Aureum-art

A Lebanon-based developer secured a sizable loan to finance a construction project in Lebanon, which is contracted out to Franklin-based builder, Chartwell Residential.

South Hartmann Partners LLC. secured a $31.8 million loan to fund the development of townhomes on land adjacent to the intersection of South Hartmann Drive and Aviation Way in Lebanon. The site plan is currently up for approval, slated for a 17-acre plot that already includes the Fitzroy at Lebanon Marketplace, which is a complex of 240 apartments under construction since 2020.

The Fitzroy is another Chartwell construction. Chartwell has been entrusted with the development of the entire site’s undeveloped space. The site, Lebanon Marketplace, is a significant fixture in the community, home to the city’s Chili’s Bar & Grill, Home Depot and Wilson County Motors.

Housing is a major concern for Lebanon as is the case for most communities in the Greater Nashville Metropolitan Statistical Area, and Lebanon Marketplace has become a focal point new housing offerings, primarily because of Chartwell. Lebanon Marketplace is a development first brought before the city of Lebanon for approval by SouthStar, a Brentwood-based developer.

Lebanon Marketplace is a mixed-use development of some 75 acres positioned north of Interstate 40. Lebanon Marketplace refers to itself online and its immediate surroundings as the “new gateway” to Lebanon.

Lebanon Marketplace is hardly the only project on which SouthStar and Chartwell have partnered. The two are currently working on a prospective $700 million mixed-use project called Aureum for the Cool Springs area at the intersection of East McEwen Drive and Carothers Parkway.

SouthStar and Chartwell held a virtual public engagement meeting in December to gauge the interest of residents. The imminent build is expected to occupy what is projected to be one of the busiest intersections in the state — and certainly the densest in the county — in the near future due to the area’s growth.

Aureum’s 22 acres are slated to host 1.7 million square feet of space consisting of 750,000 square feet of office space, another 100,000 square feet of retail and restaurant space, 480 multifamily residential units and 700 hotel rooms. Zoning for the project was secured back in April 2019 with approval from the Franklin Municipal Planning Commission.

Chartwell has a recent history of working components of developments initiated by other Williamson County contractors. During the 2020 quarantine, Chartwell Hospitality bought the air rights to the dual-brand hotel tower of the Parke West development in West Nashville, which offers 96 rooms from Hilton Garden Inn and another 76 from Home2 for a total of 172 rooms.

Chartwell acquired rights and management responsibility from GBT Realty, the Brentwood-based firm that developed the site and financed the phase that included Chartwell’s component via $56.5 loan from First Horizon Bank.