Sitting on the corner of the busy intersection of Franklin Road and Moores Lane is one of the last remaining undeveloped commercial tracts in Brentwood, with a sign that says a mixed-use site is coming soon.
Brentwood Home Page inquired with city planning staff on the history of the property, and found a project called “Waterford Place” was originally approved in 2006.
Planning and Codes director Jeff Dobson said the plan, which involved a three-story, 42,420-sq.-ft. building for office and retail, expired in June 2010 after several extension requests.
“The approval is no longer valid and the owner must return to the Planning Commission for consideration of a new site plan for the project before any work can begin,” Dobson said.
BHP then learned the land is owned by Vastland Companies, a commercial and residential realty firm based in Nashville.
Tyler Cauble, a commercial sales and leasing agent for Vastland, told Brentwood Home Page the firm had planned an retail-office space for the building on Franklin Road, but then the recession hit.
“There was just a lack of anybody that had any money to move,” Cauble said. “It was a terrible time to be building a new commercial building. Nobody wanted to move. Nobody had money to move. It was a nightmare.”
Now, with the rebound of the economy and booming growth in Nashville and Williamson County, Vastland is now ready to re-launch efforts for Waterford Place, officially located at 1615 Franklin Road.
However, Cauble said there are a few slight changes to the plans the firm has in mind. Instead of incorporating office space — which takes up more traffic and parking — Vastland plans about 20,000-sq.-ft. solely for retail purposes.
“The idea is retail brings more than office,” he said. “Office takes up parking, and we would have had to develop more into the hill, which would cost more money.”
Cauble said Vastland currently is pre-leasing the space and that feedback will control when construction actually begins. The building could accommodate anywhere from one to six retailers.
“Ideally, break ground late 2016, but we have to pre-lease it first,” he said. “If we get it pre-leased tomorrow, we’d begin construction right away. Or it could be four months.”
Cauble estimated rents could be anywhere from $22-$25 per square foot, as opposed to CoolSpring’s costlier rent average of $30-$35 per square feet.
“It’s an excellent location. It’s on the outskirts of CoolSprings, and the benefit of that is you’re pretty much in the CoolSprings market without having to the pay the rents of CoolSprings.”
Cauble said this time around, he doesn’t expect there to be too much trouble finding interested leasers.
“Tenants will have access to Moores Lane and Franklin Road. So much traffic’s going through there now. There is a lot happening that area. It’s a very promising piece of property.”
Cauble added the architect working for Vastland is in the early planning stages, and the firm hopes to take a proposal to the city within the calendar year.
Jonathan Romeo covers Brentwood for Home Page Media Group. Contact him at [email protected].