Greystar to Build 360 Units Outside Nashville
CBL Properties sold the parcel as part of a mall redevelopment strategy.
Greystar is set to develop a 361-unit multifamily community in Franklin, Tenn., after acquiring a 5.35-acre parcel at the CoolSprings Galleria shopping mall from CBL Properties. Terms of the transaction were not disclosed.
The developer will transform an underutilized parking lot into a new community in the northeast corner of the larger CoolSprings Galleria campus. Project plans also include the construction of 15,000 square feet of ground floor retail space. Construction on the community is expected to begin later this month and last approximately two years.
CBL’s sale of the parcel marks another step in the ongoing redevelopment of CoolSprings Galleria. The mall’s owner has been pursuing a mixed-use strategy that repurposes underutilized parking areas for residential, hospitality and retail uses.
CoolSprings’ larger redevelopment
In 2025, the City of Franklin approved the rezoning of 86 acres, paving the way for 600 multifamily units, a 120-key hotel and additional retail and restaurant space to be added to the site.
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The redevelopment was first proposed in 2024 by CBL and RaganSmith Associates, according to the Nashville Business Journal. Earlier plans called for additional open space, new development and the reduction of surplus parking across the campus. The mall opened in 1991 and is one of the largest retail properties in the area.
Franklin remains active
Franklin continues to attract multifamily development amid a supply surge across the Nashville metro. Multifamily deliveries hit record levels in 2024 with 14,723 units and remained elevated through 2025 with 11,195 units, according to Yardi Matrix. Franklin remains one of the more active submarkets in the metro, with 1,003 units under construction.
Another project underway in the area is Aureum, a $500 million mixed-use, master-planned community. In January, Embrey acquired six acres for Phases II and III of the project, which will add 604 units. The larger community broke ground in 2023.
