Affordable housing supporting the Nashville community
Nashville, Tennessee, is one of the country’s hottest cities. In fact, almost 100 people relocate to this market each day. The area is thriving and enjoys an unemployment rate of less than 3 percent.
Unfortunately though, due to the influx of people moving to the city, finding affordable housing is becoming more and more challenging.
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The Problem: Providing more affordable housing options to working families in Nashville
Housing costs have skyrocketed due to the continuous growth of Nashville. This has left many hard-working families with few options for new high-quality housing.
They aren’t just looking for any place they can hang their hat. What these Nashville families need is a place that enables them to thrive.
The Solution: Developing a place people are proud to call home
In 2016, Nashville community and political leaders and LDG Development announced the city’s newest affordable housing community: The Paddock at Grandview. This affordable housing project is designed to house the industrious members of the Nashville society, including paramedic and other first responders, executive assistants, sales representatives, bus drivers, and other professions that sacrifice income for service.
The Paddock at Grandview is a 240-unit development that is located on a 14-acre site overlooking downtown Nashville. The Paddock offers 1, 2 and 3-bedroom apartment homes for Nashville families making about $41,000 annually.
Establishing this development was no small task. Leaders from the city of Nashville had to lobby the state’s legislature to change an antiquated law that could have hindered this project and other projects being proposed in distressed areas of the city from moving forward. With this change, LDG was able to secure the funding needed to move forward with the development of The Paddock at Grandview.
The community now has a new economic development tool that is helping to revitalize other parts of the city.
The Results: Inviting economic activity throughout the area
On the day the city and LDG officials celebrated the completion of the development, the management company received more than 300 calls from folks interested in renting a unit. The property continues to have an occupancy rate of 100 percent.
The development has also spurred millions of dollars of additional investment in the area that includes market-rate housing, retail amenities and services, and other economic development activity. And more importantly, more Nashville families now have a “grander view” of what is possible in the Music City.
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Boost your local economy. Defeat shrinking affordability. Support those who matter most in your community.