LDG Breaks Ground on $80M Nashville Affordable Project
The firm's sixth project in Tennessee was financed with a mix of bonds, equity and tax credits.
Ewing Heights groundbreaking. Image courtesy of LDG Development
LDG Development has broken ground on Ewing Heights, a 190-unit affordable housing project in Nashville, Tenn. Construction is expected to last 28 months, with the first units coming online in 2024. This is LDG’s fifth development in Nashville and its sixth across the state.
The community will cater to residents earning between 40 and 80 percent of the area median income. Catalyst Design Group will provide the planning, civil engineering and landscape architecture services.
The project’s estimated cost is $79.6 million. Financing included 4 percent LIHTC and tax-exempt bonds from the Tennessee Housing Development Agency and $13.5 million from Amazon’s Housing Equity Fund. Berkadia Affordable Housing syndicated the LIHTC funds and a private placement bond transaction was provided by RedStone Tax Exempt Funding. In addition, the City and MDHA granted 10 years of tax abatements through the PILOT program.
LDG purchased the 11.8-acre development site in February 2022. Capstone Partner & Production Lead Adam Klenk and Senior Advisor Austin Heithcock brokered the sale on behalf of LDG.
Location and features
Ewing Heights will incorporate 180 two- and three-bedroom apartments as well as 10 three- and four-bedroom townhomes. The community will have a swimming pool, a business center, a fitness center, a clubhouse, a dog park, a playground and parking places. Other features will include energy-efficient appliances and walk-in closets.
The project is taking shape in Northeast Nashville, at 334 Ewing Drive. The development is near the intersection of interstates 24 and 65, which provide easy access to downtown Nashville. Several retail and dining options are in the area, while TriStar Skyline Medical Center and Parkwood Park are within a 2.4-mile radius from the community.
Councilmember Kyonzte Toombs said in prepared remarks that the project will also contribute with transportation and infrastructure improvements, such as upgrades to the existing sidewalks and the addition of two bus shelters.
