A large portion of the long-stalled Ovation property is up for sale.
Colliers International in Nashville is representing Paramont Capital in the sale of a 34-acre portion of the Ovation property that a loan group foreclosed on last year. They began advertising the property in November.
The full 150 acre Ovation area was supposed to be the center of Cool Springs, with a mix of office space, retail, multifamily housing and hotels. Since its initial approval several years ago, a large portion of that project has largely been stalled.
The Georgia developer Stan Thomas owned about half the property, but made very little progress. Highwoods Properties, the developer for the eastern portion of the property, has had much more success. The company completed the North American headquarters for Mars Petcare last June.
A few days after Highwoods held a ribbon cutting event for the Mars Petcare office, a lending group held a foreclosure auction for a piece of Thomas’ land. (Thomas still owns 42 acres in the Ovation area.)
The bizarre auction on the courthouse steps in Franklin ended after a bail bondsman bid $42 million for the property, but then couldn’t produce the money. So the property went back to the lending group for a sale price of $40.5 million.
In a November press release, Colliers notes that the property for sale is development ready and approved for 480,000 square feet of office and retail space, 380 multifamily apartments and 480 hotel rooms.
Colliers Nashville Executive Vice President and Partner Shane Douglas and Senior Vice President Patrick Inglis are leading the effort to sell the property.
“The first and most important step in our engagement will be to formalize a process for presenting Ovation to appropriate buyers,” Douglas said, according to a November press release from Colliers. “This is a high-profile opportunity that many buyers are already aware of, so we will focus on designing an appropriate timeline that gives prospective buyers the ability to respond to an opportunity of this scope.”
In short, the company doesn’t plan to sell the property to a bail bondsman on the courthouse steps.