State Parking Lots- Planning and Development Follow-UP

The State of Tennessee is seeking information from private developers regarding the feasibility of constructing structured parking improvements on State-owned property near the Tennessee Tower in downtown Nashville. The State requires a minimum of 800 parking spaces within one block of the Tennessee Tower for employees' exclusive use during business hours. The developer will be responsible for constructing a new parking garage and other improvements on the Gold Lot, consistent with any property restrictions. The State is open to creative solutions that maximize the value of these underutilized assets, including different transaction structures, deal points, or locations for the parking spaces. • The State prefers a ground lease transaction structure, but is willing to consider alternative approaches. • The developer will be responsible for constructing a parking garage with a minimum of 800 spaces. • The State is seeking parking rights for 200 additional spaces located within the developer's projects. • Proposals that include affordable and/or workforce housing may receive higher scores. • The developer will be responsible for ensuring the aesthetics of the State Capitol and compatibility of uses in proximity to the State Capitol.