Historic Boutique Hotel & Loft Redevelopment

Highlights

• Adjacent to newly constructed 400-space municipal parking garage
• B-2 Central Business District zoning provides broad commercial use flexibility
• Can be combined with 255 Broad Street for hotel projects requiring 50,000 SF
• Downtown Kingsport has no boutique hotel
• Eligible for City Redevelopment Grant and Downtown Loan programs
• Eligible for façade improvement grant
• Expansive ±8,000+ SF second floor stripped to shell and ready for redevelopment
• First floor leased to diverse mix of destination-oriented tenants providing immediate cash flow
• Highly visible downtown corner at Broad Street and Center Street with outstanding vehicular exposure and walkability
• Historic structure with generous ceiling heights and architectural character
• Immediate access to adjacent structured public parking garage - 1,800+ public parking spaces downtown
• Kingsport buying power per dollar of retail rent is 10% to 24% higher than Knoxville, Nashville, and Asheville
• Kingsport construction costs substantially lower than Chattanooga, Knoxville, Nashville, or Asheville
• Located in Qualified Opportunity Zone
• Located within walkable restaurant and entertainment district
• Offered at approximately $63 per square foot - significantly below replacement cost
• Office vacancy 4.0%, Retail vacancy 1.5%, Multifamily vacancy 5.6% - all outperforming national averages
• Over 1,200 residential permits issued in last five years resulting in approximately 2,500 new residential units downtown
• Passenger elevator

Location

Located at 244 - 252 Broad St., Kingsport, TN 37660, this property is part of the Kingsport Downtown neighborhood.