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The RMR Group Announces Transformative Nashville Redevelopment Project
Rezoning effort aims to create new vision for East Bank Targeting three million square feet of mixed-use space NASHVILLE, Tenn.--(BUSINESS WIRE)-- The RMR
About this update from The Rmr Group Inc.
[{"type":"text","content":"\nRezoning effort aims to create new vision for East Bank\n\nTargeting three million square feet of mixed-use space\n\n NASHVILLE, Tenn.--(BUSINESS WIRE)--\nThe RMR Group Inc. (Nasdaq: RMR) today announced the filing of a Specific Plan with the City of Nashville for 111 North 1st Street, a 16-acre property on Nashville’s East Bank. RMR believes the East Bank, historically an industrial area, has the potential to transition into one of the most dynamic mixed-use neighborhoods in the city supported by Nashville’s rapid growth and diversified economy. RMR is exploring the transformative redevelopment project on behalf of its client company, Service Properties Trust (Nasdaq: SVC).\n\nWith this filing, RMR seeks to create residential and hospitality options, best-in-class office space and a vibrant street life centered around multimodal roads and destination retail.\n\nIf approved, the rezoning and revitalization of 111 North 1st Street would allow for the creation of over three million square feet of mixed-use space. The project will introduce crucial infrastructure for vehicular, bicycle and pedestrian traffic, transforming a once-industrial area into a walkable streetscape. The development plan also proposes ample new green space that allows for future connections to the East Bank Greenway.\n\nJesse Abair, Senior Director of Development, The RMR Group, provided the following statement:\n\n“Our proposal for a people-centric, live-work-play development would provide a critical link between Downtown and East Nashville. Enhancing connectivity for the city’s transportation and greenway networks is one of the primary objectives of this project. We believe the redevelopment of 111 North 1st Street can be a catalyst for the emergence of the East Bank into a vibrant mixed-use neighborhood, and we look forward to continuing our work with the city to shape this project for the benefit of Nashville’s residents, businesses and visitors alike.”\n\nThe RMR Group’s experience includes development projects across the country such as Muse at Torrey Pines in San Diego, California and the recently completed 1145 19th Street, NW in Washington, D.C. Early-stage master planning, contextual and sustainable design, and pedestrian-scaled, activated streets are key differentiators for 111 North 1st Street, which would be The RMR Group’s first development pr...