The developers, SouthStar LLC and Highwoods Properties, announced their desires to build 1.4 million square feet of offices, 350,000 square feet of retail stores and restaurants, and a 300-room hotel at the intersection of Carothers Parkway and McEwan Drive.
The project, which is being called Ovation, will also include a mix of apartments and other housing. Developers plan to begin initial site development by next summer with construction on the first office building to follow in the fall, they announced in a news conference at the Franklin Theatre.
The firms purchased the property, which totals 145 acres, in December for $25 million. The parcel is one of the largest undeveloped tracts in Franklin’s Interstate 65 corridor.
Current site plans have storefronts located on the intersection and along Carothers Parkway, with a seven-building office park to be located on the eastern portion of the property. The offices will be managed and owned by Highwoods.
SouthStar will take the lead on developing the retail space, which will be completed in a single phase.
Franklin-based Bristol Development Group is set to build the housing at the site, which would be developed near the rear of the parcel. Much of the housing is adjacent to 57 acres of green space that will remain undeveloped.
The developers have yet to settle on a firm number for how many units will be constructed, but conceptual site drawings show that multifamily housing could account for a third of the project.
We will keep you up to date on this developing new story.