For Immediate Release Contact: Ken Larish, GBT
October 1, 2010 (615) 370-0670, (615) 948-9901 cell
or Keith Miles, MP&F
New Developer Briefs Metro on Bellevue Mall and Library
Presents library update and renderings
NASHVILLE – Local real estate developer GBT Realty Corporation today briefed Metro officials on
progress on plans for a redeveloped Bellevue Mall, including a new public library facility.
Metro officials recently granted an extension of a memorandum of understanding on the development,
and asked for regular briefings on progress. The developer has proposed an approximately 39,000-square-
foot library facility with street and retail-floor entrances as well as newly designed community-oriented
open spaces and common areas.
“Plans for the redevelopment will include a new public library, demolishing the enclosed mall portion of
the property and constructing a streetscape boulevard through the middle of the property,” said George
Tomlin, president and CEO of GBT. “Included in the redevelopment will be national department stores
and sporting goods, home improvement and apparel retailers,” said Tomlin. “There will also be a wide
variety of national and specialty restaurants, something that the folks in Bellevue have been asking for,”
GBT anticipates the development of the mall, including the new public library, will be completed in early
“We are working on the preliminary plans now and will be presenting them to the community and to
planning and zoning officials soon,” said Tomlin. He hopes to receive all approvals, prepare final plans
and be ready for construction by mid 2011.
California-based Foursquare Properties had planned to redevelop the mall in 2007, but a challenging
economy and subsequent weak retail market put the project on indefinite hold. Since then, the only
retailer operating in the 850,000-square-foot property has been Sears.
Inland Western Retail Real Estate Trust, Inc., (“Inland Western”) purchased the Bellevue Properties,
LLC, from Foursquare last year, and has been working with GBT for months on strategic plans for the
mall’s next incarnation. Inland Western selected GBT as the new developer because of GBT’s track
record in retail development and its local ties and presence, in addition to the quality of the new design
“GBT has very deep ties to the Nashville community, and we have been very focused on finding a path to
get this project back on track since we gained control of it last year,” said Shane Garrison, chief
investment officer of Inland Western. “George and his team have been great to work with, and we look
forward to a successful completion of the project by GBT in the near future.”
“Inland Western has worked successfully with the community in its response to recovery efforts after the
recent flood. We are confident that the redeveloped mall will be a great asset to Nashville and to the
Bellevue community,” said Garrison.
Tomlin said the Inland Western/GBT team has been reaching out to the local community for the past
several months and actively working with retailers and restaurants that will serve the needs of Bellevue
residents. GBT will continue open communications with the community and will be working with
retailers and restaurants continuously throughout the fall.
GBT, headquartered in Brentwood, is a national retail development company that has developed
numerous retail centers in Middle Tennessee, including Peartree Village, Shoppes of Brentwood Hills,
The Crossings of Spring Hill, Concord Village, Marketplace Centre, Harpeth Village and Irongate
Tomlin said his team has begun the process of meeting with Metro officials and local Council members to
discuss the new plans and how a new library fits into the project. He said the team is also meeting with
retailers interested in the project, and would be announcing some of the tenant lineup soon.
“The economy has fundamentally changed since the last developer was talking to retailers. However, I am
confident this will be a strong center that will have a lineup of retailers and restaurants that will attract
consumers on a daily and weekly basis,” he said.
Because the project has been modified since it was green-lighted by the Planning Commission two years
ago, it may need to return for review. Metro has agreed to allow the Inland Western/GBT team to use tax
increment financing in return for a commitment by the developer to bear a large portion of the cost of
building a public library, a 20-year lease of the library space to Metro, and the inclusion of public spaces,
sidewalks and traffic signal upgrades.
Metro officials have agreed to extend the original memorandum of understanding to allow the developers
until February 2011 to demonstrate availability of financing for the project.
“We appreciate Metro’s willingness to give our new team time to put together all the various components
for this project,” Tomlin said. “This is obviously a very large project, with a very short period to achieve
all of the development requirements, but we have assembled a great team to give us the best possible
chance for success. More importantly, though, this is a critical project for our neighbors in Bellevue, and
we want to make sure we can continue to move it forward. We also realize that the library is an important
component of the project. The mayor has made it abundantly clear to us that Bellevue has waited long
enough for a new modern branch library and the successful redevelopment of the mall. This is our goal.”
GBT Realty Corporation was formed in 1987 by George B. Tomlin, a Nashville-based real estate
executive. GBT is based just outside of Nashville in Brentwood, Tenn. The majority of GBT’s work is
carried out in the southeastern and southwestern United States, but GBT is poised to explore opportunities
throughout the country.
Over the past few years, GBT has been involved with the development, construction, leasing and
management of more than 8 million square feet of retail development, including grocery-anchored
shopping centers, neighborhood centers, single-tenant buildings and regional power centers. GBT’s many
years of experience with local, regional and national tenants includes such names as Publix, Harris Teeter,
Lowe’s, Wal-Mart, Target, Walgreens, Best Buy, Dollar General, Ross, Kohl’s, Bed Bath and Beyond,
CVS, Marshalls, PETsMART, and Old Navy, to name a few.
GBT provides a wide array of services, such as site identification, project analysis, contract negotiation,
acquisition management, construction and development management, capital advisory, property
disposition, leasing, and property management. Clients and investors profit from the full complement of
GBT’s services. The GBT team carefully manages the entire development process, from inception to
completion. GBT aspires to increase the value of every property it touches.
Inland Western Retail Real Estate Trust, Inc., is a self-managed real estate investment trust that
acquires, manages and develops a diversified portfolio of real estate, primarily multitenant shopping
centers across the United States. As of March 31, 2010, the portfolio under management totaled in excess
of 46 million square feet, consisting of 298 consolidated operating properties. The company also has
interests in 11 unconsolidated operating properties and 11 properties under development. For further
information, please see the company website at www.inlandwestern.com.
The statements and certain other information contained in this news release, which can be identified by
the use of forward-looking terminology such as “may,” “will,” “expect,” “continue,” “remains,”
“intend,” “aim,” “toward, “should,” “prospects,” “could,” “future,” “potential,” “believes,” “plans,”
“likely,” “anticipate,” and “probable,” or the negative thereof or other variations thereon or
comparable terminology, constitute “forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to the safe harbors created thereby. These statements should be considered as
subject to the many risks and uncertainties that exist in the Company’s operations and business
environment. Such risks and uncertainties could cause actual results to differ materially from those
projected. These uncertainties include, but are not limited to, economic conditions, market demand and
pricing, competitive and cost factors, and other risk factors.