[[{“value”:”
Greystar has acquired a 5.35-acre portion of the parking area at CoolSprings Galleria from CBL Properties, which developed and owns the regional mall in Franklin. According to reporting from the Nashville Business Journal, the sale of the under-utilized parking lot parcel closed for $11 million.
Following the acquisition, Greystar is planning a 361-unit apartment community on the site, incorporating ground-floor retail space beneath the residential component. The project will bring multifamily housing directly onto the mall campus, adding a residential layer to what has historically been a retail-driven property.
CBL Properties described the transaction as an opportunity to unlock value from land that was not previously producing income. By selling the parking lot parcel and an undeveloped portion of the property for a residential-led project, CBL is using surplus land to support a denser, more mixed-use environment at CoolSprings Galleria.
Stephen Lebovitz of CBL noted that the deal converts a non-income-producing parcel into a use that complements the rest of the mall. He said the planned residential development is expected to add density and drive additional activity on the property, further strengthening the CoolSprings Galleria campus.
The Greystar project forms part of a broader repositioning strategy for the mall. CBL has outlined a plan to repurpose portions of the property with nearly 80,000 square feet of additional retail and restaurant space, approximately 600 apartment units in total, and a 120-room hotel. These elements are intended to diversify the site’s uses beyond traditional retail and refresh the property’s competitive profile.
CoolSprings Galleria is described as the state’s largest mall, with more than 1 million square feet of rental space. The introduction of new residential, hospitality, and added retail and restaurant components is expected to create a more integrated, multi-use destination that combines shopping, living, and lodging on a single campus.
Within that context, Greystar’s 361-unit apartment development with ground-floor retail represents a significant component of the mall’s evolution, helping to accelerate CBL’s plan to add density and broaden the property’s revenue base while reducing its reliance on conventional mall formats.
The post Greystar Buys CoolSprings Galleria Parcel for 361-Unit Apartment and Retail Project appeared first on CRE Market Beat.
“}]]
