August 03, 2015
Boyle Developing $150M Mixed-Use Project in Cool Springs
– Memphis Business Journal –
Boyle Investment Co. is planning a massive mixed-use development on 40 acres in Cool Springs, which is located in Williamson County near Nashville.
Boyle, which is based in Memphis, partnered with Northwester Mutual Life Insurance Co. to buy the property from Ford Motor Company Thursday in order to develop Meridian Cool Springs. Terms of the acquisition were not disclosed. Boyle has had the property under contract for several months.
The companies’ current site plan includes 570,000 square feet of office, 70,000 square feet of retail and a 200 room hotel. Site work is scheduled to begin July 1 and construction on a 50,000 to 75,000 square foot speculative, class A office building is expected to begin by September. Boyle is negotiating with a hotel operator and hopes to confirm the deal by July.
Boyle is working to attract a bank, restaurants and high-end, destination retailers for Meridian Cool Springs.
“Once it is built out, it will be an investment of more than $150 million,” estimates Jeff Haynes, chief manager for Boyle.
The property is a strategic acquisition for Boyle and Northwestern Mutual Life. In 2003 the companies bought One and Two Corporate Centre, totaling 280,000 square feet of class A space off Cool Springs Boulevard in Williamson County. The mixed use development will be designed to blend with neighboring properties One and Two Corporate Centre and Primus, a division of Ford Motor Co.
Boyle is the first of several developers who have announced intentions to develop office space in Cool Springs or Brentwood. The submarkets have reported the most net absorption inside the Nashville MSA and the class A vacancy rate is around 5 percent.
“I think the market is deep enough for all of us to add product in a disciplined manner. Historically, Cool Springs has captured a significant portion of the absorption in the city and I think all of us can be successful,” says Haynes.