Boyle Investment Company has closed a joint venture with Northwood Investors and Northwood Ravin to develop a 45-acre upscale mixed use project at the property historically known as Northside at McEwen.
The $270 million development will include approximately 750,000 square feet of Class A office, more than 100,000 square feet of restaurants and specialty retail, a 150-room hotel and 580 upscale residential units.
Because the Nashville area is experiencing very strong employment growth and in-migration trends, with Williamson County recently seeing the largest job growth in the country, the Boyle Investment team recently said through a media release that Cool Springs is in need of more Class A office space, where vacancy hovers around one percent.
"The Northside at McEwen site will set itself apart from the rest as a unique mixed-use environment that will become the central gathering place and destination of choice for the Cool Springs market," said Phil Fawcett, Boyle development partner.
The Boyle development team will submit the infrastructure plan to the City of Franklin this month, and expects to begin work on the site before the end of 2016 with Class A office buildings, a mixture of restaurants and retail and high quality multi-family residential, all delivered in mid-2018. Plans include a new traffic light installed on W. McEwen Drive, to be shared with the Whole Foods shopping center at Southside at McEwen.
“We are thrilled to have partnered with Boyle Investment Company on this project,” says Ross Cowan, Managing Director at Northwood Investors. “Their conservative investment approach, deep track record of development in Franklin and Cool Springs, and understanding of mixed-use complements the team that has been organized to execute this project.”
David Ravin, President and CEO of Northwood Ravin said that the Northwood team team would be able to deliver a development beneficial to the area.
“The experience of our team will afford us the opportunity to deliver an extremely high quality mixed use environment amid the strong fundamentals of the Cool Springs market,” Ravin said.
Northside at McEwen is strategically located on McEwen Drive in Cool Springs, just west of the McEwen Drive and Interstate 65 interchange. The close proximity to the interstate provides convenient access to the community. This Cool Springs location is highly desirable to office users and residents, and the 45-acre Northside at McEwen site allows for development of restaurants and upscale retail that will provide amenities and services to the surrounding area.
“By design, mixed-use projects offer unparalleled amenities for users because the community is people-oriented, inclusive and connected,” said Kristin Cales, marketing director at Boyle. “Boyle’s strength in designing mixed-use communities lies in our intentional placemaking, reinforcing the connection between people and the places they share.”
According to Boyle, through careful land planning, architectural design and management of public spaces, the Northside at McEwen site will transform into an intimate urban village with an inviting and walkable open space network and central gathering place, all nestled within the busy Cool Springs submarket.