Development partners Holladay Ventures, a local leader in affordable housing development, and the Urban League of Middle Tennessee celebrated the completion and grand opening of Park24, a transformative 140-unit mixed-use community. The new development, which provides high-quality housing options for people earning 30-80% of the area median income (AMI), is already 81% leased. The property is located at 660 Joseph Ave. in the McFerrin Park neighborhood.
Park24 offers one-, two- and three-bedroom apartments that range from $653 to $2,415 per month, with convenient access to downtown, the in-progress East Bank redevelopment, and public transit corridors.
The project was developed jointly by Holladay Ventures and the Urban League of Middle Tennessee (ULMT), with funding from the Amazon Housing Fund, and support and financing from U.S. Bancorp Impact Finance and Cedar Rapids Bank and Trust. The project also received a $2 million grant from the Barnes Fund for affordable housing, and was developed in consultation with community partners including ULMT, Pillars Development, PATHE, and the McFerrin Park Neighborhood Association.
Added Holladay, “Park24 fulfills our promise to create quality, affordably priced housing while offering supportive services that empower the entire community. McFerrin Park is evolving rapidly, thanks to significant nearby investments such as the new Nissan Stadium, the East Bank neighborhood, and Oracle. The opening of Park24 ensures that people at every income level will continue to have a home in this charming and historic neighborhood, with its easy access to public transit, exciting new restaurants and retail, and walkable, tree-lined streets.”
“As Nashville continues to grow and the neighborhoods around the East Bank take shape, we’re investing in projects to keep Nashville affordable for our longtime residents. All Nashvillians deserve the dignity of stable housing. I appreciate Holladay Ventures and the Urban League of Middle Tennessee for making it a point to consider the wishes and future needs of the Park24 community and its neighbors.”
Nashville Mayor Freddie O’Connell.
“Our mission at the Urban League is to empower communities and change lives, so Park24 was an obvious project for us to be a part of and help nurture. It’s a particular point of pride that fellows from RED Academy were involved in the development process for this project, helping make sure the finished building meets the needs and wishes of the community who live there.”
Aron Thompson, V.P. of Housing and Economic Development for ULMT and Executive Director of Real Estate Developer Academy.
“At Amazon, we believe everyone should have access to a home they can afford. Park24 is a powerful example of what’s possible when the public and private sectors work together to bring affordable homes near transit and jobs for working families. We’re energized by what Holladay Ventures, the Urban League, and local leaders have built here in East Nashville.”
Michelle Brown, senior public policy manager at Amazon.
A 2,200-square-foot Empowerment Center is operated on site by ULMT, focused on community enrichment, workforce development, and education for Park24 residents and the surrounding community. In addition to affordable residential units, community resources and program spaces, Park24 features numerous sustainability measures, including a 174 kW array of solar panels across the roof, resulting in the project receiving Enterprise Green Community Certification
U.S. Bancorp Impact Finance, the community development division of U.S. Bank, provided a tax credit equity investment and construction loan to support the development. “With Park24, Holladay Ventures is addressing local housing needs while delivering long-term value for residents,” said Lisa Gutierrez, Senior Vice President and Director of Business Development, Affordable Housing at U.S. Bancorp Impact Finance. “We’re pleased to support this effort with tax credit equity and construction financing that helps bring quality, affordable homes to Nashville.”
The project also includes 2,500 square feet of commercial space available for a local business, coffee shop or other retail operation. East Nashville-based commercial real estate firm The Cauble Group is responsible for leasing the commercial space.
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