By Bob Allen
LifeWay Christian Resources has found a buyer for its campus in downtown Nashville, Tenn., the Southern Baptist Convention publishing house announced March 24. Terms of the contract, including price, were not disclosed, pending closing of the sale in a few months.
In February LifeWay trustees authorized sale of the nearly 15-acre campus to allow the SBC entity to build a new facility better suited for new technology and a smaller work force than the current campus, which has grown over the years to include nine buildings with more than 1 million square feet of office, warehouse and parking space.
LifeWay President Thom Rainer said in a news release that while a master plan is not finished, his understanding is the buyer plans a mixed-use development including office, retail, residential, entertainment and hotel.
The contract is with a consortium of local and national developers formed specifically for the project. The Tennessean reported that one of the buyers is Fred Wehba Jr., a Los Angeles property developer who recently launched a new investment platform planning investments of $250 million over the next three years.
Rainer said earlier that he would prefer that LifeWay’s next location remain in downtown Nashville, and that any sale would include a leaseback option until a new headquarters can be completed.