
A historic furniture company building has reopened to provide 39 affordable homes in Clinton, Tennessee.
Daugherty Lofts is the adaptive reuse of the Daugherty Furniture Co. building, a popular 1942 retail store that was listed on the National Register of Historic Places in 2010. The five-story building introduces affordable housing for families earning up to 50% and 60% of the area median income.
"It's been a long road starting in 2020 when we won the tax credits just as COVID was getting started. We've faced every adversity you could think of—rising construction costs, rising interest rates, material shortages, longer lead times, just to name a few. But seeing these doors open and people moving into their new homes, it makes me realize we've done a really good thing here,” says Kent Leach, founder of Hickory Creek Capital Partners, the general partner of the development. “Not only have we given an old building new life, we're making these really unique living spaces available at an affordable rent. It really makes it worth all the adversity we've gone through."
The building has a rich history intertwined with the transformative period of World War II, particularly through the economic boom brought by the Manhattan Project in nearby Oak Ridge. During this era, Anderson County saw significant population growth due to the influx of workers that, in turn, spurred local economies by increasing demand for various household commodities like furniture, hardware, and appliances. These items were essential for accommodating the rapidly growing workforce, according to officials.
“The adaptive reuse of the Daugherty building represents a testament to innovate housing solutions, which protects the structure’s historical legacy while offering new housing options for families who need an affordable place to live,” says Hunt Capital Partners chief operating officer Amy Dickerson.
Daugherty Lofts was financed, in part, with $9.1 million in federal low-income housing tax credits and $1.4 million in historic tax credits syndicated by Hunt Capital Partners. Legacy Bank & Trust provided $10.6 million in construction financing and $2.1 million in permanent financing. Tennessee Department of Economic and Community Development provided $300,000 in grant funding. River and Valley Department provided a $650,000 soft seller note.
The apartment homes are equipped with central air conditioning, ceiling fans, and coat and walk-in closets, as well as in-unit appliances such as a refrigerator, microwave, and dishwasher. Spacious amenities include a community room, a computer lab, central laundry, a lounge area, and elevators.
Residents will have access to services provided by Anderson County Community Action Commission, a local nonprofit agency dedicated to mobilizing social services. Services range from a weekly food pantry to rent and utility assistance.
Frizzell Construction Co. is the general contractor; Goss Design Development is the architect of record; and D&K Management is the property manager.