Latest news with #MissingMiddle
Yahoo
02-05-2025
- Business
- Yahoo
Donors boost city efforts to build more affordable housing in Knoxville
KNOXVILLE, Tenn. (WATE) — The City of Knoxville continues to support local housing projects through its affordable rental development fund and is now getting a boost from private donors. Councilmembers on Tuesday approved the allocation of funds towards three local developments. One year since Missing Middle passed: Where does Knoxville's housing shortage stand? Over $500,000 from the affordable rental development fund will support the development of 10 affordable multi-family apartments at 2226 Parkview Avenue and 15 affordable units at 2501 Edgewood Avenue. The United Way of Greater Knoxville provided $570,000 in philanthropic funding for the Parkview Apartments and Edgewood Apartments. Knoxville budget proposal gets preliminary approval ahead of public hearing, final vote Several private donors have partnered with the city on the development of affordable housing including the Randy Boyd, the Haslam Family, Clayton Homes, and the Lawson Family Foundations. Additionally, the City Council also authorized the awarding of $1 million of federal funds from the HOME American Rescue Plan Program to develop 18 apartments at 1585 Coleman Road to support youth who are aging out of foster care. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Journals
22-04-2025
- Business
- Business Journals
Lennar buys 94 acres in east Raleigh for new housing development
Story Highlights Lennar Carolinas acquired 94 acres in east Raleigh for $19.4 million. The property is entitled for 257 single-family lots and 200 townhomes. East Raleigh attracts residential development due to available land and affordability. Nearly 100 acres in east Raleigh has been sold as plans form for hundreds of new homes. Lennar Carolinas, via a land bank, acquired 94 acres on Old Milburnie Road next to the Neuse River — on the other side of the river is the Hedingham Golf Club. The homebuilder spent $19.4 million on the land, according to Wake County deed records. The property is already entitled for 257 single-family lots. The purchase price comes to about $206,404 per acre. The seller was Darlington Advisors LLC, owned by Carlton Midyette. His son, Carlton Midyette III, represented the seller in the transaction. Midyette III said the former owner had the site rezoned to residential 6 to take advantage of the city's Missing Middle zoning rules. An approved site plan includes the entitlement for single-family homes and a future plan to add about 200 townhomes. Darlington Advisors has been working with Miami-based Lennar (NYSE: LEN) to close the deal. Originally, a different homebuilder was under contract to buy the land but dropped out a year ago. Situated at 1539 Old Milburnie Road, it's Lennar's second residential community on Old Milburnie Road. It's planning to build about 500 single-family homes and townhomes on 242 acres. Lennar is the largest homebuilder in the Triangle, completing 2,865 homes in 2024 and closing $1.165 billion worth of contracts. The east and northeast parts of Raleigh and Wake County are drawing lots of residential development as there is more room for new neighborhoods and prices can stay on the lower side. 'Residential housing growth is — it's all about going east. To the north, you're starting to get capped. You're capped with utility capacity. The south is getting expensive. You're not going west unless you go all the way to Chatham. But as you move east, you're going to move through a lot of developable land. … and the extension of Interstate 540 is going to open that up even more,' Midyette III said.
Yahoo
24-03-2025
- Business
- Yahoo
Meet the 24-year-old developer building 50+ housing units in Knoxville
KNOXVILLE, Tenn. (WATE) — A young Knoxville developer has around 50 housing units currently under construction. Once the projects are complete, Franco Irakoze will have 60-70 units under his belt, and he's only 24 years old. He is building 14 townhomes units in Mechanicsville on the corner of University Avenue and West Fourth Avenue. They're expected to be completed this summer. 'I actually grew up in Mechanicsville essentially all my life. I lived up the street on West Baxter.' Irakoze said. 'That's where I actually bought the first two properties I built. So when I saw these for sale, I was like, 'oh, this is right in my area.'' Knoxville sees 'modest increase in housing diversity' as people seek more affordable homes Irakoze's career started when he was just 19 after leaving Tennessee State University when the COVID-19 pandemic started. 'Throughout high school I always had various businesses, drop shipping, ecommerce, and anything like that. But when the pandemic happened, me being forced to be home, I kind of found something that I wanted to do that I was passionate about. That was real estate, it just happened quicker than I thought,' he said. Irakoze is a longtime Knoxville resident, but that's not where his story started. 'I was originally born in East Africa in a refugee camp. I came here in 2007 with my parents and my grandparents and we've lived in Knoxville since we've been here,' he said. One year since Missing Middle passed: Where does Knoxville's housing shortage stand? Before jumping into townhomes and multi-family units, he built his most important project, a new house for his mom. 'I always told myself, whenever I get some money I want to take care of my mom, coming from an immigrant household that's essentially always number one thing to do and my parents never spoke a lick of English and they worked their way up here to get me here,' he said. Irakoze's current projects include: 14 units on University Avenue/West Fourth Avenue in Mechanicsville Four units on Harsch Street in South Knoxville Four units on Allen Drive off of Clinton Highway Two units on Cecil Avenue in Northeast Knoxville Plans for 20 units on West Baxter Avenue in Mechanicsville Plans for 14 units on Western Avenue A number of his projects fall under the city's new middle housing standards. ▶ See more top stories on Once completed, some of his units will be up for sale and some will be available to rent. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-03-2025
- Business
- Yahoo
Knoxville sees ‘modest increase in housing diversity' as people seek more affordable homes
KNOX COUNTY, Tenn. (WATE) — Knoxville had a 'modest increase in housing diversity,' last year, according to a report from Knoxville-Knox County Planning. Housing diversity refers to the so-called 'missing middle' housing that includes homes like townhomes and duplexes that may be more affordable than single-family dwellings. The report defines middle housing as 'housing types between single family dwellings, the lowest intensity type of residential development, and multifamily developments, the most intensive form of residential development.' Knoxville Smokies individual game tickets go on sale Knoxville passed the 'Missing Middle Housing' plan in February 2024, changing zoning laws in the hopes of encouraging developers to build more affordable homes. The new report covers the period of February 6, 2024 (around the time the plan was passed) to January 31, 2025. During this time, the report found that, 'the inclusion of MH forms and standards in the City's zoning ordinance has led to a modest increase in housing diversity through the MH projects that have been submitted.' One year since Missing Middle passed: Where does Knoxville's housing shortage stand? The report states that the city has received 50 applications for projects, and if all of these are built, the city will have 143 new dwelling units. Most of the applications were new construction, primarily on vacant lots. 'Applications have increased steadily, though not consistently, since the MH process began,' the report found. 'Applications have been received for all permissible MH housing types. If this pattern persists, this will eventually lead to a greater increase in the diversity of the City's housing stock.' READ: More top stories on The city has received applications for middle housing in 16 neighborhoods with the most coming from Mechanicsville, the report states. Knoxville leaders' goal is to add 6,000 to 8,000 new housing units. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-03-2025
- Business
- Yahoo
North Knoxville developments reflect city effort to add middle, infill housing
KNOXVILLE, Tenn. (WATE) — Developers in Knoxville are continuing to build middle housing to fight the city's housing shortage. Spencer Stanley with Stanley Homes is building two duplexes on the corner of E. Woodland Avenue and Cornelia Street, in the Oakwood-Lincoln Park neighborhood. This project falls under the standards of both middle housing and infill housing, two types of housing the City of Knoxville is employing to aid in the shortage. One year since Missing Middle passed: Where does Knoxville's housing shortage stand? Middle housing refers to multi-unit housing like duplexes and townhomes, which can make better use of lots that originally held single-family homes. The city passed its 'Missing Middle Housing' plan last year, which made changes to the zoning code to allow for more of these units to be built. 'I think that the fact we can get multi-units on these small lots, if you think just the numbers, there were two dwelling units here in the past, and now there are four,' Stanley said. 'That just increases the ability for people to live.' Each of the four units will have two bedrooms and two and a half baths. According to the City of Knoxville's Housing and Neighborhood Development department, the biggest demand has been for smaller units. New Knoxville affordable housing serves larger families, revitalizes vacant lots Stanley said he's seen the high demand for housing firsthand. 'The other houses I've built, I've kind of staked a yard sign out front and just put my number on it, and I've had probably 50, to 60, to 70 people call me just asking about rent, and you can definitely tell there's a shortage,' he said. Infill housing refers to building new units on vacant lots in already established neighborhoods. A few neighborhoods in North Knoxville have been the site of development. 'I love Old North, there's a lot of stuff happening here. Curb Construction has 17 townhomes going up just down the street, and then I've built a couple houses on E. Oldham Avenue, the street over here. I would drive by this property everyday and I would be like, 'it's such a great piece and I'd love to do something there,'' Stanley said. Stanley has plans to build more middle housing units in the future. ▶ See more top stories on He expects the duplexes to be completed in June. They are currently up for sale. Interested buyers can contact Stanley by emailing him at StanleyHomesLLC@ or calling him at 423-742-2826. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
