The Clear Blue Company, a Nashville-based private equity real estate firm, is beginning construction on its first ground-up affordable housing community, which is expected to open be for occupancy in 24 months.
Located at 301 Ben Allen Road in East Nashville, Tennessee, near Ellington Parkway, the 238-unit development that Bacar Construction is building on 11 acres in Inglewood is made possible through a large, diverse partnership that brings together public, private and non-profit entities to address the city’s pressing need for affordable housing.
The $65 million development, designed by Nashville firm EOA Architects, will include seven residential buildings and a clubhouse that includes a business center to support the educational and occupational needs of residents.
The units will be a mix of one-, two- and three-bedroom apartments. The rents for all 238 units will be affordable to someone earning 60% of the median income in the Nashville area. In addition, five units will also be set aside for residents earning 30% and below of the median income and five units will be available to individuals experiencing situational homelessness.
A unique feature of the development is its incorporation of the natural environment. Through a partnership with Metro Parks and design assistance from local landscape architecture firm Hawkins Partners, the new affordable housing development will include walking trails on the property that will connect with an extended greenway and trail network on future adjacent developments.
