Affordable Housing Developer, Holladay Ventures, has officially broke ground on a high profile affordable mixed-use development in East Nashville. Park24 will offer 140 high-quality housing options to those earning 30%-80% of the area median income (AMI). The site is located on a portion of the former River Chase Apartments site and part of a larger overall redevelopment project. Park 24 is located along the Dickerson Pike Corridor and is directly adjacent to the River North District of the East Bank at 660 Joseph Ave.
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“As Nashville continues to grow, it is crucial we continue to invest in projects to keep Nashville affordable for our longtime residents,” said Mayor Freddie O’Connell. “All Nashvillians deserve the dignity of stable housing. I’m grateful to Holladay Ventures and Urban League of Middle Tennessee for considering the wishes of the community in deciding the best way to uplift the future residents.”
“Today we celebrate a milestone in affordable housing that illustrates the power of community unity for better housing options,” said Evan Holladay, founder and CEO of Holladay Ventures. “Beyond meeting Nashville’s immediate needs, we are creating improved living spaces for legacy residents and a more walkable community. Our gratitude goes to all our partners like MDHA, who provided project-based vouchers, and the Barnes Fund for their $2 million grant. Their commitment to addressing the affordable housing crisis is helping pave the way for a brighter, more inclusive future for all our residents and the community at large.”
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Cypress Real Estate Advisors (CREA) selected Nashville-based Holladay Ventures as its affordable housing partner early last year for the redevelopment of RiverChase Apartments redevelopment project. CREA sold 2.96 acres of the former RiverChase site to Holladay Ventures and will sit within a larger mixed-income, mixed-use community that will have a total of 1,150 residences, including 105 affordable units that will be built by CREA.
Holladay Ventures is currently developing nearly 650-units of affordable housing. This includes 335 units in East Nashville adjacent to both the New Titans Stadium and planned Oracle Campus in the East Bank. The developer also has another 311-units under construction in Goodlettsville, located 20 minutes north of Downtown Nashville on Dickerson Pike.
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Park24 received funding from the Amazon Housing Equity Fund to create attainably priced housing as well as support and financing from U.S. Bancorp Impact Finance and Cedar Rapids Bank and Trust. The development has widespread backing from the Mayor’s Office, the Metropolitan Development and Housing Agency (MDHA), Tennessee Housing Development Agency, Metro Council, the McFerrin Neighborhood Association and Councilmember Sean Parker.
“We believe everyone deserves a place to call home,” said U.S. Bancorp Impact Finance Relationship Manager Jennifer Craig. “We are pleased to work with Holladay Ventures and help bring more affordable housing to the Nashville area.”
Park 24
660 Joseph Ave.
| What’s Now: | Former Residential |
| What’s Next: | Mixed-Use Development |
| Developer: | Holladay Venture |
| Architect: | David Baker Architects |
| Landscape: | Hawkins Partners |
| Residences: | 140- Units |
| Retail: | 2,500 SF Combined |
| Contractor: | Hardaway Construction |
Park 24 will include one, two, and three-bedroom apartments ranging from $531 to $2076 per month. Park24 offers 2,500 square feet of street level commercial retail space with frontage along Dickerson Pike. CBRE is actively seeking local retailers to take the space. Holladay Ventures’ efforts have been strengthened significantly by a partnership with the Urban League of Middle Tennessee (ULMT), an organization that has been instrumental in integrating a 2,200 sq ft Empowerment Center—focused on community enrichment and education—into the development.
“As a community change agent with the mission to empower communities and change lives, this project impact proves the need for more like it.” said Aron Thompson, V.P. of Housing and Economic Development, Executive Director of R.E.D. Academy for the Urban League of Middle Tennessee. “Development of a responsible, innovative, sustainable and affordable project like Park24 is an attractive and attainable need in Nashville, and we are excited to be included as a partner.”
Not only will the community feature modern living spaces, but it will also boast retail areas, green spaces, and sustainable initiatives. The project is equipped with solar panels covering the roof with battery backup. The project will also pursue Enterprise Green Community certification, aimed at reducing the carbon footprint and providing resiliency in the case of future natural disasters. The project is poised to set new standards for environmentally responsible living while remaining affordable to families.
Once completed, legacy residents—former residents who relocated following the community’s closure—will have the preferential right to return to the property. The project is slated for completion in Fall 2025. For retail leasing contact nick.goss@cbre.com or Zach.Boze@cbre.com.
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