Merus has acquired the RiverGate Mall in Goodlettsville, Tennessee, and is planning a major redevelopment of the property. The approximately $450 million project, at full buildout, will transform the traditional mall into a connected street grid featuring housing, neighborhood-focused retail and dining, entertainment space, medical and office uses, and publicly accessible green space.
The master plan includes about 700 multifamily units, 100 townhomes, 80 independent senior housing units, and more than 130,000 square feet of retail and dining space.
Merus paid $33 million for the 514,000-square-foot retail center.
Avison Young’s Jordan Powell spearheaded the transaction, along with Lisa Maki and Mike Jacobs, representing Merus in the acquisition, as well as the sellers of the former Macy’s and JCPenney portions of the mall. Franklin Street’s Bryan Belk and John Tennant represented Hendon, the seller of the Sears portion and the remaining mall infrastructure.
Construction is expected to begin in late 2026 or early 2027.
