The Closing Bell via Insider Louisville

Indy-based CityScape Residential is pushing forward with its second big Louisville project. CityScape Residential broke ground this week on The Apex on Preston Apartments in the South End near Commerce Crossing Business Center. This is one of two $30 million-plus Class-A apartment properties, the other being the Axis on Lexington, just east of NuLu and downtown.

Leasing for Apex will begin in late 2014/early 2015 with the first residents moving in come spring 2015. The project is expected to be fully completed by early 2016, according to a CityScape news release.

Cityscape has an institutional equity partner who prefers to not be named, according to a spokesperson. The construction financing was arranged through Associated Banc-Corp, based in Green Bay, Wisc.

This South End is the major economic engine for the Louisville region with proximity to the UPS WorldPort air-freight hub, GE Appliance Park, Ford, Fort Knox and major employers in Bullitt County. People in Louisville tend to not give the same love to the South End as the East End. People moving here from outside Louisville tend not to see any difference except the South End has better freeway access and a nice assortment of retail. What it lacked was Class-A multi-family with top-end amenities and a pool.

We’re guessing the local developers who could have done this are kicking themselves.

To see the full story, visit Insider Louisville.