NASHVILLE, TN (AP) The Nashville Metro government and the Nashville Sounds minor league baseball team have agreed on a deal to build a new $43 million downtown ballpark.
Nashville government has agreed to a 30-year lease of a 12-acre site of an old thermal plant property along the Cumberland River near The Coliseum where the Tennessee Titans play.
The site would be divided into an area for the ballpark and a mixed-use tract that would be sold for at least $20 million for retail and residential development.
The minor league Memphis Redbirds and Chattanooga Lookouts both opened new downtown ballparks in 2000.
Revenue from the mixed-use tract sale will be added to $23 million in private financing already obtained by the Sounds for construction.
The private developments are expected to be in the range of $40 million to $60 million, which is about a third of the size originally planned by the Sounds and their development partner, Baltimore-based Struever Bros. Eccles & Rouse Inc.
Under the agreement, Nashville government could use the ballpark for events 15 days each year. The city has agreed to provide $500,000 annually for ballpark maintenance.
The Sounds are a part of the Pacific Coast League and the Triple-A affiliate of the Milwaukee Brewers. The team’s current ballpark, Greer Stadium, opened in 1978.