Nearly one year after a historic flood ravaged Nashville and submerged the Opry Mills shopping complex, Simon Property Group, Inc. has announced that Opry Mills has reached an agreement with its lenders, Helaba Bank and Nord/LB, to finance the rebuilding of the mall. Opry Mills will continue its litigation to have its insurers comply with their obligation to pay the amounts they agreed to in the event of a flood loss. The property is expected to reopen in 2012.
Gregg Goodman, president of The Mills, a Simon company said that work to get Opry Mills reopened next year would start immediately. He added that he and his leasing team have met with many retailers and expected a majority of the mall’s tenants to be open in the spring of 2012.
Opry Mills was severely damaged by high flood waters in May 2010. Losses to the property are currently estimated to exceed $200 million. Following the flood, the mall’s insurers did not agree to provide $200 million in flood coverage. Last September, Opry Mills filed a lawsuit in the Chancery Court of Davidson County against the insurers who refused to offer flood insurance coverage for the mall, and that case will continue to proceed while Opry Mills is being rebuilt.
A majority of the mall’s previous anchor/tenants have already committed to be part of the reopening plans. These include OFF 5TH Saks Fifth Avenue, Regal Cinemas Opry Mills Stadium 20 & IMAX, Dave & Buster’s, Rainforest Café, Aquarium Restaurant, Off Broadway Shoes and a greatly expanded Forever 21. Bass Pro Shops has already reopened.
Previous in-line stores that have also committed to the restored Opry Mills include Banana Republic Factory Store, J.Crew Factory, Brooks Brothers Factory Store, Ann Taylor Factory Store, Victoria’s Secret and Tommy Hilfiger Company Store.
Additionally, many new tenants to the property are anticipated to open in spring 2012 such as Coach Factory Store, Calvin Klein, Tommy Bahama Outlet, Talbots, Chico’s, White House Black Market, Under Armour Factory House and The LEGO Store.
“The decision to reopen Opry Mills is a testament to Nashville’s strong economy and our resilience in recovering from the 2010 May flood,” Nashville Mayor Karl Dean said. “Opry Mills provides more than 3,000 retail jobs in our community and has a significant impact on our tax base and the other businesses in the Music Valley area. Its return in 2012 will be another great moment in our city’s recovery, and we very much look forward to that day.”
Visit www.oprymills.com.
