Image: Greystar Properties
A portion of the CoolSprings Galleria parking area in Franklin is slated for a new residential and retail development.
CBL Properties, the Chattanooga-based owner and manager of CoolSprings Galleria, has closed on the sale of a 5.35-acre parcel in the northeast corner of the mall property to Greystar. The Nashville Business Journal reported that the sale closed for $11 million.
Greystar’s project will include 361 residential units and 15,000 square feet of ground-floor retail and service space. Construction is expected to begin later this month and take approximately two years to complete.
Greystar is a real estate company focused on rental housing. The company already has a presence in Franklin, including Everleigh Cool Springs, a 55+ active adult community.
The development is part of CBL’s effort to add density to underused parking lots and undeveloped parcels at its mall properties. CBL and Greystar both described the project as a way to bring new activity to an underused part of the CoolSprings Galleria property.
CoolSprings Galleria is located in Franklin, about 20 minutes from downtown Nashville. The mall includes more than 1 million square feet of rental space and more than 150 stores, with anchors including Belk, Dillard’s, JCPenney, Macy’s, and Primark.
