Enclosed Tennessee center CoolSprings Galleria to add 360 residential units
One of CBL Properties’ super-regional shopping centers is slated to add more retail and residential space.
The firm has closed on the sale of a 5.35-acre parcel of land in the northeast corner of CoolSprings Galleria in Franklin, Tenn., an affluent Nashville suburb, to Greystar, a developer, owner and operator of rental housing. Construction on a 361-unit community with 15,000 square feet of ground floor retail and service will commence later this month, and is expected to last approximately two years.
Anchored by Belk, Dillard’s, JCPenney, Macy’s and Primark, CoolSprings Galleria spans more than 1 million square feet. Other tenants at the property include Apple, American Girl, Barnes & Noble, LEGO, The Cheesecake Factory, Connors Steak & Seafood, H&M, Kings Dining & Entertainment, Pottery Barn and Williams-Sonoma. The center first opened in 1991.
[READ MORE: CBL lands Cheesecake Factory and Pop Mart at St. Louis mall]
“We are successfully identifying opportunities to realize the embedded value available across our portfolio,” said Stephen Lebovitz, CEO CBL Properties. “This transaction allows us to generate value from a non-income-producing parcel by introducing a highly complementary residential development that will add density, drive activity, and further enhance the CoolSprings Galleria campus.”
Located south of Nashville, Franklin has an estimated population of approximately 90,000, an increase of 8% compared to 2020, according to 2025 U.S. Census estimates. The median household income in Franklin is approximately $119,500.
"We're honored that CBL has trusted Greystar to help bring a new residential chapter to the CoolSprings Galleria mixed-use district,” said Matt Evans, senior director of development of Greystar. “This thriving destination will keep operating as a regional anchor, and by turning an underutilized parking lot into upscale housing with curated ground-floor retail, we're reinvesting alongside the Galleria and helping carry it into the next generation.”
Headquartered in Charleston, S.C., Greystar manages and operates approximately $350 billion of real estate in approximately 260 markets globally with offices throughout North America, Europe, South America and the Asia-Pacific region.
Chattanooga, Tenn.-based CBL’s owned and managed portfolio is made up of 88 properties totaling 55.6 million square feet across 23 states, including 55 enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets.
