The Fallon Company and Elmington Capital Break Ground on Eastpoint Flats, first 100% Affordable Building Inside the East Bank’s Eastpoint Development

Today, The Fallon Company, master developer of the East Bank's Initial Development Area (IDA), and Elmington Capital broke ground on Eastpoint Flats. Eastpoint Flats is the first of several phases planned for Eastpoint, the new neighborhood district taking shape on the East Bank. This 100% affordable building featuring childcare and retail will be led by Elmington Capital in partnership with Fallon, enabled by a landmark 99-year ground lease with Metro Nashville to guarantee long-term affordability.

Located on Parcel G of the Eastpoint district on the East Bank, Eastpoint Flats will feature 323 affordable housing units. The new building will house an 8,420-square-foot childcare facility and 12,600 square feet of retail space. Crucially, the 99-year ground lease protects the land from future market pressures, ensuring these units remain strictly income-restricted for nearly a century.

"Breaking ground on Eastpoint Flats is a significant milestone for the East Bank, Eastpoint, and all of Nashville," said Michael Fallon, CEO of The Fallon Company. "Eastpoint Flats delivers on our commitment to lead with affordability. We are grateful to partner with Metro Nashville, the East Bank Development Authority, and Elmington Capital to bring 323 affordable homes, childcare, and retail to the East Bank. The 99-year ground lease keeps these homes affordable for nearly a century, and we look forward to building the rest of Eastpoint around them."

"Today's groundbreaking represents a powerful step toward realizing the vision of Imagine East Bank - creating places where Nashvillians can find a home they can afford and a community that supports their daily lives. Eastpoint Flats is just that," Mayor O'Connell said. "By pairing a century's worth of affordable housing with onsite childcare, we're not just building homes; we're building stability, opportunity, and a better quality of life for working families. Affordability is the foundation of a thriving East Bank, and this project shows how we can grow as a city while ensuring everyone has a place in our future."

Elmington Capital is a leading national affordable housing developer and a key partner in delivering Eastpoint's housing vision.

"We've delivered thousands of affordable housing units over the years not only in Nashville but across the country. However, this project stands out and is unique in so many ways, which is why we are so excited for construction to begin," said Hunter Nelson, Partner at Elmington Capital. "The combination of a substantial amount of affordable housing, a day care center, and neighborhood retail will help create a community on the East Bank that is inclusive and inviting. We are proud to partner with The Fallon Company to deliver it."

The groundbreaking was attended by a large number of community members and key stakeholders, including elected officials, East Bank Development Authority board members, Metro employees, neighborhood residents and more. Other speakers at the event included Michelle Brown, Head of Tennessee State and Local Policy, Amazon; Johnny Moore, President of Tennessee Region, Truist; Ralph Perrey, Executive Director of THDA; and Ben York, CEO, East Bank Development Authority.

To celebrate, the Eastpoint Neighborhood Kickoff Party follows on Saturday, May 30, from 10 a.m. to 1 p.m., located on parcel G. The event is open to all ages and free to the Nashville community. Free Parking will be available. Learn more at EastpointNashville.com.