Nashville, TN — In the second of a multi-step process, the United Methodist Publishing House has entered into a contract with TVG Holdings, LLC an affiliate of Terra Verde Group for the sale of just over 7 acres of property next to the new Music City Center. As a part of the contract there will be a 60 day due-diligence period for necessary final planning by both buyer and seller. Closing of the sale is anticipated by late October or early November 2013.
According to reports in the Nashville Business Journal TVG Holdings, LLC is purchasing the property with the intent to build a mixed use environment which may include a hotel to serve Nashville’s newly opened convention center.
All but 100 of UMPH’s 500 employees work at its downtown offices and the UMC’s publishing/retail organization is exploring options for a new location in the Nashville area. UMPH expects to remain in its current offices through a leaseback agreement through much of 2014.