Merus acquired the RiverGate Mall in Goodlettsville, Tennessee and has major redevelopment plans. The project, estimated at roughly $450 million at full buildout, would convert the traditional mall layout into a connected street grid with housing, neighborhood-focused retail and dining, entertainment space, medical and office uses, and publicly accessible green space.

The master plan calls for about 700 multifamily units, 100 townhomes, 80 independent senior housing units, and more than 130,000 square feet of retail and dining.

The company paid $33 million for the 514,000-square-foot retail center.

Avison Young’s Jordan Powell, spearheaded the transaction along with Lisa Maki and Mike Jacobs representing Merus in the acquisition as well as the sellers of the former Macy’s and JCPenney portions of the mall. Franklin Street’s Bryan Belk and John Tennant represented Hendon, the seller of the Sears portion and the remaining mall infrastructure.

Construction is expected to begin in late 2026/early 2027.