Mayor Freddie O’Connell, elected officials, Cayce Place residents and representatives from the U.S. Department of Housing and Urban Development and Amazon joined the Metropolitan Development and Housing Agency today for a ribbon-cutting and grand opening celebration for the newest mixed-income development at Cayce Place.
“We’re committed to ensuring that Nashville is served by a strong partnership between Metro and MDHA,” said Mayor Freddie O’Connell. “The Cayce Transformation and the opening of 5th & Summer are perfect examples of what we can accomplish when we work together. I’m excited for the residents who will call these new apartments home, and I look forward to continuing our work to make Nashville affordable for everyone.”
Located at 725 S. Fifth St., 5th & Summer is the ninth new development in the Cayce Transformation. The building features 107 mixed-income apartments, including 66 affordable units. 5th & Summer brings the total of new units built as part of the Cayce Transformation to 913, with more than half of those homes reserved for Cayce Place residents.
“We’ve seen tremendous growth both here at Cayce and throughout Nashville in recent years,” said MDHA President and CEO Dr. Troy D. White.
“A lot has changed since we first broke ground on 5th & Summer, but what has not changed is our commitment to creating opportunities and making sure the people who have helped make Nashville what it is today can continue to call this city home.”
Dr. Troy D. White
Tammy, one of the Cayce Place residents who will soon move into 5th & Summer, spoke at the ribbon-cutting. She has three sons and has lived in Cayce Place since 2011. Tammy toured her new home for the first time yesterday.
“When I first walked into my apartment yesterday, I immediately started thinking about Christmas. Usually, we go to my momma’s house or my sister’s house, but this year, I want to have Christmas with my little family in our new home,” said Tammy. “I already know where I want to put my tree and my stockings.”
The six-story apartment complex was built on vacant land owned by MDHA and features a lounge, a computer room and a spacious fitness center. All 5th & Summer residents will enjoy market-rate apartment amenities, including stainless steel appliances, quartz countertops and tile backsplashes.
“It’s great to be back in the Cayce community to celebrate the opening of yet another new development in the Cayce Transformation, which continues to build new homes for Cayce residents while bringing other Nashvillians into the neighborhood,” said Council Member Clay Capp. “And to the future residents of 5th & Summer, I will echo the important words that so many others have said here today: welcome home!”
Funding for 5th & Summer included a Low-Income Housing Tax Credit award and a National Housing Trust Fund grant from the Tennessee Housing Development Agency; American Rescue Plan Act (ARPA) funding from the city; LIHTC equity from RBC Community Investments; a permanent loan from Cedar Rapids Bank & Trust and construction financing from US Bank. In addition, HUD approved the transfer of subsidy for the Cayce replacement units and provided HOME Investment Partnerships Program funding.
5th & Summer was also supported by a $6.6 million low-interest loan from the Amazon Housing Equity Fund. Announced in 2021, the Amazon Housing Equity Fund is a more than $2 billion commitment to create and preserve affordable homes for individuals and families earning moderate-to-low incomes in Amazon’s hometown communities. This is Amazon’s second investment at Cayce Place, following a $7.1 million loan for Cherry Oak Apartments, which was the Fund’s first major contribution in Nashville.
“When we invest in a community, we want that commitment to last. The 99-year affordable housing covenant at 5th & Summer means the teachers, healthcare workers and first responders who make Nashville run will have a stable, affordable place to call home not just today, but for generations,” said Amazon Sr. Manager of Public Policy Courtney Ross. “That’s what this partnership with MDHA is all about: building something that endures.”
The Cayce Transformation Master Plan, which was developed with input from Cayce Place residents, stakeholders and community partners, calls for more than 2,000 units and ensures a one-for-one replacement of existing subsidized units, while adding new subsidized, affordable, workforce and market-rate housing. The Cayce Transformation is being done in phases to help minimize disruptions to Cayce Place residents.
