NASHVILLE, Tenn. – Lifeway Christian Resources has entered into a contract for the sale of their campus in downtown Nashville. Contract terms, including the sale price, have not been disclosed pending closing of the sale in a few months.
The contract is with Uptown Nashville, LLC, a consortium of local and national developers formed specifically to develop this property.
Lifeway president and CEO Thom S. Rainer said he is excited about the prospects for the property as well as Lifeway’s future.
“Although the buyers are still finalizing a master plan for the site, I understand their intention is for it to be a mixed-use development including office, retail, residential, entertainment and hotel,” Rainer said.
“And, the sale – when completed this summer – will provide the resources for Lifeway to build a new facility, hopefully in downtown Nashville, that will support the technologies, collaboration, and culture needed for today’s and tomorrow’s successful national and international ministry.”
Janet Miller, CEO of Colliers International, the brokerage firm representing Uptown Nashville, said the project is historic.
“Re-development of the Lifeway campus is one of the largest economic development events in the recent Nashville history,” she said.
“The project will continue to create jobs and investment in the downtown core, much as Lifeway has done the past 120 years. This campus will be a lynch pin in the future development of downtown Nashville and has the potential to become a new gateway to the central business district.”
Miller said she looks forward to an ongoing partnership as “this valuable asset is re-imagined and re-developed.”
Rainer said the buyers have said Uptown Nashville will “architecturally combine historic charm, paying homage to Nashville’s roots, with the finest quality modern and forward-thinking design. They pledge the mixed-use community will be environmentally green, technologically advanced and service-oriented.”
Lifeway has previously acknowledged that after a sale is closed, they will leaseback a portion of the facilities until a new building is finished.