266 Affordable Apartments Planned for Hermitage Site
Elmington Capital Group’s Hermitage Flats will offer units for $700-to-$800 a month across from TriStar Summit
A 266-unit affordable apartment project on the drawing board for 10.65 acres on Old Hickory Boulevard in Hermitage would target households earning below 60 percent of that area’s median income.
On Tuesday, the Metro Council passed a resolution approving a payment-in-lieu-of-tax (PILOT) agreement related to the estimated $31.48 million Hermitage Flats project, which Elmington Capital Group plans at 5646 Old Hickory Blvd.
With that award, the Nashville-based commercial real investment and development firm would be the latest developer to take advantage of a Housing Tax Credit PILOT program created by the city to support affordable housing. Nonprofit social services organization Woodbine Community Organization is Elmington’s partner in the project.
Elmington has the land across from TriStar Summit Medical Center on which Hermitage Flats is planned under contract. The developer is entering into a lease arrangement with the Metro Development and Housing Agency under which Elmington would pay a negotiated annual amount in lieu of much higher property taxes that would be imposed on the affordable housing development.
The one, two and three bedroom garden-style, low-income tax credit apartments at Hermitage Flats are expected to have monthly rents around $700 to $800.
Based on the 266 units, Hermitage Flats is required to have 433 parking spaces with Elmington planning to provide a bus shelter for the existing stop near Central Pike.
The 277-unit Burning Tree Apartments, 84-unit Hermitage Manor Apartments and the 100-unit Margaret Robertson Apartments are among other federally subsidized multifamily projects within that census tracts.
Elmington has a specialty in affordable housing, owning and managing more than 2,000 low-income tax credit apartment units in Davidson County. Two months ago, the company paid $20.3 million for the Park At Hillside affordable housing apartments in Nashville’s Edgehill neighborhood to expand its local portfolio in that niche.
Metro Councilman Steve Glover, who represents the area where the project is planned, welcomed Hermitage Flats but also cited the need for more infrastructure in communities such as Hermitage.
“We’re growing like crazy and we’re not getting help from downtown,” Glover said. “Downtown isn’t bringing money back into the suburbs to widen the roads and help us take care of the infrastructure we need.”