The 1,050 acre award-winning Cool Springs project was conceptualized, financed and closed over an 18-month period beginning in 1992. The development team, led by Bob Voyles, negotiated a complex purchase agreement with the RTC, secured zoning entitlements in a hostile community environment and negotiated a seven party road agreement ultimately involving Ned McWhirter, then Governor of Tennessee, in order to secure $25 million of government infrastructure improvements for the project. The project team adjusted the development plans at numerous points during the decade-long development period to respond to changing market conditions and unique user requirements.
Today Cool Springs is Nashville’s fastest growing suburban commercial and residential corridor. In the 12 years since its inception, the development absorbed nearly 50% of all new space in the entire Nashville office market. Cool Springs encompasses a myriad of single- and multi-family housing, office, hotel and conference center and retail space and has added over 1 billion dollars of ad valorem value to the City of Franklin tax digest.
- Developed and Executed financing and acquisition strategy to acquire 1,050 acres of land from RTC and outparcel owners over 18 month period during early 1990’s recession.
- Completed Challenging Entitlement Process in a strong anti-development climate.
- Maintained Flexible Land Use Planning to address dynamic land market changes.
- Executed Lot Sales Plan at both higher prices and velocity than original proforma; returned capital in 3 years and achieved 29% IRR returns to investors with a 4 to 1 multiple over a 10 year development horizon.