,545-square-foot shopping mall opened in 1990 but started going downhill during the early 2000′s recession. It is located at the intersection of I-40 and US 70, just ten minutes southwest of downtown Nashville. The owner of the mall site is Retail Properties of America Inc.
A Charlotte developer is now proposing a new, $200 million plan to revive the numb Bellevue Center mall. Crosland Southeast envisioned a mix of retail, office buildings, a 120-key hotel (Marriott or Hilton), and 330 apartments, complimented by a Carmike movie theater with 12 to 14 screens and a Sprouts grocery store that have already signed the lease.
The plan hinges on $2.8 million more in public aid after the IDB approved an amendment to an older agreement that would raise tax-increment financing for the project from $12.2 million to $15 million—a 23 percent increase. With a tax-increment financing (TIF), which is rarely used for suburban development, a government agency (MDHA or the IDB) takes on debt to assist a developer. The debt is then paid off using the additional growth in property taxes from the site’s redevelopment.
The next step is approval from the Metro Council. The developer hopes to have the measure before the council for a vote on August 4. Demolition work could begin within 60 days of the approval. DTZ has been selected to handle the leasing process.
Image courtesy of Crosland Southeast