Daugherty Lofts welcomes first tenants
Tenants have begun moving into the Daugherty Lofts apartments on Main Street in downtown Clinton, in the historic Daugherty Furniture Co. building. (photo:G. Chambers Williams III )
The on-site office for the property manager will open next week, and the Anderson County Chamber of Commerce plans to hold a ribbon-cutting ceremony in the lobby area at the front of the building, at 307 N. Main St., at 3 p.m. Thursday, Jan. 23.
“We do have about 10 to 15 tenants who have moved in, and we’re hoping to have the office up and running early next week,” said Kristi Gass with D&K Property Management of Knoxville, which is in charge of leasing and maintenance of the building.
Work on restoring the historic Daugherty Furniture Co. building and converting it into loft apartments began in early 2023, and a sign went up on the front of the building last April saying the property was “Now Leasing!”
Gass said at the time that the first tenants were expected to move in by July 2024, but she said Monday that there were construction delays that prevented anyone from moving in until six months later than that.
The project, which has been controversial over the developer’s use of federal tax credits for “affordable housing,” offers 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 range from a low of $756 a month for a one-bedroom unit to a high of $1,273 for a three-bedroom.
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.
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 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 from 1938 to 1942.
Development costs for the Daugherty Lofts were reported to be $14.29 million. An elevator shaft was added to the outside rear of the building to give residents 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.
