Harpeth Development LLC is about to begin a 130 unit affordable condominium project at the corner of Litton Ave. and Gallatin Pike in East Nashville, TN. The one and two bedroom units, sized between 750-975 square feet, will be priced in the $150,000-170,000 range.
President of Harpeth Development, Bruce McNeilage said, “”My goal is to have Solo East occupied 100 percent by the workforce – single mothers, nurses, cops, firefighters and musicians. I don’t have to tear anything down, we’re not displacing anybody. I think the minute I do it, others will copy it.”
The difficulty of copying the project is finding a sizable parcel of land that is cheap enough to
keep the final housing sticker prices “affordable.” The three acres that Solo East will be built on were acquired with McNeilage’s purchase of The Park at Five Points in 2011. The cost was only $1.6 million. It would be nearly impossible to buy a 162 unit apartment complex and three undeveloped acres in a decent Nashville location in 2015. He and his partners took advantage of excellent market timing and snagged that deal for about $9,877 per unit, and essentially got the three acres for free. Well done, Bruce.
Solo East will be a gated development with two buildings, and units will feature appliances and granite counters. The new construction on Gallatin Pike will be a welcome sight for the busy corridor that, for all of the rising property values surrounding it, has experienced only incremental change. However, the question isn’t so much if Gallatin Pike will become more aesthetically pleasing, but when. With the momentum of East Nashville’s transformation, it seems that it will only be a matter of time until the street sees the corresponding signs of progress. The Solo East project is expected to be completed in about a year.