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The State of Tennessee will soon sell to Metro Nashville its downtown-located Citizens Plaza and is looking to lease its James K. Polk building — the latter home to the Tennessee Performing Arts Center. The Tennessee Journal reports the state will sell Citizens Plaza, previously anchored by Citizens Savings Bank and Trust Company but empty since 2017, to Metro Nashville. The Tennessee Department of General Services oversees state real estate holdings. Catherine Carter, General Services assistant director of communications, said the state has not finalized when the Citizens Plaza building will be officially sold to Metro. The effort comes as the state looks to undertake a $183 million upgrade to its Legislative Plaza, also located downtown. The state acquired the 15-story, roughly 195-foot-tall Citizens Plaza building in 1986 for about $25.36 million, according to Metro records. Sitting on 0.57 acres, the building offers an address of 400 Deaderick St. The state originally began the process to sell the building in late 2017. The 24-floor Polk Building is located at 301 Rep. John Lewis Way (Fifth Avenue) and is recognized as the home of TPAC and as having formerly housed the Tennessee State Museum. The state paid $1.95 million for the property in 1974, with the Metro Development and Housing Agency the seller. More behind the Nashville Post paywall here: https://www.nashvillepost.com/business/development/state-nears-sale-of-downtown-tower-preps-to-lease-other/article_c052cda6-8b6d-11ec-a826-8b773c8ec82b.html Citizens Plaza Building: James K. Polk Building:
The James K. Polk Building at 505 Deaderick St. , home to the Tennessee Performing Arts Center, is set to be decommissioned, according to a report from The Tennessee Journal. Christi Branscom, the commissioner of the state’s Department of General Services, told the Journal the building is “beyond a reasonable state of repair” with $120 million in deferred maintenance costs. The state plans to offer a longterm ground lease, the report states, allowing an investor to redevelop the property while it remains in the state’s possession. The structure, which is 24 stories and 392' tall, was built in 1981. More at NBJ here: https://www.bizjournals.com/nashville/news/2022/02/14/james-k-polk-lease.html?cx_testId=40&cx_testVariant=cx_34&cx_artPos=0#cxrecs_s Here is a statement from Tennessee Performing Arts Center (TPAC):