CBL Properties Sells Land to Greystar for Upscale Multi-Family Development Near Nashville
Event summary
- CBL Properties sold a 5.35-acre parcel of land at CoolSprings Galleria in Franklin, Tennessee to Greystar for an upscale multi-family development.
- The development will include 361 units and 15,000 square feet of ground-floor retail and service space.
- Construction is set to begin later in June 2026 and is expected to take approximately two years to complete.
- CoolSprings Galleria is a super-regional shopping destination with over 150 stores and more than one million square feet of retail space.
The big picture
CBL Properties is strategically leveraging underutilized land within its portfolio to add density and drive activity at its market-dominant properties. This move aligns with broader industry trends of repurposing retail spaces and integrating residential developments to create mixed-use destinations. Greystar, with its extensive experience in rental housing, brings significant scale and expertise to the project, managing over one million units globally.
What we're watching
- Retail Synergy
- How the addition of upscale residential units will drive foot traffic and enhance the retail offerings at CoolSprings Galleria.
- Development Pace
- The pace at which Greystar can complete the development and the potential impact on the local real estate market.
- Market Positioning
- Whether this development will reinforce CoolSprings Galleria's position as a top retail, dining, and entertainment destination.