The Clear Blue Company, a Nashville-based private equity real estate firm, hosted the groundbreaking ceremony for its newest affordable housing development in East Nashville. The groundbreaking marks the beginning of construction for the $65 million affordable housing community and the firm’s first ground-up affordable housing community in Nashville. The project is located at 301 Ben Allen Road.
“The Clear Blue Company is working toward our common goal of an inclusive, diverse city that works for everyone,” said Nashville Mayor John Cooper, in his speech at the ground breaking ceremony. “This project’s 238 units of housing are helping to close the gap in affordable housing.”
“…The Singular and most important factor in making this transaction possible was the loan we received from the Amazon Housing Equity Fund. If it were not for this loan the deal wouldn’t have worked and we would not be standing here today.”
Nick Ogden, Founder and CEO – The Clear Blue Company
The event was attended by a list of advocates stakeholders, and supporters including:
- Eric Alexander, Tennessee Housing Development Agency Director of Multifamily Programs
- Jamie Berry, Metropolitan Development and Housing Agency Chief of Staff
- Senthil Sankaran, Amazon Housing Equity Fund Managing Principal
- Michelle Brown, Amazon Senior Manager of Public Policy
- Matt Nicholson, The Clear Blue Company Director of Development and Operations
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The 238-unit development will include seven residential buildings and a clubhouse with a business center to support the educational and occupational needs of residents. The units will be a mix of one-, two- and three-bedroom apartments. The rent will be affordable to individuals earning 60% of the median income in the Nashville area. In addition, five units will also be set aside for residents earning 30% and below of the median income and five units will be available to those experiencing situational homelessness.
The development is expected to be open for occupancy in Summer 2025. For more coverage on 301 Ben Allen Road, tap the banner blow the Sponsorship Grid.
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