WZTV - Search Results

The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Repurposed Downtown Buildings A Growing Trend; Vacancies Decreasing--Mikayla Lewis

Stream Fox 17 newscasts LIVE starting with Fox 17 This Morning at 5 am and News at 9 pm.

NASHVILLE, Tenn.--The historic Acme building was bought and now being re-purposed into a four level venue.

Located on Broadway and First Avenue, the building was built in 1809.

Mayor Karl Dean said, "We are talking about an iconic building in a prime location that will help reconnect the downtown area ."

The new owners of the Acme Building, include Tom Morales and country music legend, Alan Jackson. The owners will keep the historic and original charm of the building. The first floor will be a modern honky tonk and casual restaurant. The second floor will house an upscale bar and lounge. A large music and event venue will be on the third floor, with a roof-top patio on the fourth floor.

Tom Morales said, "What we're trying to do is create a unique Nashville experience so that we can answer with a noun saying go to the Acme."

Many investors are buying into the downtown experience in general. According to the Q3 Office Market 2013 report, a little more than 9 % of building space remains vacant, compared to 12 % five years ago.

Doug Green said,"  But  everybody is trying to get in now, in a way that a year ago no one really seemed to care as much. "

Doug Green has owned a variety of Nashville bars since 2008. Green has seen downtown grow first hand. His last bar was recently purchased, and the business was not even up for sale.

"We were not trying to advertise anything for sale. We just started getting approached by different groups that had interest in getting into downtown Nashville. With the limited space they just had to start knocking on doors," Green explained.

Mayor Karl Dean says with new additions like the Music City Center and Omni Hotel, it is creating a ripple effect.

Mayor Karl Dean added, "We have seen major private investments follow the  city's investments."

Local businesses agree, like Puckett's on 5th and Church street.

Puckett's manager, Ben Rodriguez said, "Just since the convention center opened this last summer, we've seen a huge amount more in business. Just more walking traffic, more people in hotels which means more referrals from the concierges."

Downtown growth is also a result of job growth in Nashville. The employment rate is up by about 2.5 % from last year.

The Acme Building will create jobs and is expected to open in June 2014.

Follow Mikayla Lewis on Twitter @MikaylaFox17

Follow us on Twitter @wztv_fox17 and LIKE us on Facebook for updates.