Home retailer signs on for $200M Bellevue development

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July 21, 2016 – Adam Sichko
Senior Reporter
Nashville Business Journal

Another retailer has decided to join a $200 million mixed-use development rising where the failed Bellevue Center mall once stood.

HomeGoods Inc. has signed a decade-long lease for a 25,000-square-foot store within a development named One Bellevue Place, according to new public records. The discount chain, owned by The TJX Cos. Inc. (NYSE: TJX), touts that prices for its home furnishings are generally at least 20 percent lower than the regular prices at department stores and specialty stores.

HomeGoods is now the sixth retailer made public as being onboard with the mixed-use development, another measure of progress for developer Crosland Southeast, of Charlotte, and its equity partner, Atlanta’s Branch Properties. Other retailers committed to the project include a Carmike movie theater, a Sprouts Farmers Market grocery, Burlington Coat Factory, Panera and Chili’s. The development, 14 miles southwest of downtown Nashville, also is planned to include 337 apartments, a Home2 Suites hotel, and up to 350,000 square feet of office space.

One Bellevue Place is one of the largest construction projects ringing Nashville’s urban core, and it is an uncommon example of Metro devoting public aid ($15 million, in this case) to a project not located in that urban core. The 87-acre property in Bellevue had been largely dormant since the former mall closed eight years ago.

Tim Sittema, managing partner at Crosland Southeast, has said a total of nine leases have been signed for some of the development’s retail-restaurant-entertainment space. That tally indicates there are three other committed tenants that have not yet been announced.

Those nine leases cover a combined 153,000 square feet of the project’s retail space, or 44 percent of that total footprint. Sittema said he is in “serious negotiations” for another 150,000 square feet of that space.

If all those talks materialized in leases as well, then just 13 percent of the project’s 350,000 square feet of retail-restaurant-entertainment space would still be available.

HomeGoods also has stores in Brentwood, Mt. Juliet and Hendersonville.

Read the original article in the Nashville Business Journal.