The Clear Blue Company, a Nashville-based private equity real estate firm has announced the beginning of construction on its first ground-up affordable housing community. Located in East Nashville, the new development will bring 238-units with amenities and is expected to open in the next 24 months. The property is located at 301 Ben Allen Road between Ellington Parkway and the Dickerson Pike Transit Corridor.
“We are proud and excited to begin construction of high quality and much-needed affordable housing for the Nashville community. Over the last two years, we have collaborated with our development team and state and local officials to design a community that embraces the natural environment, which our future residents will enjoy for years to come,” Nick Ogden, CEO – The Clear Blue Company
Located in Inglewood, the 11-acre property sold for $4.7 Million in June of this year according to Metro Documents. The raise for the project’s $65 Million capital stack was made possible through large and diverse partnerships. Collectively, they were able to bring together public, private, and non-profit entities to address the city’s pressing need for affordable housing. Strategic partnerships and financing include:
- Metro Councilperson Nancy VanReece
- MDHA and its Affordable Housing Gap Fund
- Nashville Mayor John Cooper’s affordable housing team.
- Amazon Housing Equity Fund
- The Barnes Fund
- Appalachian Home & Health, Inc.
- Metro Planning Commission
- Metro Parks
- Vaughn Development Group
- Regions Bank
- JP Morgan Chase
- Walker & Dunlop
- Fannie Mae
“There are so many partners to thank for their help in making this development possible”, Ogden added. “We are grateful for this opportunity to advance the mission of our company, which is to help solve the affordable housing crisis by preserving and building communities that provide our residents with a clean, safe and affordable place to live.”
Designed by Nashville firm EOA Architects, the community will include seven residential buildings and a clubhouse that includes a business center to support the educational and occupational needs of residents. Here’s the quick rundown:
Ben Allen Rd Apartments*
301 Ben Allen Road
|What’s Now||Cleared Site|
|What’s Next||Affordable Residences|
|Developers||The Clear Blue Company|
|Vaughn Development Group|
The project is roughly a 10-minute walk from the nearest bus stop on Dickerson Pike. It includes a mix of one, two, and three-bedroom apartments. The rent for all 238 units will be affordable to someone earning 60% of the median income in the Nashville area. There are five deeply affordable units set aside for residents earning up to 30% of the median income and five units for individuals experiencing situational homelessness.
“The Ben Allen project provides a high priority on nature and trail-oriented development and open space as it responds to a regional approach to greenways and offers these families access to recreation and mental health and wellness opportunities within their immediate neighborhood”.Kim Hawkins, Principal – Hawkins Partners Inc.
A unique feature of the development is its incorporation of the natural environment. Through a partnership with Metro Parks and design assistance from local landscape architecture firm Hawkins Partners, the new affordable housing development will include walking trails on the property that will connect with an extended greenway and trail network on future adjacent developments.
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