NASHVILLE, Tenn. (WTVF) — After multiple business owners reported getting letters that their lease would not be renewed, the property manager behind Nashville Arcade is talking about the space's future.
In 2021, it was reported by the Tennessean that the historic downtown plot had been sold.
Last week, some owners received a letter their lease was not being renewed. Plans that were submitted to the Metropolitan Development and Housing Agency for the property show a renovation of the building.
Current business owners expressed some fear about what could happen next.
Robert Lowe, executive managing director of Stream Realty Partners, said he couldn't discuss lease agreements with the businesses at the arcade, but understands the uncertainty.
"Please know, we are acutely aware of the historical significance of the arcade over the past century and to present," said Lowe. "We are committed to being good stewards of the property."
Renderings of the plan provided by Dryden Architecture show an updated exterior of the mall and renovations of the storefronts. A marketing brochure promises to bring a "refined contemporary edge to its historic 1902 design."
Lowe said they intend to restore the arcade to its "prior glory."
"We're focused on making the arcade a special place. A lot of those tenants are a part of that future," he said.
The redesign brings up a lot of questions for long-time Nashville residents. That includes Councilman Freddie O'Connell, whose draw to the arcade has a lot to do with the art walk.
"Whatever the next iteration of the arcade is, if it's not participating in the art crawl, it will feel like we've lost something. Especially along that corridor that fronts Fifth Avenue," said O'Connell.
O'Connell also feels that the arcade has struggled with business in previous years.
"There's a lot of classic places that you wouldn't want to lose, but there are some places where it turns over it seems like at least once a year," he said.
It's unclear when renovation work will start. The plan has to make it through Nashville committees first.