Demand grows for parkside homes in Nashville
Nashville is hundreds of miles from the nearest ocean, but homebuyers in neighborhoods close to parks and greenways have discovered the city’s equivalent of beachfront property.
“Property around the park has been treated like oceanfront property in Nashville, where values have grown exponentially and retained themselves,” said Britnie Turner, founder and CEO of Aerial Development Group.
From urban neighborhoods and downtown to the suburbs, demand is growing for parkside homes.
Aerial recently sold several homes in East Nashville’s Shelby Hills neighborhood at prices between $700,000 and $800,000. The neighborhood is adjacent to Shelby Park.
“Several people commented, ‘why would we want to live in Green Hills and deal with that traffic when we could live in this beautiful park this close to downtown?’,” said Turner.
Development has wellness focus
Aerial is also developing East Greenway Park in East Nashville’s Rosebank neighborhood. The neighborhood, at the intersection of Eastland and Rosebank avenues, has direct access to the Shelby Bottoms Greenway and is designed as a wellness community where outdoor activities are encouraged.
East Greenway Park will have 62 homes on 10 acres when fully developed. Homes range from 1,250 to 2,400 square feet. Prices were initially set in the $225,000 to $375,000 and higher range.
“We just went to market on East Greenway Park last week and are already 60 percent sold out of the first phase. People are loving the park,” said Turner.
Seeking an outdoor lifestyle
Rebecca and Trevor Brown are looking forward to moving into their new home in East Greenway Park after it is completed early next year.
For the Browns, who operate CrossFit Gulch in Nashville, the location next to the Shelby Bottoms Greenway was a key factor in their decision to buy their home.
“I plan to run on the greenway. My husband bikes and runs. We’re excited to be near Cornelia Fort,” the 130-acre former airpark that was added to the greenway a few years ago, she said.
They understood that buying a new home inside the city, where the price of land is high, meant they would not have a large yard. Instead, the park will serve that purpose.
The Browns, who have one child and are planning for more, look forward to having an outdoor lifestyle in the park.
“All the space kids can play and not worry about cars and people,” said Rebecca Brown.
Ease of living draws homeowners to Nashville’s urban core
Kathryn Stevens and Charlie Warner could have purchased a home in the suburbs. Instead, they joined growing numbers of homebuyers of all ages who are returning to the city and buying newly built infill homes in Nashville’s urban core.
“The thing I like best about living in the city is the sense of vibrancy you get. There’s movement all the time,” said Stevens.
Allure of city living
Infill homes are revitalizing neighborhoods across the city, said Britnie Turner, founder and CEO of Aerial Development Group, the company that built Stevens and Warner’s house. The company is active in East Nashville’s Shelby Hills, East Hill, Rosebank and Lockeland Springs neighborhoods, as well as Salemtown, West Trinity Lane and 12 South.
Baby boomers and millennials are attracted to city living, said Turner.
“Both generations are enjoying the walkability to restaurants, bars and shows, both enjoy proximity to parks and greenways, and the tight-knit community that is being forged in these communities as they are becoming safer and more community focused,” she said.
“People are being drawn to Nashville from all across the world. As Music City grows and becomes more diverse, we get to build beautiful homes while making healthier and stronger neighborhoods that absorb new residents and will be sustainable over a long period of time,” said Turner.
Homebuyers are returning to cities “all over the world,” and Nashville is no exception, said Mark Deutschmann, a founder of Village Real Estate Services and Core Development Services, which are active in infill development.
“They want access to our city, which is getting more exciting every day, and the vibrancy of gathering places that are creating community and contact,” he said.
Village Real Estate is handling sales for East Greenway Park, which is Aerial Development’s new wellness-oriented community featuring 62 cottage-style homes and a coffee shop in East Nashville’s Rosebank neighborhood with a direct connection to the Shelby Bottoms Greenway.
Live, work and play
Infill buyers are looking for a lifestyle they can’t find in the suburbs, said Turner.
“Infill buyers are looking to live, work and play within a very close proximity,” she said. “These people are busy. They have found value in community and being active in their work, play and travel. These buyers are willing to live in tighter quarters and share more as long as it means they can be close to what they enjoy.”
A new, infill home offers features that can’t be duplicated in an older house. Aerial clients Stevens and Warner enjoy their modern kitchen, well-appointed baths and open living space.
“We also love the rooftop deck,” said Stevens. “It has great views of the Cumberland River, downtown Nashville and Shelby Park.”
New Nashville neighborhoods focus on wellness
Chris Ricci loves outdoor activity. His wife, Arielle Ricci, is a yoga instructor. They are looking forward to living in one of the new wellness-focused communities being developed in Nashville.
“We’ll be able to build relationships with neighbors who are like-minded,” said Chris Ricci.
The couple is on a waiting list of potential home buyers at East Greenway Park, which will have 62 cottage-style homes on 10 acres next to Shelby Bottoms Greenway in East Nashville.
“She’s going to teach yoga classes in the park. We’re really looking forward to it,” Chris Ricci said. Arielle Ricci owns Nellamoon, which provides private and semi-private yoga instruction at its clients’ locations.
East Greenway Park, being developed at the intersection of Eastland and Rosebank avenues, will be built around an outdoor gym and fitness trail, community gardens, bike racks with work stations, a dog wash stand and outdoor gathering places. A coffeehouse will be located on one corner.
Work is under way at East Greenway Park, which is being built to LEED for Neighborhood development standards. Forty-one percent of the trees on the site will be preserved, said Britnie Turner, founder and CEO of Aerial Development Group, the neighborhood’s developer.
Interest in the neighborhood has been strong, she said.
“As developers, we have an opportunity to build a community that can positively and significantly influence the health of its residents. We’ve designed East Greenway Park to do just that by creating an environment where a diverse range of homeowners can be physically active and socially engaged,” said Turner.
East Nashville cottage development plans fall start
Aerial Development Group said it has started site work with plans to begin building the first homes at its East Greenway Park cottage development in East Nashville in the fall.
The Nashville-based developer also released renderings of what it is referring to as Nashville’s first health and wellness-focused residential community.
Upon completion, East Greenway Park is expected to include 62 cottage-style single-family homes, ranging from 1,250 to 2,400 square feet.
The overall 10-acre project site is at the corner of Eastland and Rosebank in East Nashville’s Rosebank neighborhood.
A coffeehouse or other commercial space will be on the northwest corner of the property.
Other amenities at East Greenway Park will include an outdoor gym and Fit Trail; community gardens; public bike racks and bike work stations; a dog wash stand; and outdoor gathering areas with fire pits, picnic tables and grills.
“One of our favorite aspects is the connection we are building to the Shelby Bottoms Greenway to provide homeowners and neighbors accessibility and a safer way to bike to work and enjoy the park,” said Britnie Turner, Aerial’s CEO.
The East Greenway Park project team includes Hawkins Partners Inc., Civil Site Design Group, Bynum Design and Village Real Estate, with financing provided by Avenue Bank.
Cottage communities popular in Nashville area
Cottage developments are increasingly popular with everyone from first-time buyers looking for an affordable house to downsizers like the Crombies. Typically built around community courtyards or with small individual yards, they combine the lock-and-go convenience of a condo with the privacy of a single-family home with no shared walls.
In Nashville, Aerial Development is developing East Greenway Park, a 62-home infill community on the city’s east side. Homes will range from 1,200 to 2,500 square feet and will be priced from $225,000 to $375,000 or more.
New residential development headed for East Nashville
Site work should start this fall on a residential community with 62 single-family homes, the biggest cottage development in East Nashville and one that should add new inventory at attractive prices.
East Greenway Park would also be the largest undertaking by infill developer Aerial Development Group, which spent a year working with neighbors and obtaining required approvals for the project planned for 10 acres in the Rosebank neighborhood.
“They wanted diversity, walkability and accessibility to the Greenway and we provided all three,” Aerial’s owner Britnie Turner said about the neighbors, citing her company’s plans to save 41 percent of the trees on the site at Eastland and Rosebank avenues.
Homes at East Greenway Park will sell for $225,000 to $375,000 or more, a price point Turner sees in high demand, especially for new homes in East Nashville. The first homes at the new development should be ready for homebuyers by early summer.
A 1,300-square-foot home at the corner of Eastland and Rosebank will be restored or rebuilt into commercial space for tenants such as a coffee shop or bakery. The project planned northeast of East Nashville’s growing Five Points community should help support nearby retail businesses, such as Jeni’s Splendid Ice Creams, Rosepepper Cantina, The Wild Cow and Eastland Café.
East Greenway Park will feature several different types of cottage homes, ranging in size from 1,200 to 2,500 square feet. “We’ve already had a lot of interest as far as selling goes,” said Jessica Demas, Aerial’s head real estate agent.
Neighbors raised concerns about the project’s potential impact on their neighborhood, including traffic and safety issues and density.
“In light of the fact that the SP (specific plan) passed over the voiced objections, the neighbors look forward to working with Aerial to make sure that the concerns of its members are addressed,” said Joshua Chesser, president of local community organization Rosebank Neighbors.
Aerial, which Turner founded at age 21, has renovated 107 homes in Davidson County and built more than 100 in neighborhoods such as 12South, Salemtown and East Nashville. It is starting work on Salemtown Square, which will feature six cottage homes.
Last year, Aerial made its foray into apartments, buying the 73-unit Hermitage Gardens Apartments in Hermitage for $2.85 million. It is pursuing a site in south Nashville for a new multifamily project.
In East Nashville, the company has committed funds to Metro for off-site improvements, including sidewalks. A biking trail will be extended through the property to the Shelby Bottoms Greenway, Tiffany Drive will also be extended through the site.
Homes at East Greenway Park will be built phases by Aerial’s construction arm, said Josh Randolph, its acquisition manager. As part of Aerial’s social enterprise business model, the builder will sponsor a child at an orphanage in Kenya for one year for each home sold.