A new townhouse development named West Mill is planned in The Nations neighborhood in West Nashville, TN. HND Realty has acquired about six acres at the southwest corner of California Avenue and 57th Avenue North. The planned community called West Mill will feature 98 townhouses and a swimming pool. The homes are expected to range in size from 1,150 square foot two bedroom units priced at $199,900 to 1,425 square foot three bedroom units priced at $239,900. The completion date for the first available units is projected for the late summer or fall of 2015, according to Kristin Hostettler of HND. She said, “The Nations continues to emerge as an attractive district for reasonably priced homes.”
The six acres of land for the project cost about $2.45 million, which comes out to roughly $25,000 per unit, a very attractive purchase price. “It wasn’t that long ago that I had a conversation with someone who said the west part of town was going to take off. I said, ‘The Nations?’ ” said Hostettler. “This has all happened kind of overnight; that’s how it feels.” She added, “I think we just got lucky with a giant piece of land that will actually get to be its own townhouse development.” HND has completed other projects in Nashville, TN including the Park at Melrose, the Row At Berry Hill, Hillsboro Quarters I and II, and Vernon Avenue townhomes.
The Nations is an interesting neighborhood where the convenient location about five miles from downtown Nashville is driving the growth. Nearby arterial road Charlotte Pike is
transforming with many developments. Newer restaurants such as M.L. Rose, Hattie B’s, and FLIP Burger Boutique have been well received, and construction is underway for mixed-use Hill Center Sylvan Heights.
For investors, The Nations housing stock falls predominantly into two categories: new construction where small houses have been torn down, and small houses waiting to be torn down for new construction. The vast majority of the newly built houses are narrow and two or three stories high, while the 1940’s cottages that were originally built in the neighborhood are mostly one story. It doesn’t seem that there are many options in between, and the differences between new and old are visually jarring and dissonant. There isn’t much of a debate anymore if the small houses will be torn down, it is more of a question of how quickly. Will an older, established neighborhood be entirely rebuilt with new construction? Perhaps. If Nashville keeps growing and a housing bubble doesn’t pop, The Nations is the neighborhood that is testing that hypothesis. The 98 new units of West Mill continues the momentum that is already heading in that direction.