A Dallas-based firm revealed Monday plans to rework the existing Nashville Convention Center into a 12-story marketplace for medical device manufacturers. Until now, there has been no formal plan for future use of the building.
The purchasing process for medical devices is “chaotic,” according to Jeff Balser. He’s the vice chancellor for health affairs at Vanderbilt University. Balser describes buying 100 hospital beds for Vanderbilt’s new critical care tower.
“To compare the functionality and performance of two different beds, we had to send teams of people to Cambridge, Massachusetts and Batesville, Indiana.”
In theory, the Nashville Medical Trade Center would allow purchasing officers to do all their shopping in one spot. Developers say as many as 1,000 medical device and technology companies could set up shop in offices above the convention center space. The existing exhibit halls would be used for small trade shows.
Similar developments are in the works in both New York City and Cleveland, though both have been delayed. Now Nashville joins the pair of cities in the race to get off the ground. Lead developer Bill Winsor of Market Center Management says there’s room for just one medical trade center in the country.
“I don’t think the industry is going to accept more than one.”
The $250 million deal is expected to be privately financed, although Nashville Mayor Karl Dean says there will be tax abatements as part of the negotiations.
“I think it’s safe to assume there will be incentives involved and it’s safe to assume there will be a long term lease done on this building.”
Metro Government owns the existing convention center. Dean says the announcement of the trade center reinforces the need for a new downtown convention center. Those plans are still awaiting final approval from the Metro Council.
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