SouthStar, Thomas Land & Development Partner on 145-Acre Mixed-Use Ovation
- Nov 29, 2014
Ovation, the transformative 145-acre project under development in Nashville’s Cool Springs submarket, is moving along at a dynamic pace. Just one month after breaking ground on the project’s 1.4 million-square-foot office component, SouthStar, LLC has now announced entering into a strategic partnership with Thomas Land & Development (TLD) to develop the project’s retail, hospitality and residential components. As such, Franklin, TN-based SouthStar LLC and Newnan, GA-headquartered Thomas Land & Development (TLD) will develop close to 500,000 square feet of retail, construction on which is expected to commence in spring 2015, as previously reported. The partnership will also bring two hotels totaling 450 keys to Ovation.
One development will be a full-service, business hotel while the other will provide boutique, luxury accommodation. The partnership will also develop Ovation’s residential component, which will include 950 residences ranging from apartment homes million-dollar mansions. Raleigh, NC-based Highwoods Properties is developing Ovation’s 1.4 million square foot, Class A office component. Highwoods is targeting LEED certifications for these facilities. But LEED-certified office won’t be the only green element of Ovation. Developers have announced plans to preserve approximately one third of Ovation’s 145 acres as green space.
“SouthStar has seasoned expertise and a deep dedication to this project,” President and CEO of Highwoods Properties Ed Fritsch said. “Introducing TLD simply turbo charges an already powerful engine [and] further enhances the capacity behind making Ovation a true success and a best-in-class destination.” Founded in 1993 as Thomas Enterprise, Thomas Land & Development evolved from developing big-box power centers and grocery-anchored neighborhood shopping centers to large-scale, master-planned communities featuring luxury hotels, multifamily residential components and upscale retail facilities. Since 1993 TLD has developed over 67 million square feet of commercial space. Currently TLD owns over 20 million square feet of retail property and more than 22,000 acres of prime, undeveloped land in across the U.S.
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Renderings courtesy of SouthStar LLC