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Opry Mills to reopen on March 29th
NASHVILLE, Tenn., April 12, 2011 /PRNewswire/ -- Nearly one year after a historic flood ravaged Nashville and submerged Opry Mills, one of Tennessee's top tourist attractions, Simon Property Group, Inc. (NYSE: SPG) announced today that Opry Mills has reached an agreement with its lenders, Helaba Bank and Nord/LB, to finance the rebuilding of the mall. Opry Mills will continue its litigation to have its insurers comply with their obligation to pay the amounts they agreed to in the event of a flood loss. The landmark property is expected to reopen and once again greet shoppers in 2012.
"We are thrilled that Opry Mills will be able to spring back to life," said Gregg Goodman, president of The Mills, a Simon company. "Our shoppers will once again be able to experience the great shopping, dining, and entertainment options that made Opry Mills such a huge hit when it opened in 2000 and the general community will benefit from the construction jobs, the return of the retail jobs, and the resulting tax revenues."
Goodman said work to get Opry Mills reopened next year would start immediately. He added that he and his leasing team have met with many retailers and expected a majority of the mall's tenants to be open in the spring of 2012.
Signaling Opry Mills' future success, most of the previous anchor/tenants have committed to be part of the reopening plans. These include OFF 5TH Saks Fifth Avenue, Regal Cinemas Opry Mills Stadium 20 & IMAX, Dave & Buster's, Rainforest Cafe, Aquarium Restaurant, Off Broadway Shoes, and a greatly expanded Forever 21. Bass Pro Shops has already reopened.
Previous in-line stores that have also committed to the restored Opry Mills include Banana Republic Factory Store, J.Crew Factory, Brooks Brothers Factory Store, Ann Taylor Factory Store, Victoria's Secret, and Tommy Hilfiger Company Store.
Additionally, many new tenants to the property are anticipated to open in spring 2012 such as Coach Factory Store, Calvin Klein, Tommy Bahama Outlet, Talbots, Chico's, White House Black Market, Under Armour Factory House, and The LEGO Store.
"The response from the retail community has been incredibly positive and enthusiastic," Goodman said. "It's clear that they prospered at Opry Mills and are anxious to return."
"Regal Entertainment Group is eager to rebuild Regal Cinemas Opry Mills Stadium 20 & IMAX and we're delighted to be part of the restored Opry Mills," said Dick Westerling, senior vice president of marketing at Regal Entertainment Group. "As a Tennessee-headquartered business ourselves, we're happy that this great retail and entertainment landmark is coming back."
"The decision to reopen Opry Mills is a testament to Nashville's strong economy and our resilience in recovering from the 2010 May flood," Nashville Mayor Karl Dean said. "Opry Mills provides over 3,000 retail jobs in our community and has a significant impact on our tax base and the other businesses in the Music Valley area. Its return in 2012 will be another great moment in our city's recovery, and we very much look forward to that day."
Tennessee Governor Bill Haslam said, "This is representative of the remarkable effort exerted to restore the lives and livelihoods affected by the 2010 floods. Bringing these thousands of jobs back online is an incredible boost, and I commend those involved to make this happen so quickly. Tennesseans and Opry Mills have shown everyone how to bounce back."
Opry Mills was severely damaged by high flood waters in May 2010. Losses to the property are currently estimated to exceed $200 million. Unfortunately, Opry Mills' commitment to the citizens and economy of the city of Nashville, Davidson County, and the state of Tennessee was undermined by the refusal of Opry Mills' insurers to fulfill the promises made when they agreed to provide $200 million in flood coverage. Last September, Opry Mills filed a lawsuit in the Chancery Court of Davidson County against the insurers who have refused to honor their contractual commitments for flood insurance coverage, and that case will proceed while Opry Mills is being rebuilt. Since last fall, Opry Mills and Simon have worked hard with stakeholders, including their partners, lenders, and tenants to find an alternative way to fund the costs of reconstruction and rebuild the mall without waiting until the insurance litigation is concluded and are extremely gratified to announce this effort has been successful.
About Opry Mills
Opry Mills is located seven miles from downtown Nashville, between Interstates 40 and 65, and is within walking distance of the Grand Ole Opry and the 2,800-room Gaylord Opryland Resort and Convention Center. For the latest information about the ongoing restoration process at Opry Mills, please call (615) 514-1000 or visit www.oprymills.com. Opry Mills also may be found on Facebook (www.facebook.com/OpryMills) and on Twitter @shoprymills.
SOURCE: PRNEWSWIRE
Most of the shops have commited the reopening. Show me the money. They have to rebuild the spaces themself. With the soft opening nad the rest of Nashville moving away from the opry area. The mall is in for Hard times. The Bank that holds the loan for Simon on this is in trouble itself. Look Up "Heleba Stree Test", Heleba Bank Germany. The new convention center in Nashvile Mile away will draw all the conventions from the over priced Opry Land Hotel. There is not really anything to do in the Opry Area but Shop and go the the hotel. Not much of a vaction if you ask me. Down town has Sports, any food you could ask for, night life, County Music Hall, of Fame, Wild Horse, The Ryaman, Hard Rock Cafe', Country Music Label offices, MCA records, well you get the picture. Opry Mill, a muddy river, and shopping. Most people can do that at home.
ReplyDeleteWe heard the mall would be back by now a year ago. As for the construction jobs. Lets hope they use local contractors. Not a chance, the restoration company that has filed suit against Simon who has yet to pay them for the clean up, was from Texas. The help on this job will be from Mexico. Wait and see. The stores have to build out their on space so those contracts will go to the contractors they use from their home states. The extra retail jobs they create will be pulled from other malls that will have to compete will this one for their peice of the pie. This mall will never be, and really has never been that strong. The most it will do is hurt other malls in the area. I must agree with the other person, there is very little to do or see in the run down Opry area. The convention center downtown will pull from the area the one thing the Hotel had going for it. Five new hotels under way in the Nashville downtown area and so much more to do there. Why go to Opry Mill or the Hotel??? So you can drive downtown? JUST STAY DOWN TOWN! Drive to the mall one day if youlike to walk for hours. Or you could shop the 2nd Ave area and get a real feel for Nashville. Sports, the Ryaman, Hall of Fame, Wild Horse, Great well known eatery's, Hard Rock Cafe, On AND ON AND ON.
ReplyDeleteThe mall is for people that have no life and are realy I'm mean realy Boring. Dave and Busters-- Get real.. what can you do that you can't do everywhere else near any mall.
ReplyDeleteNot a true place that stands out as a vacation spot.
ReplyDeleteMayor and Governor speak in video about Opry Mills opening.
ReplyDeletehttp://factoryoutletinsiders.blogspot.com/2011/04/mayor-and-governor-speak-about-opry.html
We will see if the soft opening will help or hurt the Opry Mills mall. 200 hundred shops and they have about 20 ready to sign on. There will be lots to do, and with unemployement at record levels the contracts will be under a microscope. If the jobs are sent out of town how does that help the area. When they buy a coke and a sandwich across the street? Or stay in a cheap hotel room? Or is it when they close stores at other malls to open in this one, to once again break even. I don't think so! Who wins, not even the customers if the stores are not true outlet shops.
ReplyDeleteWhat a deal at only $46 a Square foot you could rent space in the Opry Land Hotel..Forget the Opry Mills mall. Just make it an Even $50. And I'll get a spot at the Trump Towers instead. My god man! The traffic count is great there, yet the mall has one of the lowest conversion rates I've ever even heard of. Most stores hit about 8% at best. FACT ASK AROUND.
ReplyDeleteleave it closed, why waste money on this with all the other things that are against the area.
ReplyDeleteOpry mills can rebuild if they want to, Please change the name to "Money Pitt" IF PEOPLE LEASE THERE IT'S ONLY BECAUSE THEY FILL THEY HAVE TO BECAUSE SOMEONE ELSE DID. It's a drain on the other malls and is big let down to people that want the flavor of Nashville. Well this is not it.
ReplyDeleteThe river was 5 feet from flooding again this week, They Just Don't Get It. It will happen again. The weather pattrens have changed and we are getting more rain than ever before. We have two Dams in bad need of repair and no money to fix them much less work on the river banks.
ReplyDeleteI had no idea the job loss in the retail sector in America were so vast over the last couple of years. Over this side of the pond there's also been a drop, most notably retail jobs in london, but nothing in comparison to the losses in America. Great to hear that not all is doom and gloom when it comes to retail. The reopening of this mall will go a long way to creating jobs not least in the retail industry but in all the other related industries involved in the refurbishment and reopening of the mall.
ReplyDeleteWow what a bunch of negative crap....lol....I have news for all of you financial gurus. The mall made a killing before and will do so again. This is a great thing for Nashville area.....
ReplyDeleteunfortunately, us financial gurus have seen the numbers. the mall hardly made a killing, and after the grand opening it will struggle again. only a few stores really profited and they were novel ones for the area (the hardware store, bass pro, etc.) the ones with competition are glad to be out of their leases and aren't going back. look at oakley, they went to cool springs and love it there. unless simon really changes something (and they wont) the mall will never be great and prolly one day be like hundred oaks.
ReplyDeleteThe simon had to get a loan outside the U S A to finance this Falure. Helaba Bank in Germany
ReplyDelete