The new Music City Center has been open for about two months, but the cost of running the new convention center is higher than what officials originally projected.
In fact, the utilities are running double what was projected. The new projected amount for the operating budget is $5.3 million a year.
Figures released Monday show the Music City Center is expected to lose $4.8 million this year, but tourist dollars are expected to make up that loss.
That comes as the city is looking for someone to take over its old convention site on Broadway.
The city has about three acres of exhibit space in the old convention center. Leaders are still renting it out for now, but they want a long-range plan.
So they are inviting proposals to redevelop the space. That redevelopment could include tearing down the whole thing and starting from scratch.
"It's a prime piece of property on Broadway," said Charles Starks, CEO of the Convention Center Authority. "It could be offices. It could be condos. It could be retail. It could be a whole host of things."
The Renaissance Hotel will maintain control of the meeting rooms, and they are actually about to get a major remodel.
The city would like the proposal to include the possibility of locating an African-American history museum in the space.
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Saturday, July 26 2014 1:38 AM EDT2014-07-26 05:38:59 GMT
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