Upgrades in Store for Nashville-Area Lifestyle Center
- Feb 06, 2019
U.S. Properties Group has commenced a renovation project at The Streets of Indian Lake designed to transform the 250,000-square-foot suburban lifestyle center’s central plaza into a meeting destination. The shopping center owner and manager will invest $2.5 million in the project.
The Streets, located roughly 20 miles northeast of Nashville, opened its doors in 2008 and in 2016, the property came under USPG’s ownership. Gord Wiebe, director of U.S. Properties Group, said in a prepared statement, “We are committed to the community and we are changing with the times to remain in the forefront in outdoor shopping center development.”
USPG tapped RDL Architects to redesign the new plaza, which the company envisions as a relaxed destination conceived to appeal to modern-day shoppers’ lifestyles. Impact Strategies is spearheading construction of The Streets’ new plaza, which is scheduled to debut in late spring 2019. The plaza will feature three points of entry, all identified by gateway structures. Beyond the entry points, visitors will be welcomed by pathways lined with greenery and flowers leading to different gathering areas for socializing and programmed events.
Roaring retail in music city
Metropolitan Nashville’s retail sector is thriving. According to a report by Avison Young, the average vacancy rate in the fourth quarter of 2018 was under 5 percent in all but one of the city’s 13 submarkets. “Nashville continues to be a healthy environment for retail as the booming tourism industry, low unemployment rate and increased income are all driving consumer demand,” per the report.
The Nashville-area retail market’s positive fundamentals continue to lure investors. The suburbs have proven particularly attractive of late. Four of the five top sales in 2018 involved properties outside Nashville proper. The list of leading property trades include Maple Shopping Center in Franklin, which sold for $29 million and Providence Commons in Mt. Juliet, which changed hands in a $28.2 million transaction.
Image courtesy of U.S. Properties Group