While this is by no means an announcement of future development, any large purchase in this are gives a pretty good chance that something of significance will happen there relatively soon.
http://www.bizjournals.com/nashville/news/2013/03/01/melrose-retail-building-sells-for.html
2603-2605 Franklin Pike was purchased for $1.85 million. This is directly across the road from the Melrose Theater project. It currently operates as a Famly Dollar and a Cash America pawn shop. Again, nothing to really point to in terms of development, but it makes me want to keep an eye on it over the next several months or couple years.