Skanska Inks Additional $74M Contract for Nashville Mega-Project
- Jul 06, 2018
For the second time in less than four months, Skanska has announced contract news at Fifth + Broadway, a $430 million mixed-use development underway in Nashville, Tenn. Skanska, general contractor for Fifth + Broadway, inked an additional contract valued at $74 million with project developer OM-SE, a joint venture of OliverMcMillan and Spectrum | Emery.
Fifth + Broadway is being built on 6.2 acres on the former site of the Nashville Convention Center. Designed by architectural firms Gensler and Gresham Smith & Partners, the mixed-use destination will encompass roughly 235,000 square feet of retail and entertainment space, a tower offering 380 multifamily units and 501 Commerce, a high-rise featuring approximately 400,000 square feet of premier office space.
Skanska’s latest contract comes right on the heels of the construction and development company’s March 2018 announcement that it had inked an agreement with OM-SE, increasing its existing contract in a deal valued at $163 million.
Fifth + Broadway is already attracting attention on the leasing front. Clothing company H&M has committed to retail space at the project and, although specifics are being kept hush-hush for now, the office segment is seeing activity as well.
“We are thrilled with the leasing activity at 501 Commerce,” Stewart Lyman, a director with Cushman & Wakefield, told Commercial Property Executive. Lyman and colleague Rob Lowe Jr, a senior director with the commercial real estate services firm, are overseeing office leasing at the property. “OliverMcMillan has a proven track record delivering first class mixed-use projects, and Fifth + Broadway is no exception,” Lyman added. “The efficiencies and amenities of the office tower, coupled with [more than] 200,000 square feet of walkable dining and retail destinations, plus an apartment tower in the best location downtown, offer office tenants an environment Nashville has yet to experience.”
Construction of Fifth + Broadway kicked off in 2017, and the project is on track to reach completion in 2020.
Image courtesy of Gensler