5th & Summer at Cayce Place Opens in East Nashville

5th & Summer at Cayce Place, a 107-unit mixed-income development at 725 S. Fifth St., celebrated its grand opening October 29. The six-story building was developed by MDHA. It is the ninth new development completed in the Cayce Transformation.

Of the 107 units, 66 are affordable: 50 subsidized units reserved for Cayce Place residents and 16 workforce units. The remaining 41 are market-rate. The mix includes 64 one-bedroom, 39 two-bedroom, and 4 three-bedroom units.

Amenities include a lounge, computer room, and fitness center. Units feature stainless steel appliances, quartz countertops, and tile backsplashes. The building was constructed on vacant MDHA-owned land.

Groundbreaking was March 16, 2023. American Constructors served as general contractor under a $40,781,107 contract. Funding included a 9% LIHTC award and a National Housing Trust Fund grant from THDA, city ARPA funds, LIHTC equity from RBC Community Investments, a permanent loan from Cedar Rapids Bank & Trust, construction financing from US Bank, HUD HOME funds, and a $6.6 million low-interest loan from the Amazon Housing Equity Fund.

The opening brings total new units in the Cayce Transformation to 913, more than half reserved for Cayce Place residents.