NASHVILLE, Tenn. (WKRN) — If you asked 100 people right now what they considered affordable housing to be in Nashville, it’s likely you’d get 100 different answers.
That is why a local investor is replacing the term “affordability” with “attainability,” with plans to break ground on a new condo project in Buena Vista, starting at $199,000.
Bruce McNeilage says it’s all in an effort to help more Nashvillians obtain the “American Dream.”
“The problem is the American Dream is slipping away,” McNeilage said. “It’s becoming more and more expensive and our wages are not going up the same percentage as housing.”
So McNeilage and his partner are on a quest to build more opportunities for home ownership.
It started off East Trinity Lane and Gallatin Pike in South Inglewood with a development called “Solo East.”
“For me, this was an opportunity to give back and still make a profit but deliver 121 units at an affordable, attainable price where the middle class could afford a unit.”
McNeilage said about 70% of these condo owners put just $500 down which then turned into roughly $30,000 – $40,000 of instant equity.
This concept, in Music City, is hard to come by, so McNeilage and his partner are developing ‘Solo North’ another condo project, a block away from Clarksville Pike. He told News 2 the presale price will range anywhere from $199,000 to $299,000.
“There’s a lot of building all the way down Trinity Lane to the interstate condos, Airbnb, apartments, things like that but most are not affordable, they’re $400,000, $500,000, $600,000, if they’re for sale,” MCNeilage said. “We wanted to offer people the ability again to own their own home at an affordable price and we will deliver that at a lower price than anyone else in town can do.”
McNeilage said he noticed the area growing and fast, with plans to turn a wooded area next to a hair salon into more than 60 condo units, ranging from 625 to 900 square feet.
“I don’t want to start losing people who are moving here or people who already live here to other cities just because they can’t find housing and if you cant afford to rent an apt and cant afford to own a home where do you live there are no other options.”
The final zoning vote will happen in a few weeks, and once the project is approved, the condos will go on presale sometime in the spring of 2022.
Crews plan to break ground in the summer.