The $300 million project, including $75 million in the first phase, will redevelop the Cordova, Tenn. property to include a mix of retail shops, restaurants, offices and a full-service hotel. Developers performed a market study and determined the original plan was too densely developed with apartments and lacked adequate road connections.
The planned redevelopment of Colonial Country Club in Cordova, Tenn. has taken a turn, including a new development partnership that plans to add acreage and a mix of retail space, restaurants, offices and a full-service hotel, reported The Daily News of Memphis, Tenn.
The developers estimate they will spend $300 million, including $75 million in the first phase alone, reported The News.
The newest plan calls for 540 single-family residences on more acreage (118 acres). It also calls for a reduction of apartments to 250 units, a reduction of senior-living apartments to 310 units, 9 acres of office park, 16 acres for retail and restaurants, 5 acres for a new full-service hotel, and millions of dollars in upgrades for the project’s anchor, Colonial Country Club and its championship South Course, reported The News.
The developers plan to host a community meeting about the changed plans on August 22 at Colonial Country Club, reported The News.
The request to change the massive project was one of several significant zoning applications filed this week with the Land Use Control Board, which will hear the cases on September 13, reported The News.
The developers performed a market study and determined that the original plan was too densely developed with apartments and lacked adequate road connections, the letter of intent states, reported The News.
“A successful development would require a true mixed-use development that would include retail, restaurants, hotel, and office,’’ as well as residential, the application for the amended planned development states, reported The News.
Late last year, The News reported, the local ownership group took on a partner from Texas, JAMP. The letter describes the development company as a firm with “billions of dollars in successful real estate development experience.’’
CC Holdings LLC, managed by Jim Russell, also revamped its plans for redeveloping Colonial’s now-closed second golf course, reported The News.
The holding company secured the rights to purchase adjacent residential developments and grow the site plan from 163 acres to 179 acres, the letter states, reported The News.