Bourbonism, ‘pent-up demand’ draw Indy developer to Louisville

Indianapolis-based apartment developer Cityscape Residential has filed plans for its third apartment complex in Louisville.

“There’s a lot of great momentum for Louisville,” Kelli Lawrence, a partner with Cityscape, told Insider Louisville.

The city has received national attention for its bourbonism campaign, Lawrence said, and the downtown revitalization, development of new parks and positive employment numbers make Louisville attractive to Millennials — a key demographic for Cityscape.

She also noted that Louisville has developed more slowly than Indianapolis, which has caused the current “pent-up demand” for multifamily residences.

Cityscape’s latest project is a 251-unit apartment complex located on 4.5 acres of land between the Republic Bank and Springhurst Tennis Court on Simcoe Lane, near The Summit. The proposed building is five stories with a four-story parking garage in the center.

An early drawing of the proposed building layout. | Courtesy of Louisville-Jefferson County Metro Government

Rendering of Apex on Preston | Image courtesy of CityScape Residential

Amenities will include a fitness facility, business center, yoga area, saltwater pool, two courtyard spaces, and outdoor grilling cabana. The company is deciding whether to incorporate a bocce ball court, a putting green or both into the plans, Lawrence said.

Residents at a Cityscape development are “renters by choice” who want to be close to restaurants and shops, Lawrence said. Many are 25 to 35 years old, but there are baby boomers in the mix as well.

“(Boomers) want that activity. They want to have a very active retirement,” she said. “They want that community. They want that energy that comes with the 25- to 35-year-old demographic.”

The company’s other Louisville projects include Apex on Preston, a 312-unit complex located on Preston Highway past the Gene Snyder Freeway, and Axis on Lexington, a 300-unit apartment building under construction on Lexington Road across from Distillery Commons. Apex on Preston came online in January 2015.

Before the company can move forward with the East End apartments, the properties must be rezoned as “OTF,” which allows for offices, apartments and tourist facilities. Currently, the four properties — 4113, 4190, 4200, 4206 Simcoe Lane — that Cityscape plans to buy for the project are zoned for single-family homes.

If all goes as planned, Cityscape expects to break ground in the summer or fall of 2016, with the apartments coming online in the summer of 2017.

Article by Caitlin Bowling