One of the last vacant lots on Lower Broadway sells for $16.25 million

One of the last large open spaces on Lower Broadway will see new construction.

Before June, 201 Broadway — the corner lot at Broadway and 2nd Avenue South — was owned by Old Trolley Tours of Washington, Inc. At the end of the month, it was purchased by Fundamental Income Properties of Phoenix, Arizona, for $16.25 million.

The parcel is one of three at that corner to be purchased by Fundamental Income Properties. The company purchased 203 Broadway and 205 Broadway in 2022.

Not only is the land valuable, it is also within the Broadway Historic Preservation Zoning Overlay. For this reason, the design needs to be approval by the Metro Historic Zoning Commission.

Owners want to use all three properties to build a 79-foot-tall bar with a rooftop deck bringing the total height of the building to 93 feet. If the project is approved as presented, it will be the tallest building in the entirety of the Broadway historic overlay. The exception is the Ryman Auditorium.

Metro Historic Zoning Commission

According to the Metro Historic Zoning Commission, although the bar is outside the National Register district, it is very close. There is a precedent that other businesses also not in the district agreed to adhere to those guidelines. In March 2022, just two doors down at 209 Broadway, designers agreed to cap their building at 65 feet tall.

In the immediate vicinity, Chief's at 200 Broadway is the tallest building facing Music City's most famous street. The main height is 69 feet. It is part of the Second Avenue National Register Historic District, meaning it has different guidelines.

Metro Historic Zoning Commission

The Metro Historic Zoning Commission plans to approve the application with conditions. It's asking the designer to remove one story and keep the main height at 65 feet or below. Since the establishment of the district, the Commission has not made any allowances regarding additional height. Another requirement is that the stepped-back rooftop level is no taller than 80 feet.

I reached out to Old Town Trolley Tour Nashville to find out what the sale means for their business.

The Metro Historic Zoning Commission meets on Wednesday, July 17 at 2 p.m.