Elmington Capital has obtained $80 million in construction financing to develop a new affordable housing community adjacent to Nissan Stadium, marking an early phase of the broader Eastpoint Flats mixed-use district on the East Bank. The project represents the first vertical development within Eastpoint Flats, a master-planned initiative led by The Fallon Co. that is envisioned to bring multiple residential buildings, hotels, retail, restaurants, and green space to the area.
The construction financing closed shortly after Elmington Capital and The Fallon Co. broke ground on the affordable housing component. The development is rising on a 2.25-acre site at 501 S. Second St., a location described as a short walk from the new Titans stadium. Plans call for a six-story residential building that will introduce a significant volume of income-restricted housing as well as neighborhood-serving uses at the ground level.
The multifamily portion of the project is programmed for 323 affordable housing units across a range of income bands tied to area median income (AMI). According to the plans, 80 units will be reserved for households earning 30% of AMI, 136 units will target 60% of AMI, and 107 units will be designated for 80% of AMI. This mix is intended to provide a diverse affordability profile within a single project, with a material share of units set aside for very low-income residents.
In addition to the residential component, the project will include an 8,420-square-foot daycare facility and more than 12,000 square feet of retail space. The daycare offering is expected to support residents and surrounding workers, while the planned retail space is positioned to activate the street level and contribute to the emerging East Bank environment. The combination of affordable housing, childcare, and retail aligns with the master plan vision for a walkable mixed-use neighborhood near the stadium.
Eastpoint Flats, the larger development within which this project sits, is being led by The Fallon Co. and is slated to include at least five residential buildings and three hotels, along with additional retail, restaurant space, and green areas. With Elmington Capital’s affordable housing project now underway and construction financing secured, the East Bank is beginning to see its first tangible vertical development as part of this larger transformation.
