Franklin, Tennessee, October 5, 2025
News Summary
Embrey has secured financing through an internally originated loan with Texas Capital and started immediate construction on Thatcher at Aureum, a 296‑unit luxury apartment community in Franklin’s Cool Springs neighborhood. The site occupies about 3.8 acres within the 22‑acre Aureum master plan and will offer studio through three‑bedroom units. Planned amenities include a private clubhouse with micro‑offices and conference space, podcast studio, resort‑style pool with private cabanas, rooftop terrace, fitness and yoga studios, pet spa and bike facilities. The design will preserve and restore a historic stone wall. First occupancies are anticipated in the third quarter.
Embrey secures financing and breaks ground on Thatcher at Aureum, a 296‑unit luxury apartment
Financing secured; construction starts immediately
San Antonio‑based developer Embrey has secured financing and will begin construction immediately on Thatcher at Aureum, a 296‑unit luxury apartment community in the master‑planned Aureum development in Franklin, Tennessee. The loan was internally originated through Texas Capital by Embrey team members. The project sits on roughly 3.8 acres within the larger Aureum site and will offer studio, one‑, two‑ and three‑bedroom floorplans. First occupancies are anticipated in the third quarter of 2027.
What the Thatcher at Aureum community will include
The development will feature a private clubhouse and lounge designed for both social and work needs. Clubhouse offerings will include micro‑offices and conference space, a podcast studio, a game room and a grab‑and‑go market. Outdoor and wellness amenities will include a resort‑style swimming pool with spa, private cabanas, grilling areas, a rooftop terrace, a gaming lawn, a fitness center and a yoga studio. Pet‑friendly services will include a pet spa and a pet park. The community will also provide bike storage, a bike repair shop and a 24‑hour package room with refrigeration.
The site plan preserves a piece of local history through the restoration and preservation of a historic stone wall on the property, intended to commemorate the City of Franklin’s heritage.
Context within the Aureum master plan
Thatcher at Aureum is one component of the larger Aureum mixed‑use project, a multi‑phased development on about 22 acres at the southwest corner of Carothers Parkway and McEwen Drive in the Cool Springs area of Franklin, roughly 16 miles south of downtown Nashville or about a 20‑minute drive depending on traffic. The overall Aureum project is reported at a total cost of approximately $500 million and is planned to include office space, shopping and entertainment venues, restaurants and two hotels, along with extensive parks, open space and trails.
At full buildout, Aureum is reported to span between 1.7 million and 1.75 million square feet, with plans for roughly 480 total residential units, about 700 hotel rooms across two hotels, 750,000 square feet of office space and 100,000 square feet of retail. The first phase of the master plan includes a 12‑story multifamily building with 355 residential units (a mix of for‑sale and for‑rent) and is expected to be complete in about two years from the time it was reported as under way.
Timing and market backdrop
Construction on Thatcher at Aureum will begin immediately with the goal of welcoming the first residents in Q3 2027. The broader Aureum project has only recently gotten underway after a multi‑year development process that paused during the early stages of the COVID‑19 pandemic and was later retooled to reflect changing market demand, including a heavier focus on work‑from‑home needs and amenity‑driven living.
Regional market conditions show continued multifamily demand and a sizable construction pipeline in the Nashville metro area. Rent growth and job additions in the region have driven a wave of new development, including large corporate offices that are adding thousands of jobs. That environment has contributed to a high level of multifamily construction activity locally, even as permit trends and rent growth have shifted over recent reporting periods.
Financing and development roles
Embrey originated the loan internally through Texas Capital, with internal team members responsible for getting the financing in place. Embrey is developing the Thatcher at Aureum multifamily component while the larger Aureum master plan lists other developers and partners responsible for different phases and components of the mixed‑use project.
The mixed‑use Aureum project will include office, hospitality and retail components, plus over 5 acres of parks and open space and connecting walking and biking trails intended to integrate the development into the surrounding Cool Springs submarket.
What’s next
Construction crews are set to start work immediately on the 3.8‑acre Thatcher parcel. Prospective renters and buyers in the Aureum area can expect phased delivery of multifamily units across the larger project as the master plan continues to advance in the coming years.
Frequently Asked Questions
What is Thatcher at Aureum?
Thatcher at Aureum is a 296‑unit luxury apartment community being developed by Embrey within the Aureum master plan in Franklin, Tennessee.
Has financing been secured?
Yes. Embrey secured financing that was internally originated through Texas Capital and is moving forward with construction immediately.
When will construction start and when are first occupancies expected?
Construction begins immediately and first occupancies are anticipated in the third quarter of 2027.
What unit types will be available?
The community will offer studios, one‑, two‑ and three‑bedroom floorplans.
What amenities will residents have access to?
A broad amenity package includes a private clubhouse with micro‑offices and conference space, podcast studio, game room, grab‑and‑go market, resort‑style pool with spa, private cabanas, rooftop terrace, gaming lawn, fitness center, yoga studio, pet spa, pet park, bike storage and repair shop, and a 24‑hour refrigerated package room.
How does Thatcher at Aureum fit into the larger Aureum project?
Thatcher is one multifamily component inside the 22‑acre Aureum mixed‑use development. Aureum will include office space, retail, entertainment, hotels and more open space at full buildout.
Will any historic elements be preserved on the Thatcher site?
Yes. The project will restore and preserve a historic stone wall on the site to commemorate Franklin’s heritage.
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Key project features
| Feature | Detail |
|---|---|
| Project name | Thatcher at Aureum |
| Units | 296 luxury apartments |
| Site size | Approximately 3.8 acres |
| Unit mix | Studio, 1‑, 2‑ and 3‑bedroom floorplans |
| Developer | Embrey (San Antonio‑based) |
| Financing | Loan internally originated through Texas Capital |
| Construction timeline | Construction begins immediately; first occupancies expected Q3 2027 |
| Key amenities | Clubhouse with micro‑offices, podcast studio, game room, pool & spa with cabanas, rooftop terrace, fitness & yoga studios, pet spa & park, bike storage & repair, refrigerated package room |
| Historic element | Restoration and preservation of an on‑site historic stone wall |
| Master plan | Aureum: ~22 acres, $500M total project, first phase includes 355 units; full buildout approx. 1.7–1.75M sq ft |
Deeper Dive: News & Info About This Topic
Additional Resources
- ReBusiness Online: Embrey Secures Financing for Thatcher at Aureum
- Wikipedia: Franklin, Tennessee
- Multifamily Dive: $500M Mixed-Use Plan Near Nashville Kicks Off with 12-Story Tower
- Google Search: Aureum Cool Springs development
- Multi-Housing News: JV Breaks Ground on Tennessee Community
- Google Scholar: mixed-use development Franklin Tennessee
- Nashville Post: Cool Springs Eyed for $700M Project
- Encyclopedia Britannica: Franklin, Tennessee
- Williamson Herald: BOMA Approves Aureum/Ovation Plans on 2nd Reading
- Google News: Aureum Cool Springs
Author: Construction NY News
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