Knoxville’s Community Development Corporation (KCDC), along with local business and community leaders, celebrated the official opening of the second phase of First Creek at Austin on August 29. This development marks a significant milestone in the city’s first mixed-income, affordable housing community.
Located just east of downtown Knoxville, Phase 2 introduces 180 one- to three-bedroom units close to the urban center. The new units come with a range of amenities, including a fitness center, outdoor green space, and indoor community areas.
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The first phase of First Creek at Austin, which opened in 2022, offered 105 units distributed between a multifamily building and several townhome-style structures. These diverse housing styles provide residents with multiple floor plans and amenities, fostering a neighborhood atmosphere.
“First Creek at Austin has created a diverse community within walking distance of schools, downtown and the Old City, the soon-to-open new multi-use stadium and other nearby amenities and opportunities,” said KCDC Executive Director and CEO Ben Bentley. “A true sense of community is being established in a vibrant, connected urban area.”
The City of Knoxville has invested $14.1 million in infrastructure support for the area, including utilities, sidewalks, and new roads. In 2023, a signalized crosswalk with flashing lights was installed to help schoolchildren safely cross Summit Hill Drive to Green Magnet Academy, thanks to a partnership between KCDC and Bike Walk Knoxville.
“This neighborhood is truly an example of beautiful, accessible urban living,” Knoxville Mayor Indya Kincannon stated. “The City is committed to investing in the construction of affordable housing across Knoxville, and now, with the opening of 180 new units, First Creek at Austin will welcome even more residents to benefit from entertainment, dining, retail, recreation and job opportunities.”
The site of First Creek at Austin is the former location of Austin Homes, established in 1941 on nearly 23 acres. The redevelopment involved extensive dialogue with residents, stakeholders, and community members to determine the best use of the site, street layouts, residential building types, and open spaces.
Amenities at First Creek at Austin include upscale finishes, a fitness center, resident lounge, pet spa, playground, and Wi-Fi in common areas. Future plans for the site include an early childhood and health center, community spaces, resident gardens, a park, and a greenway with direct access to the new multi-use stadium opening in 2025. These features are part of Reconnecting Knoxville, a comprehensive plan aimed at reconnecting communities historically impacted by urban renewal.
Funding for Phase 2 construction primarily came from $19.6 million in low-income housing tax credits awarded by the Tennessee Housing Development Agency (THDA). These credits enable KCDC to raise tax credit equity to fund development. The Low-Income Housing Tax Credit (LIHTC) provides a federal income tax credit for owners and investors in low-income rental housing over a span of 10 years.
The architecture for Phase 2 was provided by Johnson Architecture and Southeast Venture. Partners Development served as the owner representative, and Pinnacle Financial Partners acted as the equity partner and mortgage lender.
KCDC broke ground for Phase 3 on August 1, which will add approximately 161 new housing units, including 50 supportive housing units for low-income seniors aged 62 and older. The new family units will be available in various configurations, including one- to four-bedroom options, located in both multifamily buildings and townhomes.
For property and leasing information about First Creek at Austin, visit firstcreekliving.com.
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