Reddick Street Redevelopment Enters Final Phase
- Aug 25, 2015
A ceremonial groundbreaking marked the beginning of construction for the final phase of the Reddick Street Redevelopment in Franklin. The project will bring 65 newly constructed units of affordable family housing to a former site of obsolete public housing next to The Senior Residences on Reddick Street.
Upon completion in 2016, the Reddick Apartments community will feature single-family, duplex and garden-style affordable homes, in a mix of one-, two-, three-, and four-bedrooms. Amenities include central heat and air-conditioning, energy-efficient appliances and HVAC systems, as well as water-conserving plumbing and fixtures, high-speed internet access, community room, computer room and onsite management offices.
“This type of housing will benefit our teachers, healthcare workers, servers, and other hard working individuals and families who want to live, work and go to school in our beautiful city. The City of Franklin supports the efforts of the Franklin Housing Authority and their achievements of providing affordable, safe housing for low and moderate-income families,” Mayor Ken Moore said in prepared remarks.
The new development increases the supply of affordable and workforce housing options in the City of Franklin. Housing units at Reddick Apartments will be available to families with a diverse range of income going up to $46,620 for a family of four.
Financing for the $14.3 million development includes $10.6 million in private equity raised from the sale of federal Low Income Housing Tax Credits allocated by the Tennessee Housing Development Authority (THDA), as well as $500,000 in Housing Trust Funds from the THDA. Franklin Housing Authority contributed an additional $512,000, whereas $350,000 derived from the developer’s equity. The development also benefitted from $50,000 in CDBG funds from the City. SunTrust Bank, the construction lender, purchased the project’s tax credits, while Enterprise Mortgage Investments Inc. provided $2.3 million in permanent financing.
The team working on this project includes The Michaels Development Company, master planners and architects Kitchen & Associates, local contractor SouthLand Constructors and local partner Little John Engineering.