The $250 million Medical Mart would have been built on the old Convention Center property. Business leaders are hopeful the property won't sit idle for long. When Nashville announced plans for a new Convention Center, developers set their sights on old Convention Center property.

"The people in the healthcare industry in Europe are very familiar with Nashville's public base of healthcare," says Market Center Management Co. Bill Winsor. "They view this as a huge opportunity for them to enter the U.S. healthcare market."

Texas based developer Bill Winson planned to turn the property on Broadway into a $250 million medical trade center. A virtual tour detailed plans to add 12 stories for additional space. On Thursday, company officials said they didn't have enough pre-lease space sold, and it was pulling out of the deal.

"Disappointing for the city because it would have been a great reuse of the facility," says Councilman Charlie Tygard. "You could see it coming, though. The period of time that kept dragging and dragging without an announcement had to be bad news."

It's also bad news for downtown businesses and hotels.

"I personally know the folks that have been working toward that, they've been staying at this hotel," says Hilton Hotel General Manager Ray Waters. "I've gotten to know them over the last couple of years and I know they're disappointed as well. I think Nashville and the hospitality industry is disappointed."

Amid a sluggish economy, the Medical Mart struggled to get tenants, which delayed and finally killed the project. Business leaders are optimistic.

"There is another opportunity out there," says Tygard. "We just need to get out there and start advertising what it is."

Tygard says the Convention Center property on Broadway will be in use through 2017, giving the city time to come up with another use for the property.
Company Behind Medical Trade Center is Pulling Out of the Deal