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James K. Polk Building/site lease from State


markhollin

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The Nashville Post is reporting that the State will sell Citizens Plaza to Metro, and the State is also looking to sell the James K. Polk building, likely to be demolished in the face of enormous repair and upkeep costs.

 

https://www.nashvillepost.com/business/development/state-nears-sale-of-downtown-tower-preps-to-lease-other/article_c052cda6-8b6d-11ec-a826-8b773c8ec82b.html

Edited by colemangaines
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1 hour ago, markhollin said:

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:

Citizens Plaza Building, Feb 11, 2022.png


James K. Polk Building:

James K Polk Building, Feb 11, 2022, 1.png

James K Polk Building, Feb 11, 2022, 2.png

Per Steve Cavendish;

(6) Steve Cavendish on Twitter: "Buried down in today's Tennessee Journal, this seems kind of important ... https://t.co/5SU3GUX4Mq" / Twitter

 

 

2024586102_TPACgone.thumb.jpg.9e4025759e4dc5705d2b67e32eab4e3d.jpg

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1 hour ago, colemangaines said:

The Nashville Post is reporting that the State will sell Citizens Plaza to Metro, and the State is also looking to sell the James K. Polk building, likely to be demolished in the face of enormous repair and upkeep costs.

 

https://www.nashvillepost.com/business/development/state-nears-sale-of-downtown-tower-preps-to-lease-other/article_c052cda6-8b6d-11ec-a826-8b773c8ec82b.html

Could a Broadway tour series of the sort normally booked into TPAC move into a venue at Nashville Yards? As it is, TPAC is adequate, but a newer venue with more space and better backstage facilities would be welcomed by many! Audience experience could be substantially increased with more modern amenities as well.

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A brand new TPAC in the  Beaman/Reed properties was what I wanted to see as part of a new Museum/Theater District there. Since that will become an office/residential zone I'm not sure where to put it but I do think it needs to relocate.

Then the state can sell the Polk Building to a bank or some other major company and revamp the whole complex  to include some retail activation on the Union Street side and maybe even the Deaderick Street side.

Just sayin'.

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1 hour ago, markhollin said:

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:

Citizens Plaza Building, Feb 11, 2022.png


James K. Polk Building:

James K Polk Building, Feb 11, 2022, 1.png

James K Polk Building, Feb 11, 2022, 2.png

I don’t know what Metro’s plan for this building is, but I know there’s a space crunch in a lot of metro departments. All the departments located at the metro southeast location by the airport are on borrowed time, considering it’s going to be demolished for a runway expansion one day. The new Police HQ is already overfull (they seriously built it two or three stories too short), and the Fulton campus is at capacity. It’s smart for metro to make this purchase because I’m not sure there will be many more reasonably priced options if they wanted to have more of a downtown presence in the future. Whatever they do, it’ll be good to have this building occupied for the first time in 5 years. 

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15 hours ago, MidTenn1 said:

There have been ongoing major plumbing leaks and moisture issues in the floors below TPAC (old TN State museum). There’s been a project for the past several months to remove the state collection out of the building because it’s no longer considered safe for storage. It’s a great looking building but not really usable for anything anymore.

Edited by fishsticks176
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We had season tickets for a few years for TPACs broadway style shows.  I am sad to see that go but, like everyone is saying, a change to the street activation would be huge in that area.

Obviously we need a new performance hall.  Would we get better shows/talent for Broadway traveling shows if we had a top tier facility?  I am not sure how that works.  

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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):

TPAC Statement.png

James K Polk Building, Feb, 2022.png

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I hope TPAC can find a new home soon. Although, I'm not particularly upset about this news -- I saw my first show there a couple of weeks ago and was so underwhelmed by the venue. But I'm admittedly spoiled growing up with shows at the Orpheum in Memphis.

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