{"id":1004210899,"date":"2018-03-21T01:52:06","date_gmt":"2018-03-21T09:52:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004210899"},"modified":"2022-12-09T02:27:20","modified_gmt":"2022-12-09T10:27:20","slug":"skanska-extends-contract-on-430m-nashville-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/skanska-extends-contract-on-430m-nashville-project\/","title":{"rendered":"Skanska Extends Contract on $430M Nashville Project"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004210901\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Rendering-of-Fifth-Broadway-in-Nashville-Tenn..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004210901\" data-attachment-id=\"1004210901\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/skanska-extends-contract-on-430m-nashville-project\/rendering-of-fifth-broadway-in-nashville-tenn\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Rendering-of-Fifth-Broadway-in-Nashville-Tenn..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Rendering of Fifth + Broadway in Nashville, Tenn.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Rendering of Fifth + Broadway in Nashville, Tenn.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Rendering-of-Fifth-Broadway-in-Nashville-Tenn..jpg?w=800\" class=\"wp-image-1004210901 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Rendering-of-Fifth-Broadway-in-Nashville-Tenn..jpg\" alt=\"Rendering of Fifth + Broadway in Nashville, Tenn.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Rendering-of-Fifth-Broadway-in-Nashville-Tenn..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Rendering-of-Fifth-Broadway-in-Nashville-Tenn..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Rendering-of-Fifth-Broadway-in-Nashville-Tenn..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004210901\" class=\"wp-caption-text\">Rendering of Fifth + Broadway in Nashville, Tenn.<\/p><\/div>\n<p>Skanska goes all in at Fifth + Broadway, a $430 million\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/mega-project-makes-history-in-nashville\/\">downtown Nashville mixed-use project<\/a> currently under development. The company has increased its contract with developer OM-SE, a joint venture of OliverMcMillan and Spectrum | Emery, as general contractor for the property. The contract extension is valued at $163 million, with the overall construction cost topping out at approximately $300 million.<\/p>\n<p>Designed by architectural firms Gresham, Smith &amp; Partners and Gensler, Fifth + Broadway is taking shape on the 6.2-acre former Nashville Convention Center site. As Nashville\u2019s first mixed-use development, it has been deemed a transformative project. <em>\u201cFifth + Broadway is the pivotal development for Nashville\u2019s urban core,\u201d<\/em> former Nashville Mayor Megan Barry said in a prepared statement upon the <a href=\"https:\/\/www.commercialsearch.com\/news\/downtown-nashvilles-largest-mixed-use-project-set-to-start\/\">start of construction<\/a> in 2017. <em>\u201cWe believe this project elevates the Music City brand, delivering world-class retail and entertainment, as well as the first of its kind National Museum of African American Music, all in the heart of downtown.\u201d<\/em><\/p>\n<p>In addition to the Museum, Fifth + Broadway will feature 235,000 square feet of retail and entertainment offerings, a nearly 400,000-square-foot Class A office tower at 501 Commerce St., and an approximately 400,000-square-foot tower encompassing 380 residential units. Skanska expects to complete construction in March 2020.<\/p>\n<h2>First quarter frenzy<\/h2>\n<p>The first quarter of 2018 has proven to be a busy one for Stockholm-based Skanska\u2019s USA division, with roughly a half-dozen contracts having been announced. Within the span of just two days in January, Skanska announced it had signed on to build a two-tower, 600-unit graduate student housing property for the University of California, San Francisco for $170 million, and committed to constructing an eight-acre mixed-use project in Madisonville, Ohio, for $100 million. The company also expanded another existing contract, inking a deal to build a manufacturing facility in the Western U.S.<\/p>\n<p>Appearances can be deceiving. Despite the sizeable number of contracts Skanska has secured this year, the company is not accepting contracts haphazardly. <em>\u201cWe are more selective now. We focus very much on the contract&#8217;s conditions,\u201d<\/em> Johan Karlstr\u00f6m, former CEO of Skanska, said during the company\u2019s third quarter 2017 earnings conference call. <em>\u201cWe focus very much on the location, to make sure it is a location where we have a strong organization and also a client that we know we have had good operations and we know that we have a good dialogue to work with.\u201d<\/em><\/p>\n<p><em>Image courtesy of Gensler<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When complete, the Fifth + Broadway mixed-use development will include 235,000 square feet of retail, roughly 400,000 square feet of office and more than 350 residential units.<\/p>\n","protected":false},"author":969,"featured_media":1004210901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,13,21752,36077,21742],"tags":[33012,36239,33089,32886,35087],"class_list":["post-1004210899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-midwest","category-mixed-use","category-nashville-knoxville","category-latest","tag-gensler","tag-gresham-smith-and-partners","tag-olivermcmillan","tag-skanska","tag-spectrum-emery"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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