Alternative plan for RiverChase redevelopment will not include affordable units
A new proposal that would strip affordable housing from the redevelopment of East Nashville's former RiverChase apartments site has been submitted ahead of Tuesday's scheduled rezoning public hearing before the Metro Council.
Representatives from developer Cypress Real Estate Advisors, or CREA, confirmed that the submission is an alternative to their plan to construct a multi-building, 1,150-unit, mixed-use project with at least 225 affordable units. The designs, submitted Wednesday, include plans for 212 to 245 market-rate townhomes, in the case the developer's rezoning request is denied.
Tuesday's hearing allowing public comment is planned as the second of three required readings for the rezoning. A public hearing has been delayed five times.
"We remain devoted to our original plan and hopeful about moving forward next Tuesday to gain Metro Council support for a project that delivers on the city’s highly-publicized goal to get more privately-funded affordable housing to address the city’s housing crisis," a CREA representative said Friday in an emailed statement. "But given the lack of certainty about the city’s support, it has become necessary that we consider an alternate development plan that is available with the underlying zoning."
District 5 Council Member Sean Parker said in an email to The Tennessean he is not supportive of CREA's new proposal.
A community benefits agreement between CREA and the Urban League of Middle Tennessee also hangs in the balance, pending Metro's approval of the rezoning request. Commitments to build affordable housing units at various Area Median Income thresholds and donations to the McFerrin Park Neighborhood Association and traffic calming efforts are included in that contract.
The agreement is not legally binding until the rezoning application is approved by the Metro Council, but CREA Development Manager Stephen Buchanan said he and his team are already acting as if it is in effect.
The mixed-use development, including the affordable housing units, cannot move forward without Metro Council approval. The plan, which requires rezoning for higher housing density, was approved by the Metro Planning Commission in February.
Parker, who represents the area, said in September that he deferred the public hearing to October because the developers had not gathered sufficient community feedback for the council to approve the rezoning request.
CREA representatives held nine community engagement meetings at the Red Headed Stranger taco shop ahead of the Oct. 4 hearing, they said.
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"Uncertainty about whether the plan will be approved, plus increasingly challenging economic conditions — including escalating construction costs — are factors that prioritize a backup plan," a CREA representative explained.
In response to the developer's provisional filing, union-backed Stand Up Nashville sent out an emailed statement declaring their disapproval of CREA's actions. The organization is planning a rally at 5:30 p.m. Tuesday, before the Metro Council meeting.
"We have witnessed too much displacement in this city, too much suffering of our neighbors, to allow another corporate developer to get exactly what they want," Stand Up Nashville's statement read. "We must show up and demonstrate to our city leaders that Nashville belongs to the people ― not corporations."
This article originally appeared on Nashville Tennessean: Alternative RiverChase plan causes stir among housing advocates
