A prime parking lot located in the heart of Nashville's SoBro district, ripe for development.
A significant surface parking lot is up for sale in Nashville’s SoBro district, captivating interest from developers and investors. Spanning 0.45 acres across three separate parcels, the lots are strategically located near popular venues. Zoned for mixed-use development, they present ample opportunities for innovation. Bidding is set to conclude on March 3, marking a potential leap into the dynamic real estate market in Nashville.
Exciting news is making waves in the bustling SoBro district of Nashville! A large surface parking lot has been officially listed for sale, and it’s creating quite the buzz among developers, investors, and city planners alike.
These parcels of real estate are not just any empty spaces; they hold a prime position in the vibrant city scene. The lot spans three separate parcels located at 110, 114, and 118 Fourth Ave. S, neatly tucked behind the popular Broadway building that houses the lively Honky Tonk Central. Collectively, these three properties boast a substantial area of 0.45 acres, offering plenty of room for fresh ideas!
Interestingly, the lots are owned by three different entities, with two of those holding their parcels for several years. The identities of the current owners haven’t been defined yet, but the market is certainly keen to learn more! In the coming weeks, a Metro appraisal will be conducted on these properties, shedding some light on their potential value.
Just to give you an idea of what’s possible in the area, last year a 0.11-acre parking property on Lower Broadway changed hands in two separate deals, raking in a staggering $31.5 million. That’s a lot of dough! This precedent only heightens interest in SoBro and hints at the lucrative potential that the region holds.
The future of these parking lots is especially intriguing because they are zoned for mixed-use. This zoning allows for various development opportunities, making the parcels a true “blank slate” for visionary developers looking to shape the area. Plus, there are no existing structures that would need to be demolished, as there are no historic protections on the site, leaving it wide open for creativity and innovation.
Currently, the parking operations on these lots are managed by Seven One Seven Parking Enterprises, a company based in Tampa. The catch? Their parking lease is set to expire in the summer of 2027. This means that future owners could potentially enjoy some income from parking revenues, even during the predevelopment stage—making it a sweet deal for savvy investors!
The bidding process for this highly sought-after property is officially underway, with bids due by March 3. Make sure your calendars are marked if you’re looking to jump in on this opportunity!
One thing to note is that the listing does not include 122 Fourth Ave. S., which belongs to local real estate investor Jack May. His property is conveniently adjacent to the famous Schermerhorn Symphony Center and also offers parking options. However, for those interested in SoBro’s rich portfolio, the available parcels could still present an amazing opportunity.
Handling the marketing and sale of this exciting property is the Nashville-based Charles Hawkins Co., led by the capable duo of Lewis Agnew and Bill Hawkins. Their expertise will surely be instrumental in attracting interested buyers and creating noteworthy interest in this invaluable space.
As Nashville continues to grow and evolve, properties like these in SoBro might soon transform into hot spots for exciting new developments. For anyone with an eye for opportunity, this could be your chance to shape the future of the city!
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