One of Gay Street's flagship buildings just sold as part of a whopping $25 million deal

Ryan Wilusz, Knoxville News Sentinel
·2 min read

With apartments, galleries and a connection to underground Gay Street, the Emporium building is a critical asset to the 100 block in downtown Knoxville.

And while its cultural significance is hard to put a price tag on, an investor has purchased the building and a nearby parking structure for $24.75 million.

The Emporium building itself was last sold in 2002 for $800,000.

Boghani Properties LLC acquired both properties Tuesday from downtown developer David Dewhirst, who redeveloped the Emporium into what's now an artistic hub providing gallery space, studio space, event space and offices for the Arts & Culture Alliance. The seven-story residential building consists of 40 units, according to Knox News' recently published downtown apartment guide.

Tuesday's transaction includes the Emporium at 100 S. Gay St. and the sheltered parking structure kitty-corner on the same block at 121 State St.

Will Sims of Oliver Smith Realty & Development Company, who handles property acquisitions and developments for Boghani Properties, confirmed the purchase and the price. The transaction is so recent that property records do not yet reflect the change.

But the change that has happened downtown since the Emporium's redevelopment in the 2000s is reflected throughout the block, with restaurants, bars, beauty services and even more residents calling the 100 block of Gay Street home.

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Boghani Properties has purchased the Emporium building at 100 S. Gay St. from downtown developer David Dewhirst in a $24.75 million transaction that also includes an adjacent parking lot across the block at 121 State St. The seven-story building includes gallery and studio space, as well as 40 residential units.
Boghani Properties has purchased the Emporium building at 100 S. Gay St. from downtown developer David Dewhirst in a $24.75 million transaction that also includes an adjacent parking lot across the block at 121 State St. The seven-story building includes gallery and studio space, as well as 40 residential units.

Knox County Register of Deeds Nick McBride told Knox News a handful of transactions totaling $800,000 transferred the Emporium to Mainstream Group VII in the early 2000s. A public search shows that group's registered agent is Dewhirst.

As for Boghani Properties, this LLC is registered to a Karim Boghani, a name also associated in records searches with Manki 3 Investments.

Both LLCs have stayed busy investing in downtown properties in 2022. Boghani Properties acquired the Soccer Taco building on Market Square earlier this year, while Manki 3 acquired the former Old City nightclub buildings across from Barley's.

Each purchase was for $3.8 million, according to property records.

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Nothing has been shared about the future of the Emporium or the adjacent parking structure, which Sims said includes roughly 90 spaces. Stay tuned at knoxnews.com for updates on these properties and other developments in and around downtown Knoxville.

Ryan Wilusz, downtown reporter and urban explorer for Knox News, can be reached at 865-317-5138 or by email at ryan.wilusz@knoxnews.com. Follow Ryan's work on Instagram @KnoxScruff, and sign up for the free, weekly Urban Knoxville newsletter. Unlock premium perks and support strong local journalism at knoxnews.com/subscribe.

This article originally appeared on Knoxville News Sentinel: Downtown Knoxville's Emporium building sells for $24.75M on Gay Street