News Summary
The U.S. Bank building located at 607 Market St. in downtown Knoxville is now for sale, offering approximately 122,859 square feet and flexible zoning for various developments. Current ownership, MAP Holdings LLC, acquired the property in 2021. With eight floors ready for development and no height restrictions, potential buyers can explore diverse options from residential to hospitality. Interested parties are invited to submit bids by August 22, highlighting strong interest in transforming the structure into modern living or hotel spaces.
Knoxville – The iconic U.S. Bank building, prominently situated at 607 Market St. in downtown Knoxville, is now officially on the market, presenting a unique opportunity for potential buyers. The property comprises a 13-story structure with approximately 122,859 square feet of space and a 43-space surface parking lot located at 413 Clinch Ave. Both parcels are zoned DK-G (Downtown General), which facilitates various forms of development, including office, residential, hospitality, or mixed-use projects. Notably, there are no restrictions on building height, allowing for expansive development options.
The current owner, MAP Holdings LLC, acquired the building from U.S. Bank for $4.15 million in 2021. U.S. Bank had purchased the properties for $10.74 million in 2012. Presently, the building is partially occupied, with eight floors available for development—two of these being shell spaces and the remainder partially leased. U.S. Bank maintains a presence in the building, occupying portions of the first and sixth floors until 2031, with the option open for resizing in their lease agreement. Other tenants include a law firm that operates on a month-to-month basis, Texas Instruments, which is relocating to First Horizon Plaza, and The French Market Crêperie, where the lease runs through April 2027.
The U.S. Bank building, constructed in 1965 for Valley Fidelity Bank and designed by the Chicago-based firm Epstein, has seen numerous renovations and adaptations over the years. Notable among these changes is the installation of several floor-to-ceiling windows that enhance the aesthetic appeal of the building. Taylor Thompson of SVN | Wood Properties serves as the listing agent and emphasizes the potential for buyers to reimagine the building’s future use.
While there is no specific asking price for the property, interested buyers are encouraged to submit bids by the deadline of August 22. The market buzz suggests that there is keen interest in transforming the building into multifamily residential spaces or a hotel, particularly given the recent surge of hotel developments in downtown Knoxville. This trend is mirrored by a nearby, largely vacant privately owned surface parking lot that further enhances the attractiveness of the site for potential development opportunities.
The U.S. Bank building benefits from its prime location, which provides easy access to significant downtown amenities including major government offices, Krutch Park, and Market Square. The surrounding area has been subject to varied architectural changes and community feedback, with mixed feelings regarding past developments and a desire among some residents to retain the historical character of the block.
In light of emerging possibilities, renderings illustrating potential conversions for the property have been shared, showcasing the building’s versatility as reimagined office, residential, and hospitality spaces. This wide-ranging potential opens the door for diverse interests, driven by the evolving landscape of downtown Knoxville’s real estate market.
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Additional Resources
- Inside of Knoxville: U.S. Bank Building for Sale
- WBIR: Downtown Knoxville Building Up for Sale
- Knox News: Downtown Knoxville Office Space
- Wikipedia: Knoxville
- Google Search: Downtown Knoxville Real Estate
Author: STAFF HERE KNOXVILLE WRITER
The KNOXVILLE STAFF WRITER represents the experienced team at HEREKnoxville.com, your go-to source for actionable local news and information in Knoxville, Knox County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Dogwood Arts Festival, Big Ears Festival, and Knoxville Asian Festival. Our coverage extends to key organizations like the Knoxville Area Chamber Partnership and United Way of Greater Knoxville, plus leading businesses in healthcare, education, and energy that power the local economy such as Covenant Health, University of Tennessee, and Tennessee Valley Authority. As part of the broader HERE network, including HEREBristol.com, HEREChattanooga.com, HEREMemphis.com, and HERENashville.com, we provide comprehensive, credible insights into Tennessee's dynamic landscape.
