KNOXVILLE, Tenn. — City leaders gathered in West Knoxville on Tuesday to celebrate the opening of a new affordable housing development — The Flats at Pond Gap.
The project was completed by Elmington Capital Group, with a contribution of $555,000 from the City of Knoxville's Affordable Rental Development Fund. The building includes 102 affordable rental units which include one-bedroom, two-bedroom and three-bedroom options.
In total, the project cost $22 million, according to officials. It is located at 817 Hollywood Road and includes a fitness center and storage space, according to developers. Rooms also feature walk-in closets and balcony space.
There are seven other affordable housing projects currently under construction, according to city officials. Another one is planned but has not started construction.
So far, the Affordable Rental Development Fund has supported the construction of 547 new affordable housing units in Knoxville, according to a release from officials.
The Flats at Pond Gap opened 18 months after its groundbreaking ceremony, according to Mayor Indya Kincannon. She also said half of the apartments are already rented and that Elmington Capital Group also made drainage improvements, added new traffic safety precautions and made the area more walkable.