CBL Properties and Greystar have broken ground on a new mixed-use development at CoolSprings Galleria in Franklin, Tennessee. The project is being built on the mall campus and is intended to add a residential and retail component alongside the existing shopping center. According to the companies, work is now underway following site preparation and the transfer of a portion of the property to Greystar for the new phase of development.
The planned community will introduce 361 residences adjacent to the existing retail footprint at CoolSprings Galleria. In addition to the housing component, the development is set to include approximately 15,000 square feet of new space for retail and restaurant users. The additional square footage is designed to be integrated within the broader campus, expanding the property’s commercial offering beyond the existing mix of enclosed mall space and open-air areas.
CBL previously announced in June that it had completed the sale of a 5.35-acre parcel of underutilized parking at the center to Greystar, clearing the way for this project. The redevelopment of the parking area allows new residential and street-facing retail construction without displacing the mall’s core buildings. The companies report that the overall development timeline is expected to span roughly two years from the groundbreaking to completion.
The Greystar project follows a series of recent tenant announcements at CoolSprings Galleria. Tennessee’s first L.L.Bean store has recently opened at the property, adding an outdoor retail brand to the center’s lineup. In addition, a new DICK’S House of Sports location has been announced for the JCPenney store space, with that concept expected to open in 2028. These changes indicate an ongoing shift in the merchandising and experiential profile of the mall.
CBL notes that its owned and managed portfolio includes 88 properties totaling 55.6 million square feet across 23 states. The holdings comprise 55 enclosed malls, outlet centers, and lifestyle retail centers, along with more than 25 open-air centers and other assets. The new development at CoolSprings Galleria is one of the ways the company is repositioning parts of its portfolio by introducing additional uses on existing sites while continuing to operate a large national retail platform.
