Nashville Suburb to Gain Attainable Housing Development| Housing Finance Magazine

Holladay Ventures has broken ground on Stone Bridge Lofts, a 311-unit mixed-use development in Goodlettsville, Tennessee.

The development, which is expected to be completed in summer 2024, will bring much-needed affordable housing serving households earning 50% and 60% of the area median income in the Nashville suburb.

“There’s a massive need all over Nashville for attainably priced and affordable housing,” says founder and CEO Evan Holladay.

The $93 million development received over $31 million from the Amazon Housing Equity Fund to create attainable housing; it’s the fund’s first investment with a private developer in the metro. Amazon’s fund aims to combat affordable housing challenges and promote equity and inclusion in its hometown communities, including Nashville along with Washington’s Puget Sound region and the Arlington, Virginia/Washington, D.C. metro. To date, Amazon has invested over $1.2 billion to create 8,500 affordable homes.

“As our presence grows in Middle Tennessee, so does our commitment to being a great community partner, and we’re grateful of the opportunity to collaborate on this project,” said Michelle Gaskin Brown, Amazon’s public policy manager in Nashville, in a statement.

Holladay adds that his company also is grateful to have its project selected. “It’s one of the first to close here in Nashville,” he says. “To be able to pilot that program and close on the first one was a huge feat.”

The development also received 4% low-income housing tax credit equity through National Equity Fund and construction and permanent financing through German American Bank. Additional support came from the city of Goodlettsville, Metropolitan Development and Housing Agency, Tennessee Housing Development Agency, and Metro Council.

Stone Bridge Lofts will serve as a catalyst for growth along the redeveloping downtown Goodlettsville Main Street corridor, according to Holladay. In addition to the housing, the development will include 11,200 square feet on the first floor for office, retail, and restaurants. Seven live-work spaces that can function as a residence and a storefront also will be offered for small business owners.

“We see that as an opportunity to create a win-win for residents and the communities,” Holladay says. “It’s a destination and a continuation of foot traffic and commercial traffic along North Main Street.”

A 5,600-square-foot, solar-powered clubhouse will include a wealth of amenities, including meeting spaces, free internet, a kitchen bar, an open concept kitchen, a fully equipped gym, a business center, a co-working space, and a package room. A solar-powered education station also will provide real-time data for residents about the renewable energy. Outdoor amenities will feature a swimming pool, a fire pit, grilling stations, a playground, a wooded walking trail, a dog park, and community gardens.

The development will be Energy Star certified and built to LEED standards with energy-efficient windows and appliances, low-flow faucets, and native landscaping.

Additional partners on Stone Bridge Lofts include architect Studio A, general contractor Highland Building Group, engineer Genesis Engineering, and property manager Elmington.