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.
Regional lender Metropolitan Bank said Tuesday afternoon it has signed a lease for ground-floor space in the One Franklin Park office tower being finished in Cool Springs by Spectrum | Emery.
The leaders of Metropolitan, which entered the Nashville market in early 2012 and now has about $100 million in local loans, will relocate their current operations on Westgate Circle to Franklin Park, which will have Acadia Healthcare, law firm Thompson Burton and Franklin American Mortgage among its tenants. The branch is expected to be up and running by the end of the third quarter.
“We’ve worked hard to grow a number of tremendous client relationships in our current space in Williamson County, but with the growth of our team and client base it is time to establish a larger, more visible presence in the market,” said Bill Menkel, Metropolitan’s Nashville market CEO. “Williamson County is an important market for Metropolitan and we want to establish a location which will provide enhanced convenience for both existing and prospective clients, but at the end of the day, it’s our people and the client experience they deliver each day that makes Metropolitan truly unique.”
The new office will be home to up to 12 employees. For more info, click here.
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