{"id":1004123360,"date":"2015-07-15T10:19:56","date_gmt":"2015-07-15T18:19:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=355280"},"modified":"2020-05-18T15:36:51","modified_gmt":"2020-05-18T23:36:51","slug":"bellevue-center-redevelopment-reaches-major-milestone-3","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bellevue-center-redevelopment-reaches-major-milestone-3\/","title":{"rendered":"Bellevue Center Redevelopment Reaches Major Milestone"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Anca Gagiuc, Associate Editor<\/em><\/p>\n<div id=\"attachment_355281\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Bellevue-Center-Redevelopment.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-355281 \" title=\"Bellevue Center Redevelopment proposal\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Bellevue-Center-Redevelopment.jpg\" alt=\"Bellevue Center Redevelopment proposal\" width=\"300\" height=\"205\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>Bellevue Center Redevelopment proposal<\/em><\/p>\n<\/div>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">The 848,545-square-foot shopping mall opened in 1990 but started going downhill during the early 2000&#8242;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.<\/p>\n<p style=\"text-align: justify;\">A Charlotte developer is now proposing a new, $200 million plan to revive the numb Bellevue Center mall. <a href=\"https:\/\/croslandsoutheast.com\/\" rel=\"nofollow\" >Crosland Southeast<\/a> 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.<\/p>\n<p style=\"text-align: justify;\">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\u2014a 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\u2019s redevelopment.<\/p>\n<p style=\"text-align: justify;\">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. <a href=\"https:\/\/www.dtz.com\/Global\" rel=\"nofollow\" >DTZ<\/a> has been selected to handle the leasing process.<\/p>\n<p style=\"text-align: justify;\"><em>Image courtesy of Crosland Southeast<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The old Bellevue Center mall has taken a step forward after the Industrial Development Board approved additional funds in the tax increment financing plan for its redevelopment.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[],"class_list":["post-1004123360","post","type-post","status-publish","format-standard","hentry","category-nashville-knoxville","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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