Lower Broadway parking lot sells for $9.4M

November 2, 2020

By William Williams Nashville Post

A Lower Broadway parking lot sitting next to the building home to Merchants has sold for $9.4 million in a deal that is believed to have set a per-foot record for a downtown real estate land transaction.

The transaction involving 405 Broadway is the equivalent of about $1,350 a foot. Previous highs for the sale of downtown commercial buildings and parking lots rarely have eclipsed $1,000 per foot.

Located in what is called The District, the 0.16-acre parcel is L-shaped, allowing for a potential development that could have a building fronting Broadway and another facing Fourth Avenue South. Its new owner is an entity affiliated with Nashville-based Big Plan Holdings, which invests in real estate, the music/entertainment sector, branding and licensing concerns, and cannabis. Josh Joseph, Big Plan Holdings' founder and CEO, said his team is formulating a plan to develop the site with one building of about 30,000 square feet.