Knoxville’s Community Development Corporation’s (KCDC) First Creek at Austin redevelopment has earned a 2024 Tennessee’s Best award in the neighborhood stabilization category.
Presented in March by the Tennessee Housing Development Agency (THDA) at the Tennessee Housing Conference in Nashville, the Tennessee’s Best awards honor outstanding contributors on behalf of affordable housing, whether producing, designing, developing, financing, promoting housing policy or inspiring others to serve Tennesseans’ housing needs.
First Creek at Austin, a property of Knoxville’s Community Development Corporation, earned a 2024 Tennessee’s Best award in the neighborhood stabilization category from the Tennessee Housing Development Agency (THDA). First Creek at Austin serves as the city’s first mixed-income, affordable housing community and was built on the site of the former Austin Homes, which was established in 1941 on nearly 23 acres adjacent to downtown.
First Creek at Austin is built on the site of the former Austin Homes, which was established in 1941 on nearly 23 acres and was one of the two oldest KCDC properties.
“The transformation of First Creek at Austin has created a diverse neighborhood near the heart of downtown Knoxville and adds more affordable housing at a time of critical need in our community,” KCDC Executive Director and CEO Ben Bentley said. “Residents are within walking distance to downtown and the Old City, a soon-to-open new multi-use stadium and other amenities such as job opportunities, restaurants, entertainments, parks and retail locations.”
The City of Knoxville has invested a total of $14.1 million in sitewide infrastructure support, including utilities, sidewalks and new roads, which has allowed the community to develop into a connected and thriving neighborhood.
KCDC partnered with its design team of Gensler, a global architecture firm based in San Francisco, and Knoxville-based Johnson Architecture for the master planning process that was developed based on months of dialogue with residents, stakeholders and community members in interviews and public meetings starting in 2019.
Phase 1 of the three-phase redevelopment opened in 2022 with 105 total units – 57 in one multifamily building and 48 spread across eight smaller townhome-style buildings. The nonhomogeneous housing styles allow residents to choose from various floorplans and amenities to suit their needs.
KCDC worked with Johnson Architecture; J.A. Fielden, general contractor; Partners Development, owner representative; and Pinnacle Financial Partners, equity partner and mortgage lender for Phase 1.
Phase 2, which opens in 2024, will provide 180 one- to three-bedroom units with a fitness center, quartz countertops, outdoor green space and indoor community spaces.
KCDC worked with Johnson Architecture and Southeast Venture; Partners Development, owner representative; and Pinnacle Financial Partners, equity partner and mortgage lender for Phase 2.
The third and final phase is expected to commence later this year and will include approximately 161 new housing units, including 50 supportive housing units for low-income seniors, age 62 and older, in an independent living setting and with access to supportive care such as housekeeping, meals, health-related services and transportation.
The first two phases utilized more than $104 million in funding through THDA’s Low Income Housing Credit and Community Investment Tax Credit (LIHTC) programs.
“The efforts of Knoxville’s Community Development Corporation to improve the quality of housing in Knoxville’s former Austin Homes community has been transformative and will have a positive impact on the community and its residents for years to come,” THDA Executive Director Ralph Perrey said. “First Creek at Austin has and will continue to improve the neighborhood where it’s located and we are glad to recognize them as one of Tennessee’s Best.”
KCDC also won a 2019 Tennessee’s Best award in the neighborhood stabilization category for the Five Points redevelopment that included construction of 336 modern, energy-efficient housing units through the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration (RAD) program, utilizing Low-Income Housing Tax Credits (LIHTC) and Community Investment Tax Credits (CITC) through THDA.
KCDC earned a Tennessee’s Best award in the urban category for The Residences at Five Points in 2017 for excellence in the development or management of affordable housing that reflects the highest standards in quality and sustainability. The Residences at Five Points serves seniors and people with disabilities, and the $10 million development was funded primarily through low-income housing tax credits from THDA.