Franklin-based SouthStar LLC has sold for $15.1 million the last remaining 22 acres at Ovation in Cool Springs to Thomas Enterprises Inc. of Atlanta, Nashville Business Journal reports.
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Atlanta-based North American Properties has released an image for its Emblem, a 361-unit luxury apartment project for which ground has been broken in Cool Springs.
Richard Munger, NAP partner and vice president of development, said the project will carry a price tag of about $65 million. The building will face Nichol Mill Lane across from the building home to Academy Sports (see the site here courtesy of Google Maps).
Houston based Meeks+Partners is serving as architect. Relatedly, Don Meeks, M+P founder, previously had the site under contract but earlier this year assigned his rights to acquire to NAP.
NAP purchased the property in February from Alan Revelette and Sunil Patel and broke ground in September.
NAP developed Park Central, an eight-story 200-unit residential mid-rise building located on 25th Avenue North across from Centennial Park.
(Image courtesy of NAP and M+P)
Franklin-based SouthStar is slated to sell by month’s end the final piece of land it owns related to the proposed Ovation mixed-use development in Cool Springs, Nashville Business Journal reports.
According to NBJ, the prospective buyer is Bristol Development Group, which is also based in Franklin, know for its residential projects and previously connected to the Ovation effort.
SouthStar already had sold for $30.9 million 35 acres to Atlanta developer Thomas Enterprises Inc.
The Ovation site sits across Carothers Parkway from the land on which Vanderbilt University Medical Center operates many of its Williamson County outpatient services. It is located southeast of the prominent parcel on which Spectrum|Emery Properties is developing its Franklin Park project, which will over time also bring to market more than 1 million square feet of office space.
As planned, Ovation could include buildings spanning 480,000 square feet and accommodating retail, restaurant and entertainment venue space, two hotels with a collective 450 rooms and 950 residences.
In addition to Bristol, Highwoods Properties is involved in Ovation.
Buckingham Cos.' efforts to build a tall residential tower at a prime spot in The Gulch were met with opposition from residents of the nearby Terrazzo development. A number of those people have now hired noted local real estate attorney Tom White. But that, writes Adam Sichko at the Business Journal, doesn't mean a big fight is brewing. Said White to the NBJ:
"I feel very strongly that the best advice I can give is to see if we can get some common ground," White added. "We don't intend to roll over on every request Buckingham wants. But when someone can do something as a matter of right, you want to be very careful you don't come out and oppose something that might be a more creative and better solution."
Over at The Tennessean, Getahn Ward reports that global developer and property manager Lendlease is in talks to move its offices from Midtown's Palmer Plaza to the 1201 Demonbreun building rising in The Gulch. Lendlease officials are in the market for at least a floor of the building, where the typical floorplate will be 26,000 square feet.
And lastly, the North Carolina owners of Tupelo Honey Cafe have picked Oct. 19 to open their Cool Springs restaurant in Boyle's Meridian development adjacent to Interstate 65. Tupelo Honey is setting up shop in the almost-7,300-square-foot former Bosco's space and will be able to seat 172 people inside and another 50 on a patio. The kitchen will serve up scratch-made Southern food as well as soups, salads and sandwiches. Initially, its hours will be for dinner only, with lunch starting on Nov. 2. Check out more info here.
Officials with car rental giant Enterprise Holdings say they’re enjoying the benefits of Nashville’s tourism and travel boom. The company’s three brands — Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car — are putting up double-digit growth this year at Nashville International Airport, and plans call for Enterprise to open several more area locations to go with the 40-plus they now run.
One of those will come with a twist: This fall, Enterprise will add the Exotic Car Collection at its offices on Mallory Station in Cool Springs. The operation, which will employ a handful of full- and part-time people, will market high-end brands such as Lamborghini, Bentley, Ferrari and more. It will be just the 23rd Exotic Car Collection location in the country and only the fifth in the South, joining spots in Atlanta, Miami and Naples, Florida.
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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