The State is considering redevelopment of three state-owned parking lots in downtown Nashville near Rosa L. Parks Boulevard (shown as Lots 16, 28, and 29 on the map included with this RFI) (the “Development Lots”) to increase the availability of parking for state employees within one block of the Tennessee Tower. The State has identified the parcel known as the Gold Lot (located on the corner of Union Street and 7th Avenue North directly adjacent to the Tennessee Tower) as an ideal location for a parking garage (the “Garage”). The State’s preferred transaction structure is to ground lease the Development Lots to a private developer (a “Developer”), who in exchange would construct a new parking garage and other improvements on the Gold Lot (as shown on the map), consistent with any property restrictions, to serve State employees and meet ongoing parking needs (the “Transaction”). Although the State prefers that Transaction structure, the State is open to creative solutions that maximize the value of these underutilized assets. As described in more detail below, these solutions may include different transaction structures, deal points, or locations for the parking spaces, as long as they meet the minimum requirements described in the following section.
