Developers of Nashville’s medical mart project are in the final stages of negotiating square footage, lease rates and other lease terms with 15 new tenants, The Tennessean reported.
What’s significant here is that developers of the proposed Nashville Medical Trade Center are negotiating leases with tenants, not letters of intent.
Developers behind Cleveland’s competing medical mart have recently trumpeted that they’ve secured letters of intent from 32 prospective showroom tenants and 16 conferences and trade shows. However, letters of intent are far less binding than leases.
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A spokesman for the Cleveland project told The Tennessean that its letters of intent include specifics about the length of a lease, square footage, costs and other financial terms.
Officials with Market Center Management Co., which is developing the Nashville project, didn’t reveal any names of companies with whom they’re negotiating, but said the companies represent industries that include medical devices, furniture, and surgical equipment and diagnostics and testing products.
Thus far, Nashville’s developers have publicly revealed the names of two tenants who’ve agreed to lease space in the trade center — Lipscomb University, a Christian liberal arts college that was once known as Nashville Bible School, and HIMSS, a health information technology trade group.
MMPI, the developer behind the Cleveland project, has yet to publicly name any of the companies or organizations that have signed letters of intent.
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Each project is slated to open in 2013, with Cleveland expected to break ground this fall. Most insiders say the healthcare market can support only one medical mart in the nation, so industry perception of each city’s prospects for success is extremely important as the two projects compete for the same limited pool of potential tenants.
