NASHVILLE, TENN. — Simon Property Group (NYSE: SPG) plans to develop Sagefield, a 100-acre mixed-use destination that will be located on the south side of Nashville. The construction timeline for the project was not released.
Situated in the hills of Williamson County, the planned project will feature lifestyle shops, restaurants and service retail spaces, as well as a landmark hotel by Author & Edit Hospitality, a hotel brand helmed by restaurateur and hotelier Sam Fox of Fox Restaurant Concepts.
“This exciting new development will set a new standard for quiet luxury in metro Nashville and beyond,” says Eric Sadi, co-president of Simon’s North American real estate division.
Simon is collaborating on Sagefield with Adventurous Journeys Capital Partners (AJ Capital), a Nashville-based firm that specializes in mixed-use and adaptive reuse development. Simon and AJ Capital are currently collaborating on Nashville Premium Outlets, a 325,000-square-foot outlet mall that will break ground next year in Thompson’s Station, Tenn.
Plans for Sagefield also call for first-to-market boutique retailers, household-name operators, farm-to-table restaurants and cafés, an organic market, entertainment venues and health and wellness concepts. The development’s planned hotel will offer signature restaurants, a high-end spa, sports and a social members club. Simon says that green spaces will cover approximately 60 percent of Sagefield’s site, which will also offer walkways, nature trails and water features throughout the development.
“Tennessee is one of the country’s most dynamic, growing markets, and our plans are uniquely designed to meet the area’s increasing demand,” says Mark Silvestri, president of Simon Development.
Simon is a real estate investment trust (REIT) specializing in the ownership and operation of shopping and outlet malls around the country, including The Mall at Green Hills and Opry Mills in Nashville.
In addition to the Sagefield project, the Indianapolis-based firm just announced that it purchased the remaining 12 percent interest in Taubman Centers Inc. Simon originally acquired a majority stake in the Michigan-based mall REIT in early 2020, with a revised purchase price announced later that year.
Simon’s stock price closed on Monday, Nov. 3 at $176.67 per share, down slightly from $172.16 a year ago.
Founded in 2008, AJ Capital has approximately $5.9 billion of assets under management across more than 100 properties in over 50 geographic markets. The company’s notable brands include Graduate Hotels, Marine & Lawn Hotels & Resorts and Field & Stream Lodge Co.
Author & Edit Hospitality’s collection of projects includes The Global Ambassador hotel in Phoenix and The Twelve Thirty Club at 5th and Broadway in Nashville.
— John Nelson