Chartwell Hospitality and its joint venture partner Southstar have broken ground on a new mixed-use development. The 22-acre property in the Nashville suburb of Franklin, Tenn., is geared toward prospective residents who plan to work from home.
The first phase of the $500 million Aureum Project mixed-use project will comprise 355 residential units developed by Chartwell Residential, including a mix of rentals for-sale units. Office space, shopping and entertainment venues, in addition to two hotels, will be developed by Chartwell Hospitality. Aureum will also feature more than 5 acres of parks, as well as biking and walking trails.
“The Chartwell team has been working to bring the multifamily component of Aureum out of the ground since 2020,” Ben Schaedle, senior partner of Chartwell Residential, told Multi-Housing News. “With continued rent growth and demand needs in Williamson County, we felt now was the time to launch the project.”
Prime location
The Aureum project is to be situated at the southwest corner of Carothers Parkway and McEwen Drive in one of the most popular areas of Franklin’s Cool Springs submarket.
Interstate access will allow residents to reach job centers as well as everything else offered by the fast-growing Nashville market. In a prepared statement, Chartwell Cos. noted studies undertaken by the city of Franklin indicate Cool Springs will provide a gateway to a popular and very accessible Franklin submarket.
“Aureum has been in the works for a number of years and was first scheduled to launch pre-COVID,” Schaedle said. “We paused the project during that time and have retooled the multifamily program to meet the demands of the customers entering the Williamson County market post-COVID.”
Several months ago, Chartwell Residential announced it had initiated a pair of new projects in Nashville’s downtown district.
