An 312-unit apartment complex that is designed to appeal to workers at Commerce Crossings business center broke ground Thursday.
Indianapolis-based Cityscape Residential started construction on Apex on Preston Apartments at 11750 Interchange Drive, near the intersection of Preston Highway and Interstate 265.
The luxury apartment complex will have 13 three-story buildings, each with 24 units.
Kelli Lawrence, a partner in Cityscape Residential, told Business First for a previous report that company officials decided to construct the complex at the Preston Highway location to serve many of the corporate entities nearby.
In addition to Commerce Crossings, the United Parcel Service Inc. (NYSE: UPS) Worldport air hub, Ford Motor Co.’s (NYSE: F) Louisville Assembly Plant and General Electric Co.’s (NYSE: GE) Appliance Park are close to the planned apartment complex. It also will be near Bullitt County and Fort Knox.
According to its application 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 will feature one-, two- and three-bedroom units on the nearly 18-acre site. Monthly rents will range from $700 for one-bedroom units to $1,300 for three-bedroom units.
The first units are expected to be ready for tenants in early 2015, and pre-leasing is expected to start in November, according to Michelle Bower, of Dittoe Public Relations, who is handling public relations for the project.
Cityscape also is developing an upscale apartment complex called Axis Apartments off of Lexington Road in Louisville’s Irish Hill neighborhood.
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