Closed sale for a 7 story affordable housing building in East Nashville
A sale closes on land to build 256 affordable multi-family housing units at 900 Dickerson Pike in East Nashville.
Once constructed, the $ 90 million development named “900 at Cleveland Park” will house a 7-story building with 390,000 square feet, providing residents with a common rooftop space, overlooking downtown.
Almost half of the units should be one bedroom apartments, a quarter should be two bedroom apartments and the remaining quarter a mix of three bedroom units, micro one bedroom units and a few studios, according to construction data submitted. at the metro.
These apartments will be available to renters with or without Housing Choice Vouchers, said Sean Parker, chairman of the board.
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âThey’re not going to practice discrimination on the basis of property income sources,â Parker said. “… They are fair, if you have a voucher you should apply for it because they are one of the properties that will accept it.”
News of the deal follows a two-day public meeting to discuss the city’s roaming issues, where creating more affordable housing has been mentioned repeatedly as a necessary step to end outdoor homelessness.
While there is no set timeline for when tenants will be able to rent units on the property, permits were issued last week to lay the foundation for the building.
Site developer Dominium, a Minnesota-based affordable housing owner and management company, has partnered with the Metropolitan Development Housing Authority, Tennessee Department of Revenue, The Partnership Inc., WD Construction, Smith Gee Studio, Catalyst Design Group, Colliers, Winthrop & Weinstine and first American title.
The project was funded using a tax-exempt loan managed by Greystone, with construction and equity bridging loans from JP Morgan Chase and a capital investment in 4% tax credits. for social housing from Polaris Capital.
Dominium obtained the LIHTC of 4% with support from the Tennessee Housing Development Agency and Metro’s Industrial Development Board.
Metro records show the land was sold for $ 4.2 million and that in January it was valued at $ 434,800.
Arcelia Martin covers the growth and development of Tennessean, part of the USA TODAY network. Contact Arcelia at [email protected] Follow her on Twitter @arcelitamartin.