A residential building planned for a site near Trevecca Nazarene University and Chestnut Hill will offer affordable for-rent housing.
Nashville-based development company Elmington Capital Group, which in December paid $5.1 million for the 5.9-acre site at 101 Factory St., announced Thursday it will team with CVS Health to undertake the three-building project.
CVS Health will invest $12.7 million with R4 Capital (a national affordable housing syndicator) as part of the effort. The commitment includes $110,000 to help provide wellness resources and social services to 101 Factory's future residents, the release notes.
The 2021 Affordable Housing Task Force Report issued by Mayor John Cooper's office found that an estimated 65,000 households — nearly half of Nashville's renter population — spend more than 30 percent of household income on rent.
With a working name of 101 Factory, the future buildings will provide studio, one-, two- and three-bedroom housing units at a reduced rent to individuals and families who can verify earnings of between 30 percent and 70 percent of the area median income. Planned amenities include a community room, a computer lab, fitness facility, on-site property management, a picnic area, a dog park and surface parking.
Southeast Venture Design will oversee the architectural work, with Catalyst Design Group handling land-planning and engineering duties, according to a document submitted to Metro.
The three 101 Factory buildings — addressing Factory, Culvert and Geyser streets — will stand four stories at their tallest points and house a collective 204 residential units. Fifty-four will be studio and one-bedroom units, 105 will have two bedrooms and 45 will have three bedrooms, the document notes.
"CVS Health has been a wonderful partner on this project, and it wouldn't have been possible without them," Hunter Nelson, a partner at Elmington Capital Group, said in the release. "Not only were they instrumental in the creation of 101 Factory, but they will also provide invaluable resources for the people and residents who will soon call it home. As Elmington continues to focus on creating more affordable housing across Nashville, we couldn't be more excited about the future of Chestnut Hill."
Jim Bostian, Midsouth market president, Aetna (a CVS Health company), said since 2019, CVS Health has awarded nearly $500,000 to Cedar-Sinai Medical Center, United Way of Middle Tennessee, Nashville Food Project and Vanderbilt University Medical Center, among other local organizations.
Based in Woonsocket, Rhode Island, CVS Health invested $185 million in affordable housing nationwide in 2021 and has devoted about $1.3 billion over the past 20 years, including $31.4 million in Tennessee, Bostian added.
The South Nashville property sits within Metro Councilmember Colby Sledge’s District 17.
"We need creative solutions to create affordable housing, and partnerships like these set a great example for others in the private sector,” Sledge said in the release.