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Opryland Theme Park Becomes Opry Mills
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Opryland Theme Park Becomes Opry Mills
As if the Grand Ole Opry were not entertaining enough, a 1.2 million-square-foot entertainment/specialty megamall will soon be springing up in suburban Nashville, Tennessee, replacing the Opryland theme park, which closed last January. The Mills Corporation, (703-526-5000) well known for its national string of discount / specialty / entertainment centers, broke ground in October for Opry Mills, its 8th such center, destined to open in spring 2000, adjacent to the Grand Ole Opry and the Opryland Hotel complex. Gaylord Entertainment (615-316-6000), the parent company of Opryland said that Opry Mills will be built on the existing Opryland complex in partnership with The Mills Corporation. The decision to abandon the theme park was "a difficult decision to exit a very enjoyable business we had been in for 26 years," said Tom Adkinson, manager of corporate communications at Gaylord. Coming in Out of the Rain "When we looked to the next decade or two, we decided it would be better to be in a business that was not weather-dependent," Adkinson said. The park could be open in the best of times about 150 days a year, plus "the land was very strategically located right in the middle of our complex." The Mills concept has proven successful, so much so that its Ontario Mills complex in Los Angeles attracts the patronage of Hollywood personalities and the attention of the likes of Time Magazine. The $220 million project will be funded with $50 million in equity from the Mills Corporation and $170 million in construction loans, according to Steve Walsh, head of investor relations for Mills. Gaylord will contribute the land to the partnership, which will be owned 67 percent by Mills and 33 percent by Gaylord, Walsh said. Opry Mills will open with more than 200 specialty retailers, manufacturers and retail outlets, off-price retailers, category dominant stores and dining and entertainment venues under one roof. Located about nine miles northeast of downtown Nashville, between Two Rivers Parkway and McGavock Pike, Opry Mills is expected to draw 17 million visitors in its first year of operation, Mills company officials say. Adkinson said the Opryland theme park was pulling about two million visitors, and the Opryland Hotel saw four million walk through its doors annually, "but not all of them stayed overnight." The population of Nashville is about one million, Adkinson said. A Stable of Star Tenants Early tenants include: Bass Pro Shops Outdoor World an interactive environment concept featuring all types of outdoor activities gear and apparel using 125,000 square feet; Virgin Megastore a music, movies and software emporium offering 150,000 music titles on CD and cassette and 10,000 movie and music titles on DVD and videotape occupying 25,000 square feet; Rainforest Cafe a restaurant and retail combination with a simulated tropical rain forest complete with cool mists, waterfalls, thunder and lightning, bird and animal animations and even rain forest aromas. Its Rainforest Retail Village also offers a propietary line of clothing, caps and jackets and rain forest theme items from around the world in 20,000 square feet; Wolfgang Pucks Cafe featuring wood-fired pizzas, personalized pasta dishes and fresh salads using 9,000 square feet;Alabama Grill International offers food plus musical shows featuring videos of the famous Alabama band, in addition to scheduled high-tech video presentations that combine live concert performances and personal interviews with Alabama band members and other country music stars. Memorabilia and personal artifacts from Alabama and other country music performers and legends are also on display occupying 20,000 square feet; Regal Cinemas elaborately designed to carry on the country-western theme of the Opryland complex in 80,000 square feet (18 screens, 4,000 seats) and an IMAX 3D Theater. Bass Pro Shops Outdoor World, originally scheduled for construction at a site just off Briley Parkway and McGavock Pike, is expected to become a key anchor in the Opry Mills complex. "We are very excited about being invited to be a part of the new Opry Mills project," said John L. Morris, president and founder of Bass Pro Shops. "We held up progress at our previously announced site because many of our customers enjoy the entertainment Opryland has to offer, and the new site makes for a very dynamic location. We want to assure our sportsmen customers that when coming to shop only at Outdoor World, easy access and front-door parking will be foremost in our plans. Most of all, we are totally committed and very excited to get on with building our new Nashville store!" Seven Up, Seven Coming "When fully leased and operational, the project is expected to employ 4,000 full- and part-time workers and generate $350 million a year in retail sales," said Laurence Siegel, chairman and CEO of The Mills Corporation, a fully integrated, self-managed real estate investment trust based in Arlington, Virginia, which owns, develops, leases, manages and markets a portfolio of seven super-regional retail/entertainment megamalls, one super-regional conventional mall and 11 community shopping centers, totaling 12.7 million square feet in 12 states. Opry Mills is one of seven new projects under development. The Bridge to Opry Plaza Gaylord Entertainment President and Chief Executive Officer Terry E. London said, "Were terming it Destination Opryland, and the key to making Opryland a true destination will be the way we are able to create pathways to all these venues. The Grand Ole Opry House is our centerpiece our castle. And, for the first time ever, we will create the internal access and the position of prominence the Opry House deserves." Built on land currently used for themepark parking, Opry Mills will feature an entertainment corridor connecting the enhanced Opry Plaza and Cumberland Landing areas. The Opryland enhancements will be phased in over a five-year period, with the first of the incremental openings anticipated in the spring of 2000. The Grand Ole Opry, symbolized by the Opry House and the Opry Plaza, will become the centerpiece of the enhanced properties, with internal access and roadways redesigned to maximize visibility and accessibility. The Cumberland Landing area adjacent to the Cumberland River will be expanded to include themed dining and entertainment to complement the General Jackson showboat, the Opryland River Taxis and the natural beauty of the river. The Opryland Hotel, featuring unique entertainment experiences surrounded by almost 2,900 guest rooms and 600,000 square feet of meeting and convention space, will be more closely aligned with other Opryland properties through improved access. The broadcast area of the Opryland complex still houses CBS Cables TNN and CMT television networks, along with Gaylord Entertainments CMT International and Z Music Television. The company also owns three radio stations. These broadcasting properties provide the critical mass for the potential development of a Broadcast Center. "Adding a special entertainment-oriented retail experience is a natural fit with our commitment to creating new entertainment traditions," London said. "By combining music and other entertainment options with exciting retail names and great attractions, we will make Opryland a destination unmatched anywhere in the country." "We are proud to put the Mills name alongside such a recognized national and world entertainment force as Gaylord Entertainment," said Larry Siegel, chairman and chief executive officer of The Mills Corporation. "Our concept of destination shopping has enjoyed tremendous success in the past decade. Aligning this concept with such traditional entertainment icons as the Grand Ole Opry and the Opryland Hotel will create bold, new entertainment and shopping excitement and an economic boon to the area." Gaylord Entertainment is a diversified entertainment and communication company operating in three industry segments: entertainment, cable networks, and broadcasting. Gaylords entertainment business includes its flagship "Grand Ole Opry" music show and the Opryland Hotel. The companys cable network operations consist of CMT Latin America and CMT Asia Pacific Rim (country music videos) and Z Music Television (Christian music videos). Its broadcasting operations include a Dallas-Fort Worth TV station and three radio stations in Nashville, Tennessee, including WSM (AM/FM). The architect for the Opry Mills project is Cooper Carry of Atlanta, Georgia; the general contractor is Whiting Turner of Towson, Maryland, and the site engineering is being done by Barge, Waggoner, Sumner & Cannon of Nashville, Tennessee. |