Gay Street was part of Charles McClung's original 1791 plat of Knoxville. It has served as the city's main financial and commercial street since the 1790s.
By 1850 it held three-fourths of the city's commercial activity, and in 1854 it became Knoxville's first paved road. On the eve of the Civil War, both Union and Confederate recruiting rallies were held on it at the same time.
After the war the railroad brought an industrial boom. Buildings along the street include the Bijou Theatre (1909), the Riviera Theatre (1920) and the Tennessee Theatre (1928).

