SouthStar and Highwoods Properties Break Ground on 145-Acre Mixed Use Ovation in Cool Springs
- Oct 30, 2014
SouthStar LLC and Highwoods Properties have broken ground on Ovation, the transformative 145-acre project set to bring urban living to the suburban setting of Cool Springs. Located at the corner of Carothers Parkway and McEwen Drive, Ovation will be the first in-market, upscale lifestyle destination in Franklin, Tennessee.
According to the Nashville Business Journal, Ovation had a $700 million price tag, before Southstar boosted retail space by 40 percent and hotel rooms by 50 percent. Southstar’s current plans include close to 500,000 square feet of retail and commercial space, construction for which is expected to kick off in spring. SouthStar, in partnership with Bristol Development Group Inc., will also develop 950 residential units, as well as a yet-to-be announced boutique hotel and a limited service hotel, totaling 450 keys. Bristol Development will develop a variety of residential spaces, both rental and for sale, from apartment units to high end, million-dollar homes. Highwoods Properties will develop 1.4 million square feet of LEED-certified, Class A office space, targeting a wide range of entities, from emerging companies and boutique firms to corporate headquarters.
While over $20 million in infrastructure work has already been undertaken onsite, roughly one third of Ovation’s 145 acres will be preserved as green space. The project will put an emphasis on connectivity via trolley or a planned transit system, sidewalks, bike paths and hiking trails.
SouthStar and Highwoods purchased the project site in 2012 in separate transactions totaling $25 million. Ovation is expected to generate $12.6 million in tax revenue and 6,500 new jobs.
The development team also includes Kiser+ Vogrin Design, Wakefield Beasley & Associates, Hastings Architecture, Barge Cauthen & Associates, RPM Transportation Consultants LL, Dickinson wright PLLC and Smith Gee Studio.
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Images courtesy of SouthStar and Highwoods Properties