Downtown Nashville Church Lists Parking Lot for Redevelopment

A downtown Nashville parking lot once owned by the late Johnny Cash might make way for the city’s next high-rise development.

First Evangelical Lutheran Church put its 0.8-acre parking property on Eighth Avenue up for sale, offering one of the few remaining infill sites near the city’s tourism core. The Nashville Business Journal reported that the parcel sits within walking distance of Music City Center, Bridgestone Arena and Lower Broadway, making it a rare redevelopment opportunity in a tightly held district.

The church acquired the land in pieces, starting with a half-acre purchase from Cash in 2000 for $800,000. More than a decade later, it added an adjacent 0.3-acre parcel for $1.4 million. At the time, church leaders saw the investment as a hedge on Nashville’s growth, according to the outlet.

Today, the property carries an appraised value exceeding $28 million, according to Davidson County Property Assessor records, more than 10 times its original cost. In the years between, the lot has generated steady income, serving congregants on Sundays and tourists during the week, effectively subsidizing the church’s downtown operations, according to the publication.

Church leaders began exploring a sale late last year as they weighed how to sustain their long-term presence downtown. While the parking income has been reliable, it has also plateaued.

The deal comes with strings attached, as any buyer must reserve at least 100 parking spaces for church use, a requirement that could shape the scale and design of future development, according to the outlet.

The site’s zoning offers significant upside. Developers can build up to 30 stories by right, with the potential to reach 60 stories through Nashville’s bonus height program, according to the publication. That opens the door to a range of uses, from residential towers to hotels or mixed-use projects.

The property is being marketed by Ally Lanahan, Rick Helton and Andrew Maxwell at Orlando-based Foundry Commercial’s Nashville office. Pricing guidance has not been disclosed.

— Eric Weilbacher