The Clear Blue Co. (CBC) has broken ground on a 228-unit affordable housing property in Dickson, Tennessee.
Located on a little more than 16 acres, Honeywood Dickson will feature nine residential buildings with 68 one-, 60 two-, 70 three-, and 30 four-bedroom residences. Fifty-seven homes will be reserved for households earning up to 30% of the area median income (AMI), 114 for households earning up to 60% of the AMI, and 57 for households earning up to 80% of the AMI. The Dickson Housing Authority will provide project-based vouchers for 60 homes, further expanding access to the community.
“This development marks an important step toward expanding access to high-quality, affordable housing for individuals and families across Dickson,” said CBC founder and CEO Nick Ogden. “Honeywood Dickson reflects what can be accomplished when public and private partners work together around a shared commitment to addressing local housing needs. At CBC, our resident-first approach is central to that work, ensuring we’re not only creating quality housing but building communities that foster stability, connection, and opportunity for the people who call them home.”
Plans call for Honeywood Dickson to offer a full suite of amenities, including a dog park, a playground, two open lawn spaces, a standalone clubhouse, a fitness area, a business service center, a large community room, an outdoor patio and grilling stations, and a pool.
Residents also benefit from modern finishes, Energy Star-certified stainless steel appliances, solid surface countertops, in-unit washer and dryer connections, luxury vinyl tile flooring, and ceiling fans in the bedrooms and living rooms.
Studio A Architecture is serving as the development architect, and BACAR Constructors is the general contractor.
The approximately $88.1 million development is being financed through a combination of tax-exempt multifamily housing revenue bonds and federal and state tax credits. The Health and Educational Facilities Board of the city of Dickson authorized the issuance of up to $48 million in tax-exempt bonds, while the Tennessee Housing Development Agency (THDA) provided an allocation of 4% low-income housing tax credits (LIHTCs) and support through its Community Investment Tax Credit program. Regions Affordable Housing provided the construction and equity bridge loans and made an equity investment in the project’s LIHTC allocation. Freddie Mac provided the tax-exempt permanent mortgage, serviced by Regions Real Estate Capital Markets, and Raymond James National Housing Group served as the bond underwriter.
The development also received approval for the community’s first residential payment-in-lieu-of-taxes agreement.
“The Honeywood apartments represent an important investment in the families and individuals of Dickson,” said THDA executive director Ralph M. Perrey. “THDA is proud to work alongside The Clear Blue Co. in their efforts to expand quality, affordable housing opportunities to help residents build a stronger future.”
Officials noted that the development is being advanced with the collaboration of the Department of Housing and Urban Development, the city of Dickson, Dickson County, and other public and private partners.