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The developer of the Nashville Medical Trade Center announced the project is being suspended due to its inability to meet internal leasing targets.
Plans for the $250 million medical mart, which rivaled a similar facility currently being constructed in Cleveland, were originally announced in 2009.
On October 11, Bill Winsor, Market Center Management Co. President and CEO, said in statement that the long-term vision for the project—born from what he describes as a bold idea, advantageous location, and compelling design—was met by short-term realities of “the sluggish U.S. economy, healthcare policy uncertainty, and the immediate pressures on quarterly revenues that created barriers for many global companies.”
In a statement responding to the news out of Nashville, Jim Bennett, senior vice president of MMPI, the developer of the Cleveland Medical Mart, says MMPI's project remains on target to open in 2013.
Bennett noted that while the Nashville facility faced the task of filling more than 1 million square feet of showroom space, the Cleveland mart in contrast is a 235,000-square-foot building with approximately 100,000 square feet of showroom space.
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