A major alteration has been crafted as a possible alternative related to a mixed-use project eyed for a McFerrin Park site and for which discussions between the development company, the district Metro councilmember and proponents of workforce housing have been contentious at times.
Most recently, Austin-based Cypress Real Estate Advisors eyed up to 12 buildings with residential space, some retail and two structured parking garages. That overall project, with an estimated $300 million price tag, would offer about 1,150 residences and a minimum of 225 affordable units if it materializes.
Now, CREA is seeking the option to deliver — if the Metro Council approval cannot be secured for the original plan — only 245 market rate units for the roughly 14.4-acre property. The East Nashville site offers a main address of 301 N. Second St., with the company having paid $30.1 million for it in December 2021 (read here).
CREA and various nonprofit partners helped most of the former residents of RiverChase Apartments (which previously sat on the site) find new homes through a “housing navigator” program operated by the Salvation Army and Nashville’s People’s Alliance for Transit, Housing and Employment. As originally proposed, the redevelopment of the site included a commitment that would have enabled RiverChase’s “legacy residents” to return to the future buildings after completion. (Read more here.)
In June, CREA and multiple nonprofit organizations — including The Equity Alliance, Stand Up Nashville and Nashville Organized for Action and Hope — reached an impasse on negotiations regarding a proposed community benefits agreement.
However, in July CREA reached a CBA with the Urban League of Middle Tennessee (read here).
A second Metro Council reading related to the original plan is slated for Tuesday, Oct. 4., with a public hearing required before the council votes.
If Metro Councilmember Sean Parker, in whose District 5 the property sits, defers the vote and the public hearing next week, CREA will then seek the updated plan with 245 market rate units and no affordable units. CREA says the affordable housing in the current plan is conditioned on the approval of 1,150 units to offset lower rental rates for the qualified affordable homes.
Toward this end, CREA has submitted to the Metro Planning Department a revised provisional preliminary planned unit development for the property, should it need to go to Plan B.
“Cypress Real Estate Advisors has proposed a vision for an 1,150-unit residential community with at least 225 privately funded affordable homes at diverse AMI (area median income) levels (30 percent to 120 percent), and provides former RiverChase residents with an open door to return to the neighborhood upon construction completion,” the company emailed Scene sister publication the Nashville Post via a spokesperson.
CREA says the CBA with the Urban League of Middle Tennessee protects the affordability commitment for 30 years and includes committed improvements to the McFerrin Park neighborhood, to public roadways and construction safety standards.
The Metro Planning Commission unanimously approved the rezoning in February 2021.
“But since then, we have been frustrated that the zoning request has been deferred five times by the Metro Council,” CREA says.
CREA says that though it is “hopeful” regarding Tuesday’s council vote, “it has become necessary that we consider this alternate development option even though it will not begin to solve Nashville’s housing and affordable housing crisis.”
Parker emailed the Post the following statement: “While not legally required, it is generally advisable to consult with the district councilmember before filing a zoning change request — especially one as significant as this. That did not happen in this case, so I look forward to learning more about what they (CREA) have requested.”
This article originally appeared in our sister publication the Nashville Post.
