By TIM JOHNSONAssociated PressNEW YORK (AP) The owners of a $300 million office building at the center of a contentious renovation dispute between two Nashville companies are putting the building up for sale.
The company behind the building, ARAM Properties, said on Thursday it had hired the Nashville attorney representing the developers of the Nashville Convention Center, the project that would be demolished to make way for a hotel and office tower.
The developer is also seeking to raise up to $50 million to pay for the construction of a new, state-of-the-art, $2 billion, state of the art facility.
The new hotel would be built on a parking lot that was demolished last year in an effort to save the space for the convention center.
The city of Nashville is in the midst of a costly renovation of the Convention Center and has hired a local architect to help it.
The building’s owners are seeking to sell the property and redevelop the hotel on a much smaller scale.ARAM said the sale process is expected to begin in about six months.
It said it has a contingency plan in place if the deal doesn’t happen.
ARAM said it plans to build on an existing site in the city of Nashua, a community with a population of just over 30,000.
It is the second time in recent months that ARAM has sold its land to a company that owns a convention center project.
In February, it sold the property to another developer, RIT Capital Management.
The property was then purchased by the Nashville Marriott hotel group, which has since merged with Marriott.