Opportunity

Sewart's Landing represents a unique opportunity as the last developable retail tract along the high-demand Sam Ridley corridor in Smyrna, TN. The corridor has a retail vacancy rate of less than 3%, making it one of Middle Tennessee's hardest markets to penetrate. This tract is the only site with direct access to Sam Ridley Boulevard. The site benefits from strong demand in a rapidly growing area, with Smyrna located in Rutherford County, the third fastest-growing county in the United States. Existing tenant commitments include Wawa, Starbucks, Sprouts, and Cava, with interest from prominent national retailers like Wells Fargo and Shake Shack.

Challenge

The primary challenge was securing financing and obtaining the necessary entitlements to transform the vision for Sewart’s Landing into reality. The sponsor needed to acquire land owned by the City of Smyrna through a competitive RFP process and align development plans with city and county growth objectives. Additionally, tenant commitments needed to be finalized to support the project's viability, all while managing the complexities of securing a $14M Tax Increment Financing (TIF) package.

Solution

Equitable Property Company collaborated with the City of Smyrna to develop a Planned Unit Development (PUD) that aligns with the city’s vision for growth. The PUD approval allows for mixed-use development, including retail, office, hospitality, and residential components. Financing was secured through a combination of private equity, bank loans, and TIF support from Rutherford County and the City of Smyrna. The project’s strategic location and tenant mix make it a highly anticipated addition to the region, leveraging its proximity to Nashville and Smyrna’s growing population to drive long-term success.