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34-Acre Mixed-Use Offering Recently Purchased for $35 Million

Ovation

Greater Nashville's Most Desirable Development Opportunity Sold

NASHVILLE, Tenn. – Ovation, one of the highest profile mixed-use development sites in Nashville was recently purchased for $35,000,000. As part of a Planned Unit Development (“PUD”) originally approved in 2015, the subject property is 34.4 acres of an entire 77.7-acre development site located in the burgeoning Cool Springs submarket. 

In the transaction, Shane Douglas, executive vice president and partner, and Patrick Inglis, senior vice president and head of the Capital Markets team, represented Ovation Loan Group, LLC (the seller). 

Douglas stated “We have been incredibly fortunate to work with Greg Davis at Paramont Capital during the disposition of one of the most integral pieces of real estate in Cool Springs. Everything else around this corner hinges on the success of this development, which is now possible with the property sale.”

The development site sits one block east of Interstate I-65, occupying the southeast corner of East McEwen Drive and South Carothers Parkway in Franklin, TN. The subject property consists of approximately 34 acres and are part of the 150-acre Ovation Subdivision Specific Plan Development. The property is current entitled and approved for:

  • 380 multifamily apartment units
  • 450,000 square feet of retail space 
  • 450 hotel rooms 
  • 30,000 square feet of office space

Inglis stated “the Ovation site will play a key role in driving growth in Cool Springs, as it is entitled under the existing PUD for a host of exciting mixed-use improvements, as well as potentially allowing up to 12-stories of height under the new Envision Frankllin long-term development plan.”

Although the comprehensive Planned Unit Development (PUD) allows for 450,000 square feet of retail space, 30,000 square feet of office space, 950 multifamily apartment units, and 450 hotel units today, it is entirely likely these plans will change significantly. Broader development plans include 1.4 million square feet of Class A office space directly next to the subject property.  

For more information, please contact Danielle Henderson at danielle.henderson@colliers.com