HCA shifts plan for $200 million development to Charlotte Ave. - KPTV - FOX 12

HCA shifts plan for $200 million development to Charlotte Ave.

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NASHVILLE, TN (WSMV) -

A high-profile real estate deal has fallen through, and it appears a controversial piece of land will now sit empty for a while longer.

This represents a big shift for the future of downtown Nashville, and it also represents more trouble for a long-planned project that can't seem to get off the ground.

Hospital Corporation of America had planned to put its headquarters in the piece of land along West End Avenue known as West End Summit. A lot of people call the site Lake Palmer for its developer, Alex Palmer, and the gigantic hole that has sat undeveloped for years.

The newest plan hit a snag in financing this fall, and that apparently opened the door for HCA to consider other alternatives.

Now, it looks like the company will simply head down the street, closer to downtown Nashville, near Charlotte Avenue and 11th Avenue.

According to The Tennessean, the site will become the new home for the project and, reportedly, an anchor for a massive mixed-use development.

HCA will invest about $200 million and will still plan to relocate about 2,000 jobs to downtown Nashville.

The project, for now, is expected to take about three years to complete and will be part of a larger 32-acre development called Capitol View that will eventually include offices, residential space and other developments.

Mayor Karl Dean told The Tennessean he appreciates HCA remaining committed to downtown and promised the city's partnership moving forward.

As for Palmer, the developer for the West End Summit, he told the paper he had a "back-up plan" in place if HCA pulled out of the project.

Further details on what that might be have not been released.

Copyright 2013 WSMV (Meredith Corporation). All rights reserved.

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