CBL Properties has sold a 5.35-acre parcel of land at the northeast corner of CoolSprings Galleria in Franklin to Greystar, a developer, owner and operator of rental housing. Click for More News
The project will bring a new residential component to the CoolSprings Galleria campus, turning an underused parking area into a 361-unit upscale residential community with 15,000 square feet of ground-floor retail and service space.
CoolSprings Galleria remains one of CBL’s premier properties, continuing to attract retail, dining and entertainment options in one of Middle Tennessee’s fastest-growing areas. As shopping centers continue to evolve, CBL has been looking at ways to make better use of undeveloped parcels and large parking areas at its mall properties.
“We are successfully identifying opportunities to realize the embedded value available across our portfolio,” said Stephen D. Lebovitz, Chief Executive Officer, CBL Properties in a release. “This transaction allows us to generate value from a non-income-producing parcel by introducing a highly complementary residential development that will add density, drive activity, and further enhance the CoolSprings Galleria campus.”
Lebovitz added that the addition of an upscale residential community will help bring more activity to the property throughout the day and further strengthen CoolSprings Galleria as a regional destination for shopping, dining and entertainment.
“We’re honored that CBL has trusted Greystar to help bring a new residential chapter to the CoolSprings Galleria mixed-use district,” said Matt Evans, Senior Director of Development, Greystar. “This thriving destination will keep operating as a regional anchor, and by turning an underutilized parking lot into upscale housing with curated ground-floor retail, we’re reinvesting alongside the Galleria and helping carry it into the next generation.”
Construction on the community is expected to begin later this month and take approximately two years to complete.
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