New Residental Development for Cool Springs

Friday, October 19, 2007
$109M residential project set to sprout in Cool Springs
Todd Stringer, Nashville Business Journal
Don Shepherd, managing member of Creekstone Development and Kenneth Choate, principal, at the development site in Cool Springs.
A $109 million residential development fronted by nine office lots will begin construction after Jan. 1 in Cool Springs.
The two-tier Franklin development is being built by Royal Oaks Partnership South and Creekstone Development Group LLC.
Royal Oaks is working on the office lots, named Creekstone Commons, and has landed a Reliant Bank branch and office on one of them, developers say. The site will also contain the new $10 million headquarters for CHD Meridian Healthcare of Green Hills. The lot is owned by First Industrial Realty Trust Inc. of Chicago.
Legacy Academy already sits on one of the Creekstone lots. Legacy provides early childhood education.
CHD Meridian is a subsidiary of Philadelphia-based I-trax Inc. (AMEX: DMX) and operates employer-sponsored, onsite clinics.
Mike Hickey, general manager for Pinnacle Realty LLC, a Royal Oaks associate, says the 72-acre project will be split into two separately-owned developments, with some partners owning shares in both the office and residential developments.
Royal Oaks sold the residentially zoned 54 acres to the south of the office lots to Creekstone several weeks ago.
Don Shepherd, managing member for Creekstone Development, says his company will develop the residential project ­- which will contain 263 units.
The project will include 113 detached houses, 108 condominiums and 42 townhouses.
The rapidly growing area south and west of the Interstate 65-Murfreesboro Road intersection is an ideal location for the bank's new office and full-service branch, says Dan Dellinger, chief operating officer of Reliant Bank.
Reliant, which opened in January 2006, has one branch at 1724 Carothers Parkway, Franklin.
Dellinger says the new branch should be open in 2008, about the same time a third branch in Nolensville is built. (Nashville Business Journal)