The Metropolitan Development and Housing Agency (MDHA) recently broke ground for the Cherry Oak Apartments project at 705 S. Sixth St. in Cayce Place, East Nashville.
Designed by Smith Gee Studio, the project involves the construction of a four-story building featuring eight new affordable units, up to 45 subsidized units reserved for Cayce Place residents, and 37 market-rate apartments.
It is intended to blend with the Cherrybark Oak tree which it’s named after and offer its residents, who are expected to start moving in by December 2023, an inviting environment, with a planned park that will extend through the heart of the campus and become a prime gathering spot for residents and guests.
The residents will also have access to amenities such as a computer lounge, playground and greenspace.
The cost and funding for the Cherry Oak Apartments Project in Nashville
The implementation of the Cherry Oak Apartments Project in Nashville is expected to cost approximately US$ 33.4M. A US$ 7.1M was provided by Amazon as a low-rate loan to support the construction costs while some of the funding for the project will also come from the US$ 15M American Rescue Plan (ARP) funds, an investment that was made late last year by Mayor Cooper in Cayce Place.
Other sources include a Tennessee Housing Trust Fund grant worth US$ 500,000, and Low-Income Housing Tax Credits of about US$ 9M, which were awarded to MDHA by the Tennessee Housing Development Authority (THDA).
According to Ralph Perrey, the THDA Executive Director, the Cherry Oak Apartments project, on completion will be the fourth investment which the THDA has made towards the redevelopment of Cayce Place. He explained that it was important to provide funding for housing initiatives like this, adding that THDA was looking forward to working with MDHA on improving affordable housing in Nashville.