News
GBX Group and the American Easement Foundation, Inc. Announce the Acquisition and Preservation of Historic Building Currently Occupied by the Old City Performing Arts Center in Knoxville
GBX Group
April 8, 2025
111 State Street

KNOXVILLE, TN - GBX Group LLC proudly announces the acquisition of the historic building currently occupied by the Old City Performing Arts Center, located at 111 State Street in Knoxville, Tennessee. The property is situated within the Southern Terminal and Warehouse Historic District, which contributed to the city’s historic industrial and commercial development during the late 19th and early 20th centuries. 111 State Street has been protected with a historic preservation agreement through the American Easement Foundation, Inc. which will ensure that the building’s historic character is protected in perpetuity.  

“111 State Street is the first project for any GBX Group company in Knoxville, expanding the portfolio of historic properties across Tennessee,” said Drew Sparacia, CEO of GBX Group. “This acquisition preserves an important piece of Knoxville’s industrial history in the heart of the Old City neighborhood. The property is expected to be repositioned to help ensure its long-term sustainability and relevance for modern-day use.”

Originally constructed as an ice factory, the property’s warehouse-style design—featuring an open floor plan and high ceilings—reflects its industrial roots. In recent years, it has been transformed into a versatile performing arts space serving as a hub for local artists and productions. The property’s current tenant, River & Rail Theatre Co., plans to lease the building while finalizing preparations for their new location. Plans also include securing a new tenant that will continue to ensure the property’s long-term functionality and sustainability. 

By leveraging various federal, state and local incentive programs, such as historic tax credits and preservation agreements, project partners can access critical, non-traditional financing sources that make preserving these important assets economically viable. A GBX fund, managed by GBX Fund Management Ltd., acquired 111 State Street, marking it as the tenth historic property GBX companies have acquired and protected across the state. 

“Historic buildings such as 111 State Street are irreplaceable threads in the fabric of our communities,” said Dwyane Jones, President of the American Easement Foundation, Inc. “By preserving this property, we’re not only safeguarding a piece of Knoxville’s history but also creating opportunities for future generations to experience and appreciate its unique character.”

The property will continue to run under Avision Young as the property management firm.  

About GBX Group LLC 

GBX Group LLC specializes in acquiring, preserving and operating historic real estate in urban markets. The company partners with investors to fund the acquisition and preservation of historic real estate with the goal of generating community revitalization and economic growth. As of January 2025, GBX has been involved in 211 real estate projects in 24 states. For more about GBX, visit gbxgroup.com/ 

About American Easement Foundation Inc.  

The American Easement Foundation (AEF), a 501(c)(3) organization registered in the Commonwealth of Virginia, was formed in 2001 with the express purpose of encouraging the preservation of historic structures, in perpetuity, through the application of conservation easements. AEF works to promote awareness and respect for historic buildings and their landscapes. Through these efforts, AEF embraces a conservation vision that seeks to protect for posterity the historic resources that are our national inheritance. The AEF is a supporting organization to the Galveston Historical Foundation. For more information, please visit americaneasement.org. 

Photos by Nicolas Fitzgerald 

Contact:

Kelsey Sparacia 

Public Affairs & Marketing Associate
GBX Group LLC

(513) 432-6156
kelseysparacia@gbxgroup.com