By Marty Finley – Reporter, Louisville Business First
Feb 21, 2020, 10:05am EST Updated Feb 26, 2020, 3:47pm EST
A Louisville developer will invest about $48 million into a new Class A apartment complex in Louisville.
Hagan Properties Inc. has proposed the construction of a 344-unit apartment complex on 19 acres at 8000 and 8006 Cedar Creek Road. The cost translates to about $140,000 per apartment unit.
The land is under contract for purchase by Hagan Properties now and is about one mile from Bardstown Road close to the Gene Snyder Freeway and existing retail stores.
“The south end is something we have considered for quite a while,” said Layson Hagan, vice president of multifamily for Hagan Properties, by phone. “There has been some activity on Preston Highway, but you go over to Bardstown Road [and there’s] really no new product.”
About 90% of the complex will feature one and two-bedroom units while the remaining 10% will be three-bedroom units. The apartments will range in size from 700 square feet to 1,400 square feet with modern upscale features, such as large balconies or patios with outdoor storage closets.
Hagan said the units will be a mix of garden-style apartments and townhomes with some townhomes having direct access garages. Detached garages will also be on site. A site plan shows 15 two-and three-story buildings, and the project will include a large clubhouse, dog park, pet salon, car care facility and playground.
Lease rates have not been finalized, and a name for the complex has not been chosen.
Hagan Properties intends to break ground by the end of 2020, pending rezoning approval of the property by the city for multifamily use. If that timeline holds, the first units could be ready to open by the first quarter of 2022.
Hagan said he anticipates the ideal demographic for the complex to be a blend of young professionals and families who want to live close to retail outlets and schools in the area.
“We are targeting couples who have reached a stage in their lives when they prefer to rent a quality home rather than pay a mortgage and have the maintenance and upkeep of a traditional single-family home,” Hagan said.
The construction will be handled by Hagan’s in-house general contracting team, and the firm is interviewing architects now.
“As local developers, we have seen many out-of-town developers come and go,” Hagan said. “We act as our own general contractor and therefore we are able to mitigate our construction costs which enables us to provide the highest level of unit finishes and community amenities.”
As I previously reported, Hagan Properties is constructing the 470-unit Victory Knoll apartment complex on the East End near Southeast Christian Church, which has been estimated at more than $60 million. Hagan Properties also built the 356-unit 9910 Sawyer Apartments, a sprawling upscale apartment complex that backs up to E.P. “Tom” Sawyer State Park.