This month, the original developer behind the proposed Ovation mixed-use development in Cool Springs will finish selling all the land it owned in the project.
SouthStar LLC, of Franklin, already has sold 35 acres for $30.9 million to Atlanta developer Thomas Enterprises Inc. Later this month, SouthStar expects to sell the final piece of land it owns to Franklin-based Bristol Development Group, where that company will build some of the project’s 950 residential units.
The sale to Thomas Enterprises puts that developer in charge of the 480,000 square feet of retail, restaurants and entertainment venues planned for Ovation, as well as two hotels on the drawing board for a combined 450 rooms. That also means it falls on Thomas Enterprises to secure financing for that part of Ovation.
Ovation is a bold attempt to create an urban environment to live, work and play within the decidedly suburban commercial hub of Cool Springs — located in the epicenter of a construction boom that is remaking the region’s premier corporate address. Ovation’s expected price tag is nearing $1 billion, at the rate construction costs are escalating. As part of Ovation, Highwoods Properties Inc. (NYSE: HIW) plans to develop up to 1.4 million square feet of top-grade Class A office space in Ovation.