State To Sell 2 Properties Near Channel 5 Building

Originally in the Nashville Post:

Chattanooga company will handle auction of James Robertson Parkway parcels

The state of Tennessee is slated to auction two properties it owns in downtown Nashville.

The auction is for the properties located at 450 and 460 James Robertson Parkway and will take place Wednesday, June 21, at 2 p.m. at downtown’s Hermitage Hotel, according to a release.

Chattanooga-based auction and real estate company Compass Auctions & Real Estate LLC, which also has offices in Georgia and Kentucky, will handle the effort for the state.

The release does not note the fee the state will pay Compass.

Of note, 460 James Robertson Parkway sits adjacent to the parcel home to the NewsChannel 5 headquarters building. See the sites here courtesy of Google Maps and click here to see an aerial photo.

The properties span a collective 2.1 acres and are located on the north side of James Robertson Parkway and Gay Street, with frontage on the south side of Fourth Avenue North.

The state acquired the two parcels in January 1986 for $3.8 million.

It is unclear what price the parcels might fetch. For comparison, the 21-story Parkway Towers, which sits on 0.71 acres, sold to PHR Parkway LLC in December 2015 for $19 million.

“Downtown Nashville has become a place where families want to live and businesses want to operate,” Justin Ochs, vice president of national development for Compass, said in the release. “We’ve been amazed by the amount of national interest this premier location has already generated and are proud to represent the state of Tennessee in making sure we find the best buyer.”

The two adjoining parcels are 450 James Robertson Parkway (approximately 0.87 acres and with no building) and 460 James Robertson Parkway (approximately 1.18 acres and on which sits a roughly 45,294-square-foot modernist office building home to the Tennessee Regulatory Authority).

The parcels are zoned to accommodate a mixed-use development, according to the release. They are located near the Municipal Auditorium, First Tennessee Park, the Tennessee State Capitol, the Tennessee Performing Arts Center and the Bicentennial Mall State Park, among other cultural and civic entities.