Vacant mall in Tennessee to be redeveloped for $200 million

Bellevue, Tenn. -- Crosland Southeast and Branch Properties have entered into a joint venture to acquire Bellevue Center Mall, an 87-acre property, located in Bellevue Tennessee. Crosland and Branch will collaborate to develop the retail component of the project and will rebrand the Bellevue Center Mall as One Bellevue Place. The projected costs for the redevelopment are approximately $200 million.



The Bellevue Center Mall, which closed in 2008 except for two anchors, has reached a milestone for the redevelopment of the center when the new owners announced the site moved from pre-development to the construction phase ahead of schedule. One Bellevue Place is expected to open in phases with a majority being completed by the end of 2017.



Branch and Crosland have collaborated on other projects in the past and have been working together on the Bellevue property since earlier in 2015. The companies are collaborating to execute the vision that Crosland has advanced through its conversations with the Bellevue Community, Metro Industrial Development Board and the Metro Council.



The property is located within the City of Nashville. The overall project is envisioned to include approximately 350,000 sq. ft. of new retail space featuring anchors Carmike Cinemas and Sprouts Farmers Market, as well as a 111 key Home2Suite hotel and 337 multifamily rental units.



“We are thrilled to be working with Crosland on this exciting redevelopment. One Bellevue Place will be one of the region’s largest redevelopment projects completed in greater Nashville in nearly 15 years. A project of this size and quality will be a catalyst for additional growth, which is exciting for the future of the Bellevue Community and the reason we continue to invest in the greater Nashville Market,” said Nick Telesca, president of Branch Properties.



One Bellevue Place is Branch’s second major Nashville investment during the past year. The company is currently building a 139,969 sq. ft. retail center anchored by The Fresh Market and Marshalls in Hendersonville, Tennessee. Crosland led the development of Providence Marketplace in Mt Juliet, Tennessee.