A Texas-based developer will build a mixed-use development where an East Nashville apartment complex once stood. It will include housing, retail space and changes to the street connections.
The Riverchase Apartments property sits east of I-24 near downtown. It’s in walking distance of where the city is discussing a new enclosed Titans stadium and building a new downtown neighborhood. After demolition this fall, the land looks more like an open parking lot.
The Metro Council’s approval last night allows Cypress Real Estate Advisors to move forward after an eight-month delay.
During that time, negotiations for a community benefits agreement with Stand Up Nashville fell a part, residents moved out — in some cases to temporary housing like hotels or family members’ homes — and nearby neighbors came with their own complaints.
McFerrin Park Neighborhood Association members were concerned about the height of the building and if Riverchase residents would be able to afford to return. The Riverchase apartments were home to people earning low incomes and paying with housing vouchers.
The developer, CREA, made promises residents could come back and signed a community benefits agreement with the Urban League. But the breakdown for rental pricing didn’t give residents or housing advocates immediate relief.
Since April, Councilmember Sean Parker held up zoning until the height was reduced and more community questions could be answered. When the future looked uncertain, the developer threatened to build what it could without rezoning but now says it’s happy.
“We look forward to beginning the work to rebuild the RiverChase community and will continue to work with stakeholders to make this a successful project for Nashville,” CREA said in an emailed statement.
CREA is paying $40,000 to the the McFerrin Park Neighborhood Association and $100,000 for neighborhood traffic calming. But the association president says she’s keeping a close eye on how changing the streetscape could impact their goal of less traffic.
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