On October 12, 2012 we announced the formal suspension of the Nashville Medical Trade Center project.
Ending a development venture with such clear benefits for the health care industry has been a difficult decision but ultimately we were unable to meet our internal leasing targets. As we said from the outset, we would only proceed if we secured a critical mass of signed, long-term leases from industry leaders that would allow us to confidently take the project into the marketplace for financing.
Unfortunately, long-term vision was met head-on by the shorter term realities of the sluggish U.S. economy, health care policy uncertainty and the immediate pressures on quarterly revenues that created barriers for many global companies. We are thankful to the City of Nashville, the State of Tennessee and the many business and civic leaders who offered encouragement and counsel.
As we traveled the world promoting Nashville’s health care leadership we were proud to hear time and again that Nashville deserves its reputation as an innovative and pro-business municipality. That Tennessee is a state where companies feel uniquely and passionately supported as they expand and create economic opportunity. We are confident that under a different set of circumstances Nashville remains the ideal location for a global health care trade center. And we hope to have the opportunity to conduct business in Tennessee at a future date.
President and CEO
Market Center Management Company