The Fallon Company today announced Elmington Capital Group as the official affordable housing partner for its East Bank development. This announcement reinforces Fallon’s commitment to long-term affordability and equitable growth, anchored by an unprecedented 99-year ground lease –the first of its kind for affordable housing in Nashville’s history.
“Affordable housing is a pillar of our East Bank strategy,” said Mike Fallon, CEO of The Fallon Company. “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.”
Based in Nashville with a national footprint, Elmington Capital Group has delivered more than 11,000 residential units, including nearly 7,000 affordable units – 4,000 of which are in Nashville. The firm specializes in building affordable homes, public-private partnerships, and long-term stewardship, making them uniquely positioned to execute on this complex and community-centered development.
“We are thrilled to have been selected as the partner to bring affordable housing to the East Bank,” said Hunter Nelson, partner at Elmington Capital Group. “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. We thank The Fallon Company for choosing us and look forward to working with them and other partners as we move forward.”
Fallon’s affordable housing commitment includes:
- A 300+ unit fully affordable development, including a children’s daycare in Phase 1
- Future phases include 395+ additional income restricted units including an additional all affordable building that includes a WeGo mobility hub
- At least 10% of all units within all market rate residential developments will be reserved as affordable units at 80% AMI and below
Affordability with Dignity
- Two-thirds of units in the all affordable buildings will be priced at or below 60% of Area Median Income (AMI).
- One-third of units in the all affordable buildings will be priced between 61%–80% of AMI in the all affordable buildings
- At least 15% of units in the all affordable buildings will be 2 bedrooms or larger.
- All market-rate buildings will reserve at least 10% of units as affordable at or below 80% AMI and match the market-rate design and quality, ensuring consistency and dignity across the development
- All affordable units will be income restricted for the full life of the 99-year ground lease
The Fallon Company’s partnership with Elmington Capital Group keeps the East Bank project fully aligned with Metro’s housing priorities and the community-driven Imagine East Bank vision.With Elmington’s experience and capacity, project timelines are pushing forward quickly.
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