Nashville Medical Trade Center Plans Scrapped
October 11, 2012
Even after securing several new exhibitors in the past six months, Market Center Management Company has decided to scrap plans for the Nashville Medical Trade Center, citing not enough long-term leases signed to continue with the project.
“Ending a development venture with such clear benefits for the health care industry has been a difficult decision, but ultimately we were unable to meet our internal leasing targets,” said Bill Winsor, president and CEO of Dallas-based MCMC, in a statement.
He added, “As we said from the outset, we would only proceed if we secured a critical mass of signed, long-term leases from industry leaders that would allow us to confidently take the project into the marketplace for financing.”
Even with high-profile clients such as the Health Information and Management Systems Society, the first exhibitor to sign on to the planned 1.5 million square foot center, the headwinds were just too strong to move the project forward.
Some of the other new exhibitors that also had committed to the new center included Informatics Corporation of America, Humanscale, ergoCentric, RFID in Healthcare Consortiumand Remind America.
Winsor said there was a lot of enthusiasm for the new center from not only himself, but several companies and organizations.
“Unfortunately, long-term vision was met head-on by the shorter term realities of the sluggish U.S. economy, health care policy uncertainty and the immediate pressures on quarterly revenues that created barriers for many global companies,” he added.
Besides the economy, the Nashville center contended with competition from another medical trade center project – the Cleveland Medical Mart & Convention Center – which is set to open July 2013.
The $450 million Cleveland project will include a 100,000 square foot medical mart, with an adjoining 230,000 square feet convention center.
In addition, the facility will have more than 92,000 sq. ft. dedicated to meeting rooms and a ballroom looking out onto Lake Erie in downtown Cleveland.
Winsor thanked the City of Nashville, the State of Tennessee and “the many business and civic leaders who offered encouragement and counsel.”
He added, “We are confident that under a different set of circumstances Nashville remains the ideal location for a global health care trade center. And we hope to have the opportunity to conduct business in Tennessee at a future date.”
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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