Haynes Gardens News

Nashville's Haynes Garden owner plans $6.5M renovations.

More than $6.5 million in renovations are planned to Haynes Garden on Whites Creek Pike, which is expected to remain subsidized affordable apartments after a refinancing by the California-based owner.
On Tuesday. the Metro Development Housing Agency's board of commissioners will vote on a 10-year payment-in-lieu-of-tax (PILOT) agreement with Los Angeles-based LSA Capital related to those plans. On average, the developer plans to spend at least $31,500 on upgrades to each of the 208 apartments.

Dwayne Barrett, a Nashville attorney representing LSA Capital, said the developer needs the PILOT to make the planned renovations financially feasible by eliminating the increased property taxes related to low income housing tax credits that are being used as part of its refinancing of Haynes Garden.
"These units are absolutely going to remain affordable," Barrett said, citing a 30-year affordability period related to the developer's plans to use low-income housing tax credits as part the planned refinancing.

Just over three months ago, LSA Capital paid an affiliate of the Seventh-day Adventist Church roughly $3.7 million for early 1970s-built Haynes Garden as part of a larger portfolio. Residents of the Section 8 apartment complex at 2715 Whites Creek Pike pay monthly rents that are based on their incomes.

Barrett called the planned renovations an in-place rehab, which means residents won't have to move.

On Tuesday, the MDHA's board of commissioners will also consider approval of a 10-year PILOT agreement with the developer behind the planned Forest Bend Townhomes at 501 Forest Park Drive in Madison. The PILOT would essentially make the 47-unit project financially feasible for the developer, Barrett said.