Nashville Yards, Music City's new billion dollar redevelopment project, "reimagines the gateway to downtown,” according to its developers, and seeks to be a model for a new generation of urban development.
Cary Mack, co–managing partner and managing principal of Nashville Yards' lead developer Southwest Value Partners, explains to the Urban Land Institute that one of the project's main goals is to bring together all aspects of Nashville's current development boom. Planned for the site are a new concert venue, a Grand Hyatt hotel, an office tower for Amazon, and new public green space.
“We think Nashville Yards will generate $429 million in property taxes plus an uncounted amount of sales tax income over the next 30 years,” says Matthew Wiltshire, director of the Mayor’s Office of Economic and Community Development for the city of Nashville. However, city officials have not had to offer incentives such as big tax breaks or favorable financing based on future tax income to entice developers. “We don’t want to be arrogant about it—we think we have a valuable thing in downtown Nashville,” says Wiltshire.