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First Look: Axis on Lexington taking shape as tenants begin moving in

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Axis Model Photo (629x473)

Jan 31, 2017

Marty FinleyReporterLouisville Business First

Indianapolis-based apartment developer Cityscape Residential has finished 15 units at the 300-unit Axis on Lexington apartment complex on Lexington Road, across from Headliner’s Music Hall and Distillery Commons.

And the company expects another 30 units to come online in the coming days as it aims for completion of the $46 million development by late July.

Kelli Lawrence, a partner with Cityscape Residential, invited us into the complex for a tour on Tuesday afternoons. She showed us the completed leasing office, which leads into an amenities space with a business center and Internet cafe. The space also has a lounge area with self-serve Starbucks coffee and an interactive arcade and gaming area with flat-screen televisions mounted on the walls.

The complex also has a fitness center with free weights, yoga equipment and cardio machines, and it has a dog spa and dog park.

We also toured two finished apartment units, including the two-bedroom model unit, which was decked out in brightly colored furniture. It has large bedrooms and bathrooms and a spacious kitchen with quartz countertops, tall cabinets, a pantry closet and high-end stainless steel appliances. The kitchen and living room areas have an open floor plan with wood-like plank flooring, and the bedrooms have carpeting

.

Lawrence said Axis on Lexington is about 10 percent leased with interest coming from across the country, particularly those who have relocated to Louisville from larger metropolitan areas or coastal cities.

The complex is spread across three five-story buildings with underground parking and has studio, one- and two-bedroom units. Base rents start around $899 for the studio units and go to more than $1,600 for two-bedroom units. Cityscape officials said some of the larger apartments on the upper floors, which have tall windows providing views of downtown Louisville, will climb to nearly $1,800 per month.

As more units start to come online, Lawrence said, crews should start completing 10 units per week into the summer. Each building will have internal courtyards with grilling cabanas and other amenities, she said.

Prior to Axis on Lexington, Cityscape Residential completed the 312-unit Apex on Preston, and another large Louisville apartment project on Simcoe Lane is tied up in court on a zoning appeal. Lawrence said Tuesday that company officials hope to start construction on the Simcoe Lane project before the end of the year.

Our tour of Axis also came a day after Cityscape filed plans to construct a 370-unit apartment complex on Tucker Station Road in east Louisville near the Xscape Theatres movie theater and the Main Event entertainment complex in Blankenbaker Station Business Park, off Interstate 64.

As I reported yesterday, the complex would be spread across 22 two- and three-story buildings, and Lawrence anticipates the project costing more than $50 million. The plan submitted to the city calls for a one-story clubhouse, a large pool and multiple open recreational spaces with dog parks.

Rental rates have not been established for that as-yet-unnamed project, but Lawrence wants to break ground on the site sometime in 2017.

Marty Finley covers economic development, commercial and residential real estate, government and sports business.

Axis Apartments Continue to Climb on Lexington Raod

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Broken Sidewalk Axis

Broken Sidewalk by Branden Klayko – August 9, 2016

Construction of the $45 million Axis Apartments on Lexington Road is moving steadily along since we last stopped by in April. Last week, we stopped by the Irish Hill site across from Headliner’s Music Hall to snap a few photos of the site.

“Considering all the rain we’ve had we’re doing pretty well with the schedule,” Brian Evans, an associate at developer Cityscape Residential, told Broken Sidewalk. “It’s been a difficult year to build.”

The Axis Apartments on Lexington Road. (Branden Klayko / Broken Sidewalk)

Still, the five-story, 300-unit project is moving right along. “We are putting the roof trusses on the first building now,” Evans said. He said the building to the north, off Lexington Road, will be next to top out—it’s already up to the fourth floor. Workers began framing the walls of the western building along Lexington just this morning. The elevator column has stood for some time like a concrete block obelisk on the site.

We will be delivering units in [the first] building in the middle of January,” Evans said. He noted that the clubhouse and leasing office in that building is scheduled to open by November 1 and that pre-leasing will begin in mid-October. Units range from $800 to $1,700 per month. “We’re projected to be complete with the project in the middle of July,” he added.

Rendering of the Axis Apartments on Lexington Road. (Courtesy Cityscape Residential)

Watching the construction site, you’ll notice some red-colored framing going up around the perimeter. “That’s fire treated lumber,” Evans explained. He said it’s typical to see on a five-story, type 3 construction building. “Once you get up to five stories, you’ve got some special fire treating you’ve got to do.”

Walking along Lexington, you can begin to get a sense of the mass of the structure defining the street edge as an urban place. Distillery Commons has long provided that edge to the south, but the north side has never had the same street wall.

And once the Axis’s 300 units begin filling with tenants next summer, Evans believes we could see additional development take shape in the area. “We’re hopeful it will spur some further redevelopment in the corridor,” he said.

Construction of the $45 million Axis Apartments on Lexington Road is moving steadily along since we last stopped by in April. Last week, we stopped by the Irish Hill site across from Headliner’s Music Hall to snap a few photos of the site.

“Considering all the rain we’ve had we’re doing pretty well with the schedule,” Brian Evans, an associate at developer Cityscape Residential, told Broken Sidewalk. “It’s been a difficult year to build.”

The Axis Apartments on Lexington Road. (Branden Klayko / Broken Sidewalk)

Still, the five-story, 300-unit project is moving right along. “We are putting the roof trusses on the first building now,” Evans said. He said the building to the north, off Lexington Road, will be next to top out—it’s already up to the fourth floor. Workers began framing the walls of the western building along Lexington just this morning. The elevator column has stood for some time like a concrete block obelisk on the site.

We will be delivering units in [the first] building in the middle of January,” Evans said. He noted that the clubhouse and leasing office in that building is scheduled to open by November 1 and that pre-leasing will begin in mid-October. Units range from $800 to $1,700 per month. “We’re projected to be complete with the project in the middle of July,” he added.

Rendering of the Axis Apartments on Lexington Road. (Courtesy Cityscape Residential)

Watching the construction site, you’ll notice some red-colored framing going up around the perimeter. “That’s fire treated lumber,” Evans explained. He said it’s typical to see on a five-story, type 3 construction building. “Once you get up to five stories, you’ve got some special fire treating you’ve got to do.”

Walking along Lexington, you can begin to get a sense of the mass of the structure defining the street edge as an urban place. Distillery Commons has long provided that edge to the south, but the north side has never had the same street wall.

And once the Axis’s 300 units begin filling with tenants next summer, Evans believes we could see additional development take shape in the area. “We’re hopeful it will spur some further redevelopment in the corridor,” he said.

Three projects are part of a surge in downtown KC apartments

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Summit on Quality Hill

View of part of the Summit on Quality Hill project, centered at 12th and Washington, looking south from across 12th Street. Jill Toyoshiba jtoyoshiba@kcstar.com.

Cityscape Residential is adding a total of 390 units on Quality Hill

Biggest project at northwest corner of downtown is a striking skyline addition

Former Jones Store warehouse in the Crossroads is razed for more apartments

A stretch of bright green walls, looming above the bluffs of Kansas City’s downtown, radiates to passing drivers on Interstate 35 below that there is a lot — really a lot — of apartment construction in the central business district.Those green walls are a temporary layer before exterior treatment is applied to five new apartment buildings clustered at 12th and Washington streets. When clad, the Summit on Quality Hill apartments will add earthier tones to their 5.25-acre development.

But while their color will be quieted, there appears to be little muffling of the residential march toward the city’s core.

Cityscape Residential, the Indianapolis-based company developing the 252-unit Summit on Quality Hill complex, also is behind a nearby project, Apex on Quality Hill, which is adding 138 apartment units at 10th and Jefferson streets.

The company’s belief in downtown’s surging residential market is echoed in the Crossroads Arts District, where its 221-unit Crossroads West is planned for the site that formerly housed the Jones Store warehouse, which was razed recently, just off Southwest Boulevard.

Cityscape’s 611 new units represent about a third of the approximately 2,100 apartment units currently under construction in and near downtown. And that’s not counting another 1,500 or so units that have been announced but not yet started.

Is it too much? Will supply exceed demand? Only time will tell. But planning experts think the developers — many of them attracted to Kansas City from out of town — have good odds for success.

“Downtown occupancy is at 97 percent right now,” said Tommy Wilson, who keeps track of such numbers at the Downtown Council. “One Light is 100 percent leased. So is the Argyle building,” a newly renovated former office building on 12th Street.

One Light, the glassy 25-story tower that opened six months ago at 50 E. 13th St. and quickly filled its 315 luxury units, sold out its priciest units — costing more than $3,000 a month — first. It made a big splash in a central business district that hadn’t had any new apartment construction for decades.

Two Light, a second tower by the Cordish Co., is being built now at Grand Boulevard and Truman Road and is targeted for a Spring 2018 opening.

Meanwhile, other new apartment construction is underway in the River Market north of downtown, in Columbus Park just to the northeast, and in the Crossroads, Union Hill and Hospital Hill areas to the south.

Most of the built-from-ground-up units followed residential conversions of former office, warehouse and school buildings throughout the central business district. That conversion trend isn’t over yet. Apartments recently were announced for two more old office buildings on Broadway.

Wilson, at the Downtown Council, said the greater downtown area’s residential population, estimated at about 24,000 now, could rise to nearly 29,000 with the announced apartments. Five years out, the best guess indicates that nearly 33,000 people will call the core home.

Cityscape Residential Closes on nearly $175 million in financing to develop four multifamily communities

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Multifamily real estate development and construction firm Cityscape Residential announces that it has recently closed nearly $175 million in joint venture financing in a round led by a long-term institutional equity partner, a private equity group and including funds from six commercial banks.

Continuing to expand its footprint across the Midwest, the four new communities further expand the Cityscape footprint in the Kansas City, Mo. metro area and also represent the firm’s second major transaction in the Louisville, Ky. Metro area.

In Kansas City, Mo., Cityscape has begun work on its 252-unit Summit on Quality Hill community and 138-unit Apex on Quality Hill community, located only a block away. Overlooking the confluence of the Missouri and Kansas Rivers, these communities are two blocks west of downtown Kansas City and are nestled with the historic Quality Hill neighborhood, the first luxury neighborhood of Kansas City in the 1870s. Located adjacent to the site of Kansas City’s new urban dog park, these pedestrian-friendly communities also feature underground garage parking, private terraces and sweeping views of the nearby river bottoms and of downtown Kansas City.

Also in urban Kansas City, Mo., Cityscape is beginning construction on a 221-unit Crossroads Westside community at the junction of the landmark Crossroads Arts District and the historic Westside neighborhood of downtown. A vibrant section of town known for its galleries, extensive dining and entertainment options and flourishing tech employment concentration, Crossroads is one of the signature districts of urban Kansas City and is located immediately south of downtown and north of the historic Union Station and Crown Center.

Cityscape’s second apartment community in Louisville, Ky. is the 300-unit Axis Apartments. Located near NuLu and a short walk from the restaurant and retail corridors of Bardstown Road, Frankfort Avenue and the Highlands, Axis Apartments is a nine-acre property that will offer first of its kind luxury and amenities in urban Louisville. To date, Axis Apartments ranks as the largest investment in an urban Louisville multifamily complex by an out-of-town developer.

“Our team is dedicated to developing Class-A, institutional-investor-quality, multifamily communities through strategic alliances with long-term capital relationships,” said Brian Cranor, partner of Cityscape Residential. “Such alliances allow Cityscape to streamline deal structures and close quickly once a targeted project has been agreed upon, and this round of financing is an excellent example of the benefit of such alliances.”

In addition to these four communities, Cityscape has additional communities in development and planning throughout Indiana, Kentucky, Missouri and Kansas. In particular, Cityscape plans to start construction in mid-2016 on a 306-unit suburban Indianapolis community to be located in Plainfield, Ind., adjacent to the Shops at Perry Crossing lifestyle center. Cityscape has also commenced zoning approval for a 261-unit community with structured garage parking on the northeast side of Louisville. Ky., located near Brownsboro Road and the Paddock Shops, and has additional sites under contract in the Kansas City, Mo. market.

Article by Staff Writer RE Journals.com