Local officials to join with national developer to celebrate the groundbreaking for The 808 at Skyline Ridge
Affordable housing development direct result of public and road improvements made to create a more ‘neighborhood feel’ to area
On Thursday, Mayor John Cooper and Councilmember Nancy VanReece will join representatives from LDG Development—one of the nation’s largest developers of affordable housing to break ground on Madison’s newest affordable housing community— The 808 at Skyline Ridge. Once complete, this development will provide 178 units of 2-and 3- bedroom apartment homes that span across seven buildings and will be reserved for families earning up to 80 percent of the area median income or $65,000 annually for a family of four. It will also offer a 2,500 square foot commercial space. No tenant has been selected at this time.
Located off Skyline Ridge Drive near the TriStar Skyline Medical Center, the addition of The 808 at Skyline Ridge comes with infrastructure improvements due to the commitment to this community by LDG. Improvements include the addition of significant road work and sidewalks along Skyline RidgeDrive to Dickerson Pike. LDG also provided a $100,000.00 donation to the Metro Nashville Historic Foundation to restore the historic Bashaw Cemetery, the resting place of a Revolutionary War soldier and family. According to Councilmember Nancy VanReece, who represents the area, this development’s investments and changes have helped to spur and attract additional excitement.
“Additional public-private plans for a pocket park with a playground and walking trail directly across the street along with educational markers for the cemetery and Music City Solar are also underway,” said VanReece.” When you build homes, you build a place. Twenty years ago, when the Frist family decided that Skyline Medica Center would be built at one of the tallest places in Nashville, they were visionary. Now, 178 families will have this beautiful view as well.”
Mayor Cooper agrees and sees having an affordable housing community located near a large healthcare center and other service-related businesses as a major benefit to residents working in the area the area. “Our affordable housing needs are urgent in Nashville,” said Mayor Cooper. “I’m grateful to public and private partners like Councilmember VanReece and LDG Development for their commitment to preserving and creating affordable housing options for all Nashvillians.”
The 808 at Skyline Ridge will offer residents a variety of amenities. This includes spacious floor plans; upgraded flooring; onsite fitness and business centers; a large swimming pool and a dog park. The development expects to welcome its first resident in November of 2021 with monthly rental rates ranging between $1,031-$1,537. The apartment community will also have approximately 2,500 square feet of commercial retail. LDG hopes to attract a local coffee shop or similar tenant to address some of the needs of those working or visiting the hospital, the pocket park, or the surrounding community.
The 808 at Skyline Ridge is being developed by Louisville, Kentucky based LDG Development. LDG Development has created more than 16,000 units of high-quality affordable housing for working families and active seniors throughout the country including 842 units in Nashville. Financing for this development was secured with an equity investment from First Horizon Bank. R4 Capital Funding provided the construction and permanent financing. ark Pittman, investment officer for First Horizon, believes the addition of this community reflects a growing need for high quality affordable housing across the country.
“First Horizon is proud to partner with LDG Development to provide quality affordable housing to the Madison community,” said Mark Pittman, investment officer for First Horizon. “The recent unprecedented times have supplied numerous obstacles for people across the globe. The 808 at Skyline Ridge will provide access to high quality housing to many local families.”
Chris Dischinger, co-founder, and co-principle for LDG Development agrees and believes that the investments Nashville has made to improve all neighborhoods, will continue to produce results that benefit the entire area. “Stable quality housing is essential to improving outcomes in so many areas. Whether it is ensuring students are graduating from school prepared to enter the workforce; or fostering an environment that promotes a healthy lifestyle, access to quality stable housing is essential to achieving these goals,” said Chris Dischinger, co-founder and co-principle of LDG Development.
“Based on the investments the city has and continues to make, it is clear that Nashville leaders are taking an aggressive approach to meeting this challenge and improving the neighborhoods that make Nashville a wonderful world class city.”