By Jeff Brumley
No one speaking to the press reportedly understands why a proposed deal has fallen through between First Baptist Church in Nashville, Tenn., and a developer of a hotel project.
Neither side could explain why the multi-million-dollar deal for the 1.26-acre downtown parking lot wasn’t finalized, according to the Nashville Business Journal. Both sides also expressed disappointment.
Developer Kurt Rosene and “a top church official” told the Journal they didn’t understand what went wrong.
“I’m very, very disappointed — extremely disappointed — that we had to walk away,” Rosene said in a brief call with the business publication. “We were looking forward to closing and moving forward with what we thought was going to be a spectacular hotel development. There were circumstances beyond our control, so we had to withdraw. Unfortunately, we couldn’t continue forward.”
The Journal also reported that failed real estate deals have been par for the course for the Baptist congregation located in the middle of “white hot” commercial and hotel development in downtown Nashville.
“Here’s what we know,” the Journal reported. “For the fourth time in less than two years, the church is seeking bids” for the property where offers have ranged from $12 million to $18 million.
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