As job growth and demand for housing across Middle Tennessee continues to sweep the region, one local developer is planning to take a much different approach when it comes to building a new community down in Franklin. With Williamson County easily being the fastest growing county in the state, home prices and apartment rents have skyrocketed to all-time highs, consequently pricing many would-be home buyers out of the market—at least for now.
The city of Franklin is the acting county seat of Williamson County, and when you combine it’s highly-touted school system and the rate at which new jobs are coming to the area, its appeal and desirability isn’t likely to fade anytime soon.
According to recent reports, Franklin-based Bristol Development Group recognizes Franklin’s red hot market right now, as well as the need for reasonably-priced housing, which has prompted a proposal that would involve building a collection of new residences that will be listed well below top-of-the-market prices, only without sacrificing quality.
As of last month, the median sales price for homes in Williamson County settled at $435,000, according to the Williamson County Association of Relators. But if all goes according to plan, Bristol’s new project will feature 40 units, range in size from 1,500 to 2,200 square feet, and start as low as the low $300,000.
While larger units could possibly reach the mid-$400,000 range, the ultimate goal behind the new development is to be more attainable and attract a broader range of home buyers who aren’t necessarily looking for that 3,000+ square foot home.
As of now, Bristol Development is still awaiting approval from the city of Franklin, but is still hoping to start construction as early as the first quarter of 2017.