Site work should start this fall on a residential community with 62 single-family homes, the biggest cottage development in East Nashville and one that should add new inventory at attractive prices.
East Greenway Park would also be the largest undertaking by infill developer Aerial Development Group, which spent a year working with neighbors and obtaining required approvals for the project planned for 10 acres in the Rosebank neighborhood.
"They wanted diversity, walkability and accessibility to the Greenway and we provided all three," Aerial's owner Britnie Turner said about the neighbors, citing her company's plans to save 41 percent of the trees on the site at Eastland and Rosebank avenues.
Homes at East Greenway Park will sell for $225,000 to $375,000 or more, a price point Turner sees in high demand, especially for new homes in East Nashville. The first homes at the new development should be ready for homebuyers by early summer.
A 1,300-square-foot home at the corner of Eastland and Rosebank will be restored or rebuilt into commercial space for tenants such as a coffee shop or bakery. The project planned northeast of East Nashville's growing Five Points community should help support nearby retail businesses, such as Jeni's Splendid Ice Creams, Rosepepper Cantina, The Wild Cow and Eastland Café.
East Greenway Park will feature several different types of cottage homes, ranging in size from 1,200 to 2,500 square feet. "We've already had a lot of interest as far as selling goes," said Jessica Demas, Aerial's head real estate agent.
Neighbors raised concerns about the project's potential impact on their neighborhood, including traffic and safety issues and density.
"In light of the fact that the SP (specific plan) passed over the voiced objections, the neighbors look forward to working with Aerial to make sure that the concerns of its members are addressed," said Joshua Chesser, president of local community organization Rosebank Neighbors.
Aerial, which Turner founded at age 21, has renovated 107 homes in Davidson County and built more than 100 in neighborhoods such as 12South, Salemtown and East Nashville. It is starting work on Salemtown Square, which will feature six cottage homes.
Last year, Aerial made its foray into apartments, buying the 73-unit Hermitage Gardens Apartments in Hermitage for $2.85 million. It is pursuing a site in south Nashville for a new multifamily project.
In East Nashville, the company has committed funds to Metro for off-site improvements, including sidewalks. A biking trail will be extended through the property to the Shelby Bottoms Greenway, Tiffany Drive will also be extended through the site.
Homes at East Greenway Park will be built phases by Aerial's construction arm, said Josh Randolph, its acquisition manager. As part of Aerial's social enterprise business model, the builder will sponsor a child at an orphanage in Kenya for one year for each home sold.
Article from Tennessean
Written by Getahn Ward