East Bank developer provides more details on affordable housing, construction partner
With the announcement comes the first details about how affordable housing units will be developed on about 30 acres of city-owned land on Nashville's East Bank near the new Nissan Stadium. Other aspects of the massive development project led by The Fallon Company will include market-rate residential buildings, hotels, restaurants and retail space.
'Affordable housing is a pillar of our East Bank strategy,' said Fallon Company CEO Mike Fallon in the release. 'Elmington Capital Group brings the track record, capacity, and community-minded approach that ensures we deliver on this commitment — on schedule with high quality product.'
Both the city and The Fallon Company have been staffing up ahead of the start of the East Bank development project. Earlier this year The Fallon Company announced its hiring of real estate veteran Shawn Seaman to oversee the company's East Bank project. And in March, longtime Nashville Department of Transportation engineer Ben York was announced as the East Bank Development Authority's first CEO.
Under the development agreement between The Fallon Company and the city, an initial 300 affordable units and a day care facility will be included in the development's first phase, with an additional 395 affordable units to come in subsequent construction phases.
The announcement of Elmington Capital Group as the affordable housing partner included additional details about the levels of affordability that will be represented in the buildings to come.
Elmington will help build:
One fully affordable (income-restricted) development with 300+ units during the first phase of construction
An all-affordable building with a WeGo mobility hub in a future phase
'We are thrilled to have been selected as the partner to bring affordable housing to the East Bank,' said Elmington partner Hunter Nelson in the release. 'We all know how much this kind of housing is needed in our city, and we are proud to deliver it at such a desirable location."
Elmington is based in Nashville and has developed thousands of income-restricted affordable housing units across the U.S.
According to the release, at least 10% of the units within the market-rate apartment buildings will be reserved for renters making 80% or below Nashville's area median income. That figure for one-person households is $114,800, according to the Department of Housing and Urban Development.
About two-thirds of the units in the all-affordable apartment buildings will be reserved for those earning at or below 60% of the median, and one-third of the units in the all-affordable buildings will be priced for those earning between 61% and 80% of the median. At least 15% of the units in the all-affordable buildings will have two bedrooms or more.
All of the affordable units must remain affordable for the duration of The Fallon Company's 99-year lease agreement with the city.
This article originally appeared on Nashville Tennessean: Nashville's East Bank developers provide details on affordable housing
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