NASHVILLE, Tenn., Oct. 01, 2021 (GLOBE NEWSWIRE) -- After the owner of W.C. Mobile Home Community on Dickerson Pike agreed to sell its property to developer Key Real Estate last year, residents were uncertain what their futures held. Their concerns were expressed during an August 3 Metro Council public hearing where they urged city leaders to delay an eviction deadline at the end of that month in order to have more time to determine relocation plans. In response, Key made an unusual move. The company agreed to assume all tenant occupancy-related decision-making from the seller and quickly began implementing a series of solutions out of respect and fairness for the existing residents, including delaying eviction until the end of the year, rent-free, and providing real estate relocation services.
“It was extremely helpful to hear from the residents and listen to their concerns,” said Anthony J. Iarocci, Managing Principal and CEO of Key Real Estate. “We certainly want to be respectful of the position they’re in and be helpful as best we can. So, we created a plan to address and answer the residents’ needs. While it’s an uncommon approach, we feel strongly that it’s the right thing to do and we’re pleased to be able to assist our neighbors as they transition.”
Though Key Real Estate is under no legal obligations, company leadership has taken the initiative to engage with the mobile home tenants and offer a compensation package, including:
- Free rent for all tenants from July until the end of 2021 (4 months x $450/month = $1,800 compensation per tenant).
- No required move-outs until the end of 2021.
- Free expert real estate and housing relocation assistance provided via Mi Casa Realty, paid for by Key Real Estate.
- Free relocation expenses paid.
- Fair market value compensation for owned mobile homes.
Key’s ultimate vision for the property is for a 6.5-acre mixed-use project, a site that includes the mobile home park. Working with the city to ensure the development best serves the area, the company also plans to dedicate .13 acres to the extension of Marshall Street, as part of the city’s traffic master plan.
Named “1505 Dickerson Pike,” the development is projected to infuse positive economic development activity in the area. The plans contain both residential rental units and community-centered commercial retail space, as well as on-street and structured parking. Following unanimous rezoning approval from the Metropolitan Planning Commission in May and first hints of opposition in August, the developer is seeking Metro Council approval of a zoning change to move forward with the project. If approved, however, construction will wait until every current resident of the W.C. Mobile Home Community has successfully relocated.
This vital change will enable Key to build low-rise structures that meet the city’s plans for the Dickerson Pike corridor. At this time, the as-of-right zoning in place would limit the developer to building high-rise structures that pose greater density. Changing the area to a Specific Plan (SP) District will allow for a development that will best suit local residents in terms of both access and affordability – a change that the Planning Commission fully supports.
“Nashville is obviously experiencing unprecedented growth and a tremendous amount of development activity,” Iarocci continued. “It’s imperative that we as a development community are sensitive to the pressures our work sometimes causes our neighbors. We have to make them a priority, and that’s why we’re so pleased to assist the residents of the W.C. Mobile Home Community.”
Already several of the mobile home community have relocated. Of the original 48 units, just 17 remain.
About Key Real Estate Company
Key Real Estate Company is a New Orleans-based real estate development, acquisition, redevelopment, asset, and property management company. With more than $700 million in multi-family assets under management, Key strives to create a living experience that not only provides exceptional housing for our residents, but also strengthens the surrounding community. To learn more, please visit keyrealestateco.com.
Contact
Philip McGowan
philip.mcgowan@finnpartners.com
615-400-7970
