Greystar Buys CoolSprings Mall Parcel, Planning 361 Rental Units

Greystar bought a 5.35-acre portion of a CoolSprings Galleria parking lot from CBL Properties, the developer and owner of the Franklin mall. The Nashville Business Journal reports the deal closed for $11 million. Greystar is planning a 361-unit apartment complex with ground-floor retail.

CBL says it has taken advantage of an under-utilized parking lot and an undeveloped parcel to add density to its mall property. CBL’s Stephen Lebovitz added, “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.”

CBL’s plan to repurpose the mall includes the development of nearly 80,000 square feet of retail and restaurant space, around 600 apartment units and a 120-room hotel. CoolSprings is the state’s largest mall, with over 1 million square feet of rental space.