NASHVILLE, TN, October 01, 2021 (GLOBE NEWSWIRE) – After WC Mobile Home Community owner on Dickerson Pike agreed to sell his property to developer Key Real Estate last year, residents weren’t sure what their future might hold. was reserving. Their concerns were voiced at an Aug. 3 Metro Council public hearing where they urged city leaders to delay the eviction deadline to the end of this month in order to have more time to determine plans for the eviction. resettlement. In response, Key made an unusual gesture. The company agreed to assume all of the seller’s decisions related to tenant occupancy and quickly began implementing a series of solutions out of respect and fairness to existing residents, including postponing the eviction until at the end of the year, free rent and the provision of real estate moving services.
“It has been extremely helpful to hear from residents and listen to their concerns,” said Anthony J. Iarocci, Managing Director and CEO of Key Real Estate. “We certainly want to be respectful of the position they find themselves in and be of service to the best of our ability. So we created a plan to meet the needs of the residents. Although this is an unusual approach, we are convinced that it is the right thing to do and we are happy to be able to help our neighbors in their transition.
While Key Real Estate is not subject to any legal obligation, company management has taken the initiative to engage with mobile home tenants and offer compensation, including:
- Rent free for all tenants from July to the end of 2021 (4 months x $ 450 / month = $ 1,800 compensation per tenant).
- No move required until the end of 2021.
- Free expert assistance in real estate and home relocation provided through Mi Casa Realty, paid for by Key Real Estate.
- Free moving expenses paid.
- Fair Market Value Compensation for Owned Mobile Homes.
Key’s ultimate vision for the property is a 6.5-acre mixed-use project, a site that includes the mobile home park. Working with the city to ensure that the development best serves the area, the company also plans to dedicate 0.13 acres to the Marshall Street extension, as part of the city’s traffic master plan.
Named “1505 Dickerson Pike,” the development is expected to infuse positive economic development activity into the region. The plans contain both residential rental units and community-centric commercial retail space, as well as on-street and structured parking. Following the unanimous approval of the rezoning by the Metropolitan Planning Commission in May and the first signs of opposition in August, the developer is seeking the approval of the Metropolitan Council of a zoning change to go ahead with the project. If approved, however, construction will wait until all current residents of the WC mobile home community are successfully relocated.
This vital change will allow Key to build low-rise structures that meet the city’s plans for the Dickerson Pike Corridor. Currently, the zoning as of right in place would limit the developer to the construction of tall structures that have a greater density. Changing the area to a Specific Plan District (SP) will allow development that will best suit local residents in terms of access and affordability – a change that the Planning Commission fully supports.
“Nashville is obviously experiencing unprecedented growth and tremendous development activity,” continued Iarocci. “It is imperative that we, as a development community, be sensitive to the pressures our work sometimes places on our neighbors. We need to make this a priority, and that’s why we’re so happy to help the residents of the WC Mobile Home Community.
Already several members of the mobile home community have moved. Of the original 48 units, only 17 remain.
About Key Real Estate Company
Key Real Estate Company is a New Orleans-based real estate development, acquisition, redevelopment, asset and management company. With over $ 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. For more information, please visit keyrealestateco.com.
Contact
Philippe McGowan
philip.mcgowan@finnpartners.com
615-400-7970
