Highwoods Properties and SouthStar LLC are teaming to develop Ovation, an estimated $700-million, mixed-use community in the heart of Franklin’s Cool Springs.
The new community will unfold on a 147-acre site, located at the Southeast corner of McEwen Drive and Carothers Parkway in the epicenter of Williamson County’s central business district. The property is the largest undeveloped tract along Franklin’s Interstate 65 South.
“Ovation fulfills the City of Franklin’s vision for Cool Springs, complements its neighbors and connects adjacent properties into a unified, carefully planned area,” said Glenn Wilson, CEO of SouthStar LLC, a Franklin, Tenn.-based commercial real estate development company. “This will be the most comprehensive, mixed-use community in Middle Tennessee where all the primary aspects of living – work, shopping, recreation, entertainment and home — are found in one well-orchestrated location.”
Highwoods Properties is master developer for Ovation and will develop, own and manage the office space. The publicly-traded commercial real estate company has a deep footprint in Middle Tennessee, owning more than 2.6 million square feet of office space in Davidson and Williamson County.
“Ovation will be an ideal environment for companies seeking a range of workplace environments, from a corporate headquarters campus to boutique office space. We have a carefully crafted, comprehensive vision for this amenity-rich community and our goal is to encourage collaboration, and promote interactions among the wide range of people living, visiting and working at Ovation.” said Ed Fritsch, President and CEO of Highwoods. “We applaud and appreciate the City of Franklin and Williamson County for working with the team as we continue the process of bringing that vision to reality.”
Approximately 57 acres, or 39 percent of the entire site, will be preserved green space, including the three distinctive hilltops.
The remaining 90 acres will include:
– 350,000 square feet of upscale retail stores and restaurants in an outdoor environment; 1.4 million square feet of Class A office space built to LEED specifications;
– A 300-bed, full-service hotel;
– A unique blend of residential living, including both for sale and luxury rental homes; and
– Connectivity throughout the lifestyle campus and to neighboring businesses, residences
and a city park via sidewalks, bike paths, hiking trails and trolleys or planned transit system.
SouthStar will develop the retail space and the hotel and will team with Franklin-based Bristol Development Group, a developer of community-focused residential space.
The development team is collaborating with neighboring businesses, the City of Franklin, The Transportation Management Association Group and the Transit Alliance of Middle Tennessee to create Ovation as a transit-ready community that can connect to any future mass transit projects the city, county or state pursue.
“Our main entrance on Carothers Parkway will include safe pedestrian access for people walking over from the neighboring Vanderbilt Medical Campus,” said Wilson. SouthStar and Highwoods purchased the property in separate transactions in 2012 for $25 million. Infrastructure construction will begin in the first half of 2014. The project team for Ovation includes Kiser + Vogrin Design, Wakefield Beasley & Associates, Hastings Architecture, Barge Cauthen & Associates, RPM Transportation Consultants LLC, Dickinson Wright PPLC and Smith Gee Studio.
About Highwoods Properties
Highwoods Properties, headquartered in Raleigh, North Carolina, is a publicly traded (NYSE:HIW) real estate investment trust (“REIT”) and a member of the S&P MidCap 400 Index. The Company is a fully integrated, self-administered REIT that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. At June 30, 2013, Highwoods owned or had an interest in 321 in-service office, industrial and retail properties encompassing approximately 34.3 million square feet and owned 634 acres of development land. The Company’s properties and development land are located in Florida, Georgia, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia.
SouthStar LLC, based in Franklin, Tenn., is a commercial real estate company that creates quality commercial and mixed-use developments in the southeastern United States. SouthStar has projects across various platforms including retail, mixed-use, medical office buildings and master-planned residential communities.