According to the Nashville Business Journal, A Davidson County Circuit Court judge has ruled that the MDHA has the right to take a 5.7-acre parcel from Tower Investments for the Music City Center convention hall project. Clearly, this is a massive legal victory for the new convention center as the Tower Investments parcel of land represents the best location for the center’s hotel. As you may recall, MDHA’s $14.8 million offer to Tower Investments was met with stern resistance as was the city’s appraisal of $12,550,600. Tower Investments attorney Joe Conner had characterized MDHA’s offer as “ridiculously low” in light of the fact that Tower had paid $14.78 million to acquire the land in January 2007.
It appears that Tower may be in the same position as hundreds of other real estate buyers during the run up of the middle 2000’s. No one wants their real estate investments to be worth less than what they paid, but unmistakably, real estate values have dipped in the Nashville area since January 2007.