Downtown’s Daugherty Lofts are now leasing, developer says
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The Daugherty Lofts in downtown Clinton are now taking applications for renters who qualiify under the maximum-income requirements. - G. Chambers Williams III
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The former Daugherty Furniture Co. building in downtown Clinton has been converted into loft apartments, and both an elevator shaft and fire stairs have been added to the back of the historic building, which opened originally in 1936. - G. Chambers Williams III
Applications are now being taken for rental of the 39 apartments that will be available starting this coming July in the renovated former Daugherty Furniture Co, building in downtown Clinton.
Work has been underway on the historic building at 307 N. Main St. since early 2023 to create the apartments, in the building, called the Daugherty Lofts. A sign went up on the front of the building earlier this month announcing that the property is “Now Leasing!”
The project, which has been controversial over the developer’s use of federal tax credits for “affordable housing,” will provide housing to renters with verified income that is up to 60% of the area median income.
But unlike nearby Clinton Towers, this is not “Section 8” or subsidized housing. It’s open only to people who have enough income to be able to make the established rent payments, which will range from a low of $756 a month for a one-bedroom unit to a high of $1,273 for a three-bedroom unit.
A tenant’s monthly income must be at least equal to two-and-a-half times the monthly rent.
There are limits on how much money renters can make to qualify for one of the units, based on household size. That ranges from annual income of no more than $38,220 for a single person to $72,120 for an eight-person household.
D&K Property Management of Knoxville is handling the property, and applications to be put on a waiting list
for one of the units
may be filed on the website DaughertyLofts.com.
In late 2022, Hunt Capital Partners announced the “acquisition of $9 million in federal low-income housing tax credit equity and $1.4 million in historic tax credit equity financing for the acquisition and historic adaptive reuse of the former Daugherty Furniture Building, a mixed-use, mid-rise building located in Clinton.”
“When finished, the newly restored Daugherty Lofts will provide 39 units to households earning up to 50% and 60% of the area median income (AMI), including 11 one-bedroom, 23 two-bedroom and five three-bedroom LIHTC units,” the Hunt Capital Partners announcement said.
The Daugherty Furniture building opened in 1942, and was a popular furniture store throughout World War II.
Since the furniture store closed in 1985, the building has been predominantly vacant and unused, except for the first floor, which had been used as an antique shop since 2015.
In 2010, the original building was listed on the National Register of Historic Places.
The building was designed by architect Clem H. Meyers, and was constructed between the years 1938 and 1942.
Development costs for the Daugherty Lofts were reported to be $14.29 million. An elevator shaft has been added to the outside rear of the building to give residents elevator access to all floors of the five-story building.
“Situated on a 0.27-acre parcel improved by a five-story, brick-and-stone veneer building, Daugherty Loft units will feature modern amenities, such as central air conditioning and internet access, in addition to Energy Star windows, appliances (e.g. refrigerator, microwave, washer/dryer) and HVAC systems,” the developer said.
“Upon completion … Daugherty Lofts will also offer residents common area amenities, such as a computer lab, exercise facility and central laundry,” the announcement said. “There will also be supportive services through HouseCall Primary Care — a Knoxville-based supportive-service provider — including general medical services, health and wellness care,
psychiatric counseling, and foot and wound
care on a house-call basis.”
J. R. Daugherty moved his furniture store to Clinton in the late 1930s because of the population growth of Anderson County, according to the Hunt Capital announcement.
“The store offered home delivery, with a fleet of delivery trucks. The third and fourth floors of the building served as apartments, which housed Oak Ridge workers and scientists in need of housing in a region running out of housing options,” it
said.
About 99,000 pounds of locally quarried stone was used on the building’s exterior, most of which came from areas near the New River region of Morgan County and Scruggs Farm in Bethel.
All of the stone was hand-chiseled and laid by Gilbreath and Sebastian Marie, another local stone cutter. When the building was complete, in 1942, it was the largest commercial building in Clinton, along with Magnet Mills, Inc.