The Arcade’s new look started to take shape after a group of investors — including local real estate power player Rob Lowe and an affiliate of the Manhattan-based real estate company Linfield Capital — purchased the property for $28 million in April 2021. The new owners have worked to renovate the space and secure new tenants, charting a new course for the historic property.
The new owners of the historic space want to help bring tourists and locals alike back to the downtown location
The Scene asked members of the ownership group about their strategy and hopes for the Arcade moving forward. Lowe (of the ownership group) and real estate broker Elliott Kyle (who has worked to bring on tenants) responded via email.
Nashville seems to be embracing pedestrian-oriented development, with the 2021 opening of Fifth + Broadway serving as an example of a downtown property that caters to both visitors and local employees and residents. Is there an appetite for this sort of development in Nashville? What’s the key to making it work?
Rob Lowe: Absolutely, the Arcade builds on Nashville’s enthusiasm for pedestrian-friendly spaces by creating a curated, walkable destination that combines dining, retail and arts in the heart of the city.
What did you look for in selecting new tenants? What’s your ideal customer?
Elliott Kyle: We curated a mix of iconic local and regional bars and restaurants — Urban Cowboy by creator Lyon Porter, Roberta’s Pizza of New York, Bar Roze by Julia Jaksic, Buddy’s from the creators of Tiger Bar and Pearl Diver, Nashville Showstop, Ugly Bagel, a locally owned startup by the owners of The Bobby Hotel, and Beignets and Brew. All stores who will be opening their doors over this year. Additionally, the Arcade welcomes esteemed retailers such as Faherty, Flea Style, Any Old Iron and Mimi & Dottie, alongside longtime staples The Peanut Shop, From Nashville With Love and Percy’s, to create a destination that appeals to those locals and tourists seeking distinctive, high-quality experiences.
Rob, you told the Nashville Post in 2021 that you intend “to be good stewards of the historic property.” What steps did you take to preserve the historic character of the Arcade?
Rob Lowe: The ownership worked tirelessly over the past three years with local firms Dryden Architecture and the R.C. Mathews company to ensure the Arcade’s historic elements were thoughtfully preserved while renovating the Arcade’s mechanical, electrical, infrastructure and lighting to support a mix of tenants who can generate the buzz and vibrancy that characterized the building’s early-1900s charm as a city destination.
Since the 2022 Scene story about the Arcade, at least one longtime business, Manny’s House of Pizza, has closed permanently. What’s been your message to tenants — and customers — who are concerned about losing longtime staples? Did you communicate with and get feedback from longtime tenants as the renovations have taken place?
Rob Lowe: The ownership’s approach is centered around honoring the Arcade’s legacy by retaining beloved longtime tenants The Peanut Shop, From Nashville With Love and Percy’s, while maintaining open communication from these original tenants throughout the renovation process to ensure their continued success alongside the new additions.
Arts editor Laura Hutson Hunter is speaking with some of the artists who use studios in the Arcade. Why is it such a priority to provide room for artists in this space?
Rob Lowe: Providing spaces for artists through the Arcade Arts Program is essential to preserving and supporting the creators in our community. Not only does the ownership believe it’s an attractive draw for those seeking a unique experience, but to showcase creative talent is to foster the very cultural experience they hope thrives within this historic landmark.
What do you imagine when you think of a typical day at the new-look Arcade?
Rob Lowe: The Arcade is a [dawn-to-dusk] destination where locals and visitors alike can shop and dine for hours, while discovering something new at every turn and each visit, whether it’s an art exhibition, a boutique’s offering or time with friends at a beloved local eatery or bar.
The owners declined to answer how much money they’ve spent on renovations since the 2021 purchase.
