Publix and Boyle Investment Co. officials announced today they are targeting at 46,000-square-foot grocery store for the mixed-use Berry Farms in Williamson County.
For the 600-acre master-planned community, located at at the corner of Lewisburg Pike and Goose Creek Bypass, Boyle is serving as the developer; HMHA, the architect; and First Tennessee Bank, the lender, according to a release.
“Although South Franklin is experiencing significant residential growth with subdivisions like Berry Farms, the Highlands of Ladd Park and Stream Valley, the area is currently underserved with grocery, restaurants and retail shops,” Grant Kinnett (pictured), who handles retail leasing for Boyle, said in the release. “The Publix grocery store is planning a summer 2016 opening, along with 20,000 SF of additional retail space all within walking distance for the residents of Berry Farms. The total project will be $12.5 million, and will consist of Publix, restaurants, services and specialty retail.” Renderings attached.
The first two phases of development of Berry Farms are completed and offer about 130 residences and 27,000 square feet of commercial retail businesses. Boyle projects 1,100 residential units, 1.8 million square feet of retail and 3 million square feet of office space.
The Bureau of Labor Statistics this week published its regular report on job and wage growth in the nation's counties, this time for the fourth quarter of 2014. The report makes for fun reading for some in the local economic development community: Williamson County's 6.1 percent job growth rate last year ranks fifth nationally in the BLS' large-county category while the 4.9 percent increase in average wages put the county in the top 50. Similarly, Rutherford County's job growth of 3.9 percent easily outpaced the nation's 2.2 percent pace.
Davidson County's strong growth of 3.6 percent, however, is made a good bit more sobering when put alongside its wage numbers, which clocked in at just 1.5 percent. That put the heart of Middle Tennessee and the home of more than half its jobs all the way in 306th out of 340 counties. With the mayoral race heating up, we're thinking the topic of wages and bringing quality jobs to Davidson County will quickly move up the agenda from here.
You can peruse the full BLS report at this link.
So it turns out the glitzy parts of Nashville — downtown, West End, The Gulch and the like — aren't the only area office submarkets where space now costs more than $30 per square foot.
The leaders of Franklin Financial Network last week signed 15-year lease papers for almost 17,000 square feet that's been built onto their downtown Franklin headquarters by a company controlled by bank directors Henry Brockman and David Kemp.
Franklin Financial's starting rent is $33.25, which is $4.50 more than Spectrum Emery Properties is asking for its big and shiny One Franklin Park building located a few miles northeast. Even taking into account the "friendly" nature of the deal — which includes a clause allowing that rental rate to rise between 1.5 percent and 3.5 percent annually — the lease tells us the Nashville-area property market is in fine fettle, to say the least.
Check out the deal's details here.
SEE ALSO: Franklin Synergy in branch sale-leaseback with directors from late last year
It's been a few quarters since we've passed on information about Williamson County's economic development pipeline. The latest word from the county's chamber of commerce shows that it is contention for about 30 projects that could bring with them almost 7,200 jobs. The first number is in line with where things stood last summer but the jobs number has dropped more than 3,000.
A Charleston-based upscale women's apparel and footwear boutique plans to soon open its first store in Tennessee in the CityPark development on Franklin Road in Brentwood. Copper Penny will take up space in Building E of CityPark's 40,000-square-foot retail section, sitting close to the Hilton Garden Inn being built adjacent to the Mooreland historic home. The CityPark site will be the ninth location for Copper Penny, which first opened its doors about 25 years ago.
SouthStar is jumpstarting its leasing efforts for Williamson County project Franklin Summit, which could include two hotels and various office buildings with a collective approximately 800,000 square feet of space, Nashville Business Journal reports.
Franklin Summit sits on a 30-acre site on Huffines Ridge Drive, and overlooking Interstate 65 at exit 67 in Cool Springs.
The project, which could carry a price tag of up to $300 million, is not part of the nearby Ovation mixed-use development on which SouthStar and Highwoods Properties are teaming (read here).
Read more here.
Getahn Ward at The Tennessean reports that UBS is close to committing to 30,000 square feet in One Franklin Park, which already has snagged some other big names. The global financial giant, which has been busy building up its downtown operations center, will install some back-office workers in Cool Springs and also open a wealth management office that could grow to 28 people. Read more here.
SouthStar is under contract to buy 41 acres of Cool Springs land located south of the Franklin-based developer’s underway Ovation, according to Nashville Business Journal.
Citing multiple unnamed sources, NBJ reports that if the two-acquisition deal materializes, SouthStar will have amassed approximately 165 acres in what is essentially the heart of the midstate's most suburban-development-attractive area.
Ovation is expected to carry a $775 million price tag and include 1.4 million square feet of office space, 450,000 square feet of retail and restaurant space, hotels and 950 residential units.
Read more here.
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