Developer seeks OK for affordable housing project
Nashville-based developer Elmington Capital Group has submitted to the Metro Planning Department a final site plan related to an apartment project it hopes to develop on Metro-owned property located in Edgehill and in concert with Mayor Megan Barry’s office.
According to documents, Elmington is asking Planning Department staff to recommend that the Metro Planning Commission amend the specific plan zoning in place. The current SP allows for 150 units. Elmington is hoping to undertake what are expected to be three connected residential structures offering up to 175 units.
If it materializes — Metro and Elmington announced the project in April 2016 — the development would be located at the northeast corner of the intersection of Wedgewood and 12th avenues a few blocks east of Belmont University and north of 12South. See the site here courtesy of Google Maps:
The project would involve Metro providing Elmington a ground lease in exchange for the company maintaining the apartments as affordable housing for at least 20 years. The units would be limited to those who earn no more than between 60 to 120 percent of the area’s average median income (which is about $58,000). The maximum rent would be no more than 30 percent of any renter’s income.
Barry continues to stress the importance of affordable housing, with the Metro Council having recently approved $8.3 million from its Barnes Affordable Housing Trust Fund to assist three other, and unrelated, projects.
“When announced, we anticipated 138 units being built [at the Edgehill site],” Barry said in a statement. “We are pleased that the developers have been able to work with the Planning Department on a proposal to expand that to more than 170 units – helping to create even more workforce housing for citizens wanting to live close to the downtown core and on a major transit corridor, reducing time and cost burdens associated with transportation.”
Elmington has enlisted Nashville-based Southeast Venture for architecture duties and said a rendering is forthcoming.
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