Future of residential real estate: 3 creative approaches. Nashville Business Journal

As Nashville continues to grow, residential housing is on everyone’s mind. Developers must find a way to provide it in ever-shrinking available space. As we move forward, not only are developers trying to create more of it, they are also using nontraditional paths to achieve it. More-affordable and creative re-uses are popping up. Here is a look at three projects and how they are shaping the future of residential real estate.

From motel to affordable housing

Adam Rosenberg came to Nashville in 2014 with a big vision. The founder of Nashvillebased AGB Real Estate started buying land in SoBro with the hopes of creating a luxury mixed-use development. After struggling to find financing, Rosenberg found a “pocket of opportunity” in the market: converting motels into affordable housing.

Rosenberg is converting dilapidated motels in the outskirts of the city into affordable housing developments. He has now completed two of these projects — Hermitage Studios, a 108-unit workforce and attainable housing development that opened in May 2023, and Wallace Studios, a 132-unit permanent supportive housing project that opened in April of this year. Both projects involved a complete gut rehab of the motels, adding in new electrical, plumbing, kitchens, appliances and fixtures throughout.

The affordable housing developer has partnered with local nonprofits Neighborhood Health, One Gen Away and The Store to provide free onsite health and dental care, stocked pantries and free groceries for the residents.

Rosenberg is now looking to start on his third conversion project, which has yet to be named. He is planning to acquire the motel property for the 117-unit project this month and open the doors to its first residents in September.