NASHVILLE, Tenn. (WTVF) — An affordable housing development could spark change in the Dickerson Pike corridor, neighbors and developers said.
Finding an affordable place to live in Nashville is hard.
"It’s supposed to be the richest country in the world, and you got people homeless and starving," neighbor Paul Riebe said.
Victor Dunn has lived in the neighborhood off of Cleveland Street for 53 years. The price of their home has gone through the roof.
"Once they start building those big complexes and things, then they’ll be trying to move us out," Dunn said. "It’s changed quite a bit."
The new apartment complex called 900 at Cleveland Parkwill have 256 units. The price tag is $90 million due to skyrocketing construction costs.
"There’s been a lot of upward pricing on land prices as well, and so we’re competing in a challenging environment as an affordable developer and provider," Dominium senior vice president Ryan Lunderby said.
He said if it were open right now, one-bedroom apartments would go for roughly $980 a month, which is hundreds less than the market rate.
"We’re restricting our homes to people that are earning 60% of the area median income or less," Lunderby said.
He said believed the project will likely jump-start redevelopment in the corridor.
In addition, the Riverchase Apartments nearby have been sold.
It will be a couple of years until the new projects are finished, but Riebe said low-income housing is needed now.
"They should get more. I’m sick and tired of seeing all these people homeless, especially the veterans,” Riebe said.
Dominium has another affordable housing community on Dickerson Pike that just opened. It's called the Preserve at Highland Ridge. It's also income-based.