The State of Tennessee has paid $528,880 for a small property located underneath downtown’s Broadway viaduct and needed as part of the effort to replace the aging structure.
The seller of the 0.05-acre sliver of Gulch land, with an address of 1 11th Ave. S., was an LLC affiliated with veteran Nashville-based real estate developer and investor Jim Caden.
The deal is the equivalent of about $243 per foot, with few (if any) comparable transactions having been undertaken in the past and to provide context due to the distinctive nature of the real estate.
As the Post reported recently, the Tennessee Department of Transportation has finalized the design and renderings of the future Broadway viaduct (read here). Substructure and utility work is underway and pre-demolition work is set to begin in February. At that point, the bridge will be narrowed to four lanes (two in each direction), with a full eight-week closure to be required during mid-summer.
The utilitarian and car-centric design of the viaduct has drawn criticism from various parties, who contend the future structure will be neither aesthetically fitting for its important location nor fully functional related to non-auto usage (read more here).
The property is part of a greater previous real estate purchase — involving property once used by the since-moved The Tennessean — that Caden’s investor group undertook in June 2018 (read here). The investors paid $6.3 million for the overall property, the main address of which is 1100 McGavock St. (a building housed newsprint for the morning newspaper) and that also includes a small surface parking lot located across from the main entrance of the morning daily’s former headquarters building at 1100 Broadway.
The Tennessean later moved to Midtown.
That mid-2018 sale followed similar transactions to both Highwoods Properties and Caden’s group in 2017. The local office of Raleigh-based Highwoods seeks to reinvent the main site of the since-razed Tennessean building, with details having emerged for the three-building project in late 2021 (read here).
The sellers used no broker for the deal, according to a source.