Dickerson Pike developer pushes affordable housing
NASHVILLE, Tenn. —
A Tennessee developer wants to turn Dickerson Pike into Nashville's next trending neighborhood.
Bruce McNeilage said some units at his latest project, Solo Lofts, will sell for as low as $99,000. Other one bedroom condos will go for $199,000 and two bedrooms for $299,000.
That’s about $50,000 less than the average price in that zip code, according to Zillow.com.
Nashville Mayor Megan Barry has been pushing for developers to offer more affordable housing. McNeilage said if Nashville doesn't offer more affordable housing soon it could lose its “it” city status.
“The American dream is currently dying,” McNeilage said. “We have less people owning homes than we did 10 years ago. At that pace, literally, we will be losing thousands and thousands of people in Nashville that won’t have the ability to buy their own home and they will become renters for the rest of their lives."
McNeilage said he plans to designate a portion of all his future properties to be affordable housing, and encourages other developers to do the same.
Construction for 110-unit Solo Lofts will start this summer, and units should be ready to move in by the end of 2018. The $99,000 units in the new development are for those who make $35,000 or less a year.