Nashville’s current apartment building construction boom will continue to gain momentum with another addition — this one on the city’s east side.
Memphis-based developer Michael Hampton is planning a workforce housing structure with a highly contemporary design that will contrast with the general area’s historic homes yet play off the industrial and gritty buildings that also populate East Nashville.
To be called Seven Hundred Five Woodland, the four-story, 60-unit rental building will sit on the north side of Woodland Street across from East Park and catty-corner from the equally contemporary community center that anchors that public green space.
Hampton could not be reached for detailed comments, but in an email exchange with Nashville Post, he noted he could provide specifics in early 2012. Hampton will develop Seven Hundred Five Woodland via his MEH Properties LLC. MEH will receive from the Tennessee Housing Development Agency $875,641 in tax credits annually for 10 years, credits that can be applied against Hampton’s cost of developing the building.
In exchange for the credits, Hampton will limit Seven Hundred Five Woodland to a significant percentage of renters making no more than between 50 percent and 60 percent of the area’s annual median income. As such, the workforce housing Seven Hundred Five Woodland will be similar to Laurel House in The Gulch and Nance Place and the rising Ryman Lofts on Rolling Mill Hill.
Hampton developed East River Place Apartments on a nearby site. The $13 million dollar development was leveraged with a mixture federal program derived Low-Income Housing Tax Credit funds, American Reinvestment Recovery Act Section 1602 funding, private financing and HOME Grant funding. ERPA won a award for quality design.
Brentwood-based b3studio is serving as architect. Nashville-based Southland Constructors LLC will build Seven Hundred Five Woodland. Southland served as general contractor for Station Lofts, The Glen, D5 Lofts and Gale Lofts, each an urban residential infill project located within Nashville’s Interstate 440 loop.
Currently, the city has five apartment buildings of 50 or more units under construction no more than 3.5 miles from the central business district. With Hampton's project, 11 more are proposed. The 16 buildings would bring more than 3,100 rental units to Nashville.