NASHVILLE, Tenn. - Crosland Southeast has received the first round of approval for public financing it requested to help pay for the re-development of the Bellevue Center mall.
The Metro Industrial Development Board gave its approval Tuesday morning for tax incentives through their tax increment financing also known as TIF money. It was an amendment to a TIF deal the same board approved for that site back in 2007, and 2008.
The developer said TIF money is needed to help pay the exuberant cost to demolish the current mall, and build infrastructure for the new project.
"A TIF allows us to essentially redirect the property tax, or a portion of the property tax, that our project, if it goes forward, will generate and redirect it to allow us to pay for some of those extraordinary development cost on the front end," said Tim Sittema from Crosland Southeast.
The developer has requested $2.7 million in TIF money, over 15 years.
Sittema said if the IDB did not approve the TIF money at its meeting, the One Bellevue Place project would have been dead.
Crosland Southeast has been actively working to recruit tenants for its Bellevue project.
"We're thrilled to report we have two signed leases with anchors, already. Carmike Theater and Sprouts Farmers Market. Sprouts is new to Nashville and will be locating one of their stores in the Bellevue community, which we're very excited about," Sittema said.
The TIF money still needs the approval of the Metro City Council. A vote on the proposal will happen at its August 4 meeting.
The Metro Council member for the Bellevue area said her community has waited a long time for this day.
"To take care of a property that has dragged an entire community down, as I said, is just a great day for Bellevue," said Councilman Sheri Weiner.
The councilman said the key to One Bellevue Place's success will be its mixed use component.
"It's not just residential, it's not just retail, it's not just hotel, or theater, it's a mix of all the best that Bellevue needs, and that Bellevue will be able to offer to all of Nashville," according to Weiner.
One Bellevue Place will have medical and office space, a 120-room hotel, as well as a 330 apartment community on the back of the property.
The office component to the project is not a part of the TIF money proposed for One Bellevue Place.
If the TIF money is approved, demolition of the current mall will start in the fall. Construction of the new development would start in early 2016, with a completion date near Christmas of 2017.
The current Sears location at Bellevue Center is in the process of have a store closing sale.