Cheryl Floyd doesn't worry about the expense of taking Uber rides anymore.
Or the two flights of stairs she used to climb to get to her apartment, and how they would get icy in the winter. She doesn't have to worry about her rent spiking when it's time to renew her lease. And she doesn't need to choose between paying for rides to work or saving enough for rent — a dilemma with no right answer.
The 59-year-old childcare worker and early childhood education specialist now lives in an affordably priced apartment at Park24, one of the newest workforce housing developments in Nashville. Her home is only minutes from her workplace at the McNeilly Center for Children. She can walk there if she needs to, so she'll never miss a shift again because of expensive
rideshare prices or impossibly long bus commutes.
Park24, with 140 affordably priced apartments in the McFerrin Park neighborhood of Nashville, was officially unveiled to the public at the end of August. It was built by Holladay Ventures, an affordable housing developer based in Nashville that has quickly become one of the most active in the area, with multiple projects in progress near downtown.
The project is part of a larger redevelopment of the former RiverChase Apartments property, which was purchased by Cypress Real Estate Advisors in 2021 for $30 million. The real estate firm pursued rezoning of the site and oversaw the relocation of 175 families from the old apartment building, which was demolished in late 2022.
Nashville Mayor Freddie O'Connell cheered the opening of Park24 at a recent ribbon-cutting ceremony for the project.
"This is all about who you reach with these investments and partnerships," he said. "People like Cheryl, or a bus operator who isn't priced out of the route they drive, or a musician who gets to stay in Music City. That's ultimately going to measure our progress."
Floyd, who doesn't drive, joked she let her ex-husband take the car in their divorce, while she got the washer and dryer. But not owning a car doesn't have to be a hindrance anymore, and her new unit includes new laundry machines. She said this and so many other details have vastly improved the quality of her life. She has never lived in a new home or apartment building before.
"It feels like it was something that was built just for me, because I'm the first person to live there," she said.
Developers agreed to work with Holladay Ventures to build affordable housing as part of the redevelopment after pressure from community members, who spoke out against the rezoning of the RiverChase Apartments site, pointing out the harm that occurs to displaced renters and the lack of affordable units available in Nashville.
Who can live at Nashville affordable apartments Park24?
The 140-unit apartment development is spread across multiple buildings, one of which includes space for a potential future small business, coffee shop or other retail operation. Apartment units, which range in size from one to three bedrooms, are priced for residents making between 30% and 80% of Nashville's Area Median Income.
Nashville's AMI is determined by the U.S. Department of Housing and Urban Development and includes a multi-county region with the cities Nashville, Franklin, Murfreesboro and others. In 2026, the area's median household income is $116,100.
According to an analysis published by ApartmentList earlier this year, 54% of renter households in the Nashville area are spending more than 30% of their income on housing each month, meaning they are considered cost-burdened.
For a single renter to qualify for a one-bedroom unit at Park24 priced for someone earning 80% of Nashville's AMI, they would have to earn less than $65,050. For a unit intended for someone earning 50% of the AMI, the income limit is $40,650, though that income limit is adjusted based on the size of the household.
Several common full-time occupations in Nashville are included in this pay range. For example, a WeGo bus driver's salary starts at around $54,000 per year. Healthcare support occupations (which employ more than 30,000 area workers) pay an average wage of $42,400. The average annual wage for a childcare worker, meanwhile, is just under $34,000, according to the U.S. Bureau of Labor Statistics.
The fact that so many thousands of Nashville-based essential workers earn less than enough to afford the median cost of housing is what necessitates developments like Park24, according to Evan Holladay, the founder of Holladay Ventures.
"We believe a quality home in a thriving community should be within reach for everyone," Holladay said at the ribbon cutting event. "Park24 fulfills our promise to create quality, affordably priced housing while offering supportive services that empower the entire community."
Renters at Park24, which is already 81% leased, enjoy spacious units with dishwashers, stainless steel appliances, outdoor balconies, in-unit laundry and access to resident lounges.
Floyd also loves the location, not only for its proximity to work, but also because of the vibrant restaurants and small businesses in the area.
"It's important to work in the community that you live in," she said. "I think it's awesome that I would be able to walk to work if I want to."
Funding for the development came from a myriad of sources. Holladay Ventures developed the project jointly with the Urban League of Middle Tennessee with support from the Amazon Housing Equity Fund and financing from U.S. Bancorp Impact Finance, which is the community development division of U.S. Bank. The project also used public subsidies like the Low-Income Housing Tax Credit, a grant from the Barnes Fund and funding from the Metropolitan Development and Housing Agency.
McFerrin Park neighborhood continues changing
Park24 is part of the larger redevelopment of the former RiverChase Apartments property, which was in a state of severe disrepair when it was purchased by CREA, according to District 5 Metro Council member Sean Parker, who oversaw the rezoning on the site.
"As we realized what was happening with RiverChase, maintaining a place for working people in this neighborhood was important to people in the community," Parker said. "The reason this is here is because the community didn't want to see the RiverChase residents displaced... They pushed for the affordable housing to be replaced."
Even more workforce units were originally pitched for the final mixed-use redevelopment, but it's unclear when CREA plans to move forward on the project. Representatives of the firm did not respond to a request for comment on this story.
But progress is being made elsewhere in the McFerrin Park neighborhood.
Holladay Ventures is currently pursuing a partnership with the McNeilly Center for Children to redevelop its childcare center and build more attainable housing on its formerly unused land. The project is now in the middle of its rezoning process.
That could mean in a couple years, Floyd could be living in a new apartment building and taking care of preschool-aged children in a brand-new facility. She's confident working with young children is her calling.
"You have to love to do it," she said. "I just think God is calling me to it."
Molly Davis covers growth and development in Nashville and assists with special projects. You can email her with comments, questions and tips at mmdavis@tennessean.com.
This article originally appeared on Nashville Tennessean: Old RiverChase site opens as affordable housing for Nashville workers
