Rivergate Mall redevelopment deal includes housing, retail and medical space
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Illustration: Brendan Lynch/Axios
The run-down Rivergate Mall property will be redeveloped into a massive mixed-use complex under a deal Mayor Freddie O'Connell's office announced Tuesday.
Why it matters: Gigantic malls that were popular a generation ago have gone unused and become eyesores in some of the city's biggest neighborhoods. Redevelopment of the 57-acre property in Goodlettsville could bring in new businesses and economic activity.
Driving the news: The O'Connell administration reached an agreement with the firm Merus to redevelop the mall.
- Merus is planning a large mixed-use project including housing, retail, restaurants, sports and entertainment facilities, medical office space, and hotels. The city will be on the hook for up to $42 million over 25 years, under the the terms of the deal.
- As part of the deal, Merus will reserve land for a WeGo transit facility. The deal also calls for affordable senior housing units.
What he's saying: "With a development partner in place, we can reimagine this space to be a community asset that brings neighbors together and enlivens the neighborhood," O'Connell said in a press release.
By the numbers: The mayor's office noted that 57 storefronts have closed at the mall, which opened in 1971, while 39 remain open.
What's next: The project will need the approval of the Industrial Development Board and the Metro Council.
The big picture: The Rivergate mall deal marks the second major economic development project under O'Connell's administration following the East Bank agreement with the Fallon Company. The deal was negotiated by the city's chief development officer Bob Mendes.
- Under the terms of the agreement, Metro would provide a portion of future property tax revenue generated at the property to the IDB, which would then make grants to Merus.
Flashback: In 2022, the city purchased the former Hickory Hollow Mall site in Antioch under former Mayor John Cooper. Work on a redevelopment plan for that property is ongoing.