Official renderings have been released related to a major affordable housing project on the East Bank.
The release comes not long after the Boston-based Fallon Company — which will serve as one of the chief developers of the East Bank — announced its selection of Elmington Capital Group as lead on the residential development. Now the team has submitted a multipage electronic document to the Metro Development and Housing Agency.
501 S. Second St. is seen highlighted in orange
The team will go before the MDHA Design Review Committee on Tuesday, July 1, to seek concept plan approval for the 323-unit residential building, seemingly to be called East Bank Flats.
The document notes that the building has been designed to include an 8,420-square-foot day care facility and 12,600 square feet of restaurant and retail space. Dallas-based Humphreys is the architect. The address is 501 S. Second St.
East Bank Flats will be part of the first phase of the reinvention of the area, to be anchored by the NFL stadium currently under construction. Other first-phase components will include multifamily apartment buildings and a full-service hotel, for which construction is expected to begin simultaneously in 2026 and be completed within 24 to 30 months.
“Affordable housing is a pillar of our East Bank strategy,” Fallon CEO Mike Fallon said in a release from May. “Elmington Capital Group brings the track record, capacity, and community-minded approach that ensures we deliver on this commitment — on schedule with high-quality product.”
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Elmington has developed sites with a collective 11,000 residential units, including 4,000 affordable units in Nashville, according to the May release.
Future phases of the project are expected to include nearly 400 additional affordable units. Fallon has also said at least 10 percent of units within the future market rate residential buildings will be affordable — reserved for residents at or below the area median income (AMI) figure.
According to the release from May, two-thirds of the units in the future affordable housing developments will be available to individuals at or below 60 percent of AMI, and at least 15 percent of the units will be two bedrooms or larger. The affordable units will be income-restricted throughout a 99-year ground lease.
This article was first published by our sister publication, the Nashville Post.
