Music City Center dealt big blow with ruling
“Less than three weeks before its star-studded grand opening, Music City Center was dealt a blow that could jeopardize the project’s ability to stay within its budget.
The Tennessee Court of Appeals affirmed on Tuesdaya lower court’s decision that Metro vastly underpaid for a key piece of property the city took from a private developer to build the 1-million-square-foot building south of Broadway.
The court-ordered higher price puts Music City Center about $16 million over its original $57 million land budget.
A Nashville jury ruled in 2011 that a 5.66-acre parking lot owned by Tower Investments was worth $30.4 million, which was more than double the $14.8 million Metro offered. Tower Investments purchased the property in January 2007 for about $14.6 million.”
Rau, Nate. The Tennessean 2 May 2013.