Developer to unveil plans for new Cool Springs office/retail
By Pam Horne, Managing Editor
Plans for the last undeveloped large tract of land in Cool Springs, 147 acres of prime real estate valued at $25 million, will be unveiled Tuesday to the media and business and community leaders at the Franklin Theatre.
Situated at the southeast corner of McEwen Drive and South Carothers Parkway, the property is adjacent to one of the city’s largest parks and residential neighborhoods.
Co-developers Highwoods Properties and SouthStar, LLC made the announcement yesterday through media representatives Katcher, Vaughan and Bailey Public Relations, of Nashville.
Ed Fritsch, President, of Highwoods Properties, and Franklin’s Glenn Wilson, CEO of SouthStar, will be presenting their joint vision of this coveted high-density property.
Thirty-year real estate veteran Tom McArthur, whose firm McArthur-Sanders recently closed on the property, noted the historical significance of this local and regional announcement.
A press conference is scheduled for 3:30 p.m. with a private invitation-only meeting set to follow for members of the county and city’s business and civic leaders.
For the past three generations, this land has been held in the Pickering family. It was once the farm of Caroline and Norm Pickering who purchased it in the 1930s.
Today, expected growth in the Cool Springs corridor could bring the area to a population of 25,000, McArthur said yesterday afternoon.
“As long as I’ve been involved in real estate here in Williamson County, the majority of buyers have wanted to stay in that 65 corridor for a lot of reasons,” he said, adding that it will continue to press further south. “You can see the trend with Berry Farms, now the Lockwood property, Simmons Ridge and Ladd Park.”
Franklin leaders earlier this month urged residents to respond to a special census questionnaire that was sent to every resident in hopes to track the more recent growth that could help increase local-state shared revenues.
This project comes during a new wave of real estate growth, both suburban and more rural, taking place across the county.
In Cool Springs, McArthur noted that the Pickering family also sold a single 15-acre parcel to SouthStar, predominantly a retail developer, for $8.2 million. That closing took place at the end of May.
The 147-acre tract closed late last year, Tom McArthur said.
“That piece of property has been eyed for 15-20 years. Everybody knew that at some point in time it would be the next big piece.”
“I think it is a very exciting time for the city and the county both. On the east and west side of the interstate-65 all the way down to Peytonsville Road. There’s just a tremendous amount of activity going forward that will really bear watching.
Posted on: 8/14/2013