Public Square Garage
1,030 Car Self Park Facility
Nashville, TN
Public Square Garage is a ten-story, 407,967 sf parking facility with 1,030 parking stalls. The garage was built in 1973 and has recently undergone significant renovations and structural improvements. Due in part to the mild climate of Nashville and previous structural maintenance, the garage is in good condition. The property also contains 33,047 sf of office/retail space, approximately 70% of which is currently leased to both the Legal Aid Society of Middle Tennessee (14,836 sf through April, 2013) and the Nashville Business Journal (7,557 sf through Dec. 2009).
Public Square Garage is situated in the heart of Nashville’s vibrant central business district, near the State Capitol building, in an area that has been historically underserved by public transportation and is highly dependent on parking availability. This garage was built mainly to serve the parking needs of two adjacent office buildings, which are primarily leased to AmSouth Bank (S&P: A) and Bank of America (S&P: AA-). Taken together, these buildings consist of more than 1,000,000 sf of office space. AmSouth Center, located across the street from the garage, is a 590,110 sf building that is 99% leased. AmSouth, the anchor tenant, has a lease that runs through 2013 (with renewal options thereafter). Bank of America Plaza, located one half-block from the garage, is a 421,513 sf office building that is approximately 75% leased. Bank of America, the anchor tenant, has a lease that runs through 2011. Employees from both AmSouth Center and Bank of America Plaza lease approximately 90% of the garage’s available parking spaces on a monthly basis. In addition AmSouth Bank validates parking for its customers at the garage.
This property is also located within one block of the Doubletree Hotel (338 guest rooms), Metro Courthouse, Tennessee Performing Arts Center and Municipal Auditorium, and St. Mary’s Church, all of which generate additional parking revenue. The garage benefits as well from overflow parking at the nearby Tennessee Titans’ football stadium.
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