Spectrum Properties/Emery has plans to build the apartment community as part of developing a 71-acre tract south of Nissan’s North American headquarters and east of Interstate 65. The project could exceed $50 million, sure to help boost the economy by way of construction jobs.
Spectrum Properties gained the land last year, when its financial backer J.P. Morgan paid over $40 million for the land. The developer expects to begin construction on the apartment community this summer after the zoning process is through.
The Cool Springs area in Franklin has been booming as of late, known for its shopping and restaurants, the area has also been rapidly growing in the areas of office buildings and condominium/apartment communities. The area is now one of Middle Tennessee’s strongest apartment markets, with average monthly rent around $1,067 and an occupancy rate of 96 percent. Compare that to the Nashville area, with an average monthly rent of $790 and a 94.5 percent occupancy rate.
While the project is still in the planning stages, developers hope it will be a mixed-use development. Currently, no significant retail space is planned.