Location is key for real estate, and an Indianapolis-based development firm thinks it has found a second good spot in Louisville.
Cityscape Residential has announced its plans for the Apex on Preston Apartments, a new high-end apartment community close to Commerce Crossings business center, which is located near the intersection of Preston Highway and Interstate 265.
“We’re going to be bringing to market a product that I believe doesn’t exist in that part of Louisville right now,” Kelli Lawrence, a partner in Cityscape Residential, told Business First.
Earlier the company announced plans to build upscale apartments in the Irish Hill neighborhood.
Lawrence said Apex on Preston, a 312-unit luxury apartment complex, is comparable to new eastern Jefferson County complexes, but it will be located in South Louisville near several business parks.
“A lot of it’s driven by — this is really the economic engine of Louisville,” Lawrence said, explaining Cityscape’s choice of the location at 11750 Interchange Drive. “We think there’s a great opportunity here to serve that large employment area located in the south part of Louisville.”
The complex will be near Louisville operations of major companies. These include the United Parcel Service Inc. (NYSE: UPS) Worldport air hub, Ford Motor Co.’s (NYSE: F) Louisville Assembly Plant on Fern Valley Road, General Electric Co.’s (NYSE: GE) Appliance Park. It also will be near Commerce Crossings business park and in close proximity to Bullitt County and Ft. Knox.
The ground breaking for the nearly $30 million project is expected in June. According to its application on file with the Louisville Metro Department of Planning and Design Services, Cityscape paid $3 million for the site, and construction costs are estimated at $26 million.
The development plans call for 13 three-story buildings housing 24 units each. The development will feature one-, two- and three-bedroom units on the nearly 18-acre site, with interior amenities such as stainless steel appliances, washers and dryers in each unit, spa garden tubs and granite vanity countertops. Shared amenities include a resort-style pool with a grilling cabana, a fitness center, business center, game room and resident lounge on the southeast corner of the property.
Lawrence said about 55 percent of the units will be two-bedroom apartments and 35 percent will have one bedroom, with the remainder having three bedrooms. Monthly rents will range from $700 for one-bedroom units to $1,300 for the three-bedroom units.
Cityscape will develop the property and hopes to have the first units ready for leasing by early 2015. Lawrence said a full completion date is targeted for late 2015.
Irish Hill development downsized
Cityscape has slightly downsized another Louisville project known as Axis Apartments.
Earlier this year, the company said it would construct 343 units in three apartment buildings on Lexington Road, near Distillery Commons and Headliners Music Hall.
But Lawrence said that as the company reviewed its final site plan, it decided to lower that number to about 300 units. The company expects to submit the final zoning application for the project next week.
The revised plans still call for three five-story buildings, which will include one- and two-bedroom apartments and some studio units.
The project cost is estimated between $35 million and $40 million.
The units themselves will be a slightly different from Apex on Preston Apartments. Lawrence said Axis Apartments will be more contemporary in design and “have a few extra bells and whistles.”
Monthly rents will range from about $700 for a 500-square-foot studio to $1,600 for a two-bedroom apartment.
Cityscape hopes to begin construction in the fall and finish the project by the fall of 2016.
While the company develops complexes throughout the Midwest, Lawrence said economic, job and millennial population growth are attracting the company to Louisville. Along with the economic growth here, the city’s arts and cultural growth, burgeoning restaurant scene and recreational amenities make Louisville attractive, she said.
With the investments the city is making in its quality of life, Lawrence said, “we think that Louisville is a great market for the professional population that chooses to rent.”
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