The co-developer behind the massive Ovation mixed-use project in Cool Springs is working on plans for another development nearby on a 30-acre site at the southeast corner of Interstate 65 and McEwen Drive.
SouthStar LLC is talking with a Nashville medical group to anchor the new multi-building, mixed-used project called Franklin Summit. Besides the more than 100,000-square-foot medical facility that tenant would occupy, the $150 million to $200 million project would include retail, hotels and restaurants.
"We feel the Summit is a prime location for additional medical uses due to its proximity to the planned Vanderbilt campus and its location along I-65," said Glenn Wilson, CEO of SouthStar, which is developing Ovation with Highwoods Properties of Raleigh, N.C.
"We have interest from several hotel groups and we will probably end up with two hotels, some retail and restaurants — a lot of uses that are complimentary to Ovation."
Wilson declined to reveal the name of the medical group. The 30-acre Franklin Summit site is behind property where Vanderbilt University Medical Center plans a medical office complex and surgery center. It is across from Franklin Park, developer Pat Emery's 71-acre, multi-building, mixed-use development.
SouthStar assembled the 30 acres over the past year in three transactions, acquiring the last 15.5 acres of what's known as the Pickering property for $8.25 million. The company then bought an additional 10 acres last October and then 4 acres in March to create the 30-acre site.
SouthStar hasn't filed any site plan with the city of Franklin for Franklin Summit. Meanwhile, a third reading on plans for Ovation is scheduled before the Franklin Board of Mayor and Aldermen next month.
Upon approval, SouthStar plans to start infrastructure work at the Ovation site at the southeast corner of McEwen and Carothers Parkway by early September, Wilson said. That $700 million project is expected to include 1.4 million square feet of office space by Highwoods, 450,000 square feet of retail space, 450 hotel rooms and 950 residential units including single-family and multifamily residences.
Article from Tennessean
Written by Getahn Ward