By Marty Finley – Reporter, Louisville Business First
Aug 3, 2020, 2:37pm EDT
Louisville’s Hagan Properties Inc. is ready to tackle one of its most ambitious projects to date.
The local real estate development firm on Monday unveiled plans for the 520-unit Providence Point apartments. The $81 million project has been proposed on 19 acres Hagan Properties has owned for years at 2020 Herr Lane near Ballard High School in Louisville’s East End.
The complex will house a mix of one-, two- and three-bedroom units in multiple buildings on the site. The apartments, which will feature upscale amenities such as designer cabinetry and quartz countertops, will be joined by community amenities, including a fitness center, dog parks and green space.
“In addition, with the changes that Covid is bringing to the industry, Providence Point will have touchless access elevators, UV filtered HVAC systems in common areas, flexible ‘We Work’ style space and many indoor flex areas in the clubhouse for residents to use as some people shift to working more from home, but still need a ‘third place’ for escape from the home office,” Hagan Properties President Wendy Hagan said by email.
Hagan Properties will handle the development, leasing and property management for the complex while HCC, a majority female-owned contracting company led by Wendy Hagan, will serve as the general contractor. Charlotte, North Carolina.-based Axiom Architecture will handle the design.
“We have been waiting for a number of years for the timing to be right to start on this project. While there are many new communities under construction, we believe that Providence Point offers a unique location and great community amenities such as shopping, dining and access to schools,” Hagan said by email.
Projected lease rates and a full development timeline have not yet been disclosed.
Hagan Properties said several developers had unsuccessfully tried to rezone this land before it stepped forward.
A prior proposed development called for 175,000 square feet of retail and office space and hundreds of condos, but the financial downturn of 2008 and the cost of offsite improvements made that project nonviable, the company said.
As part of its proposal, Hagan Properties is planning to complete $5 million to $6 million worth of offsite improvements to public infrastructure, and the company will pursue industrial revenue bonds to pay for those upgrades. Proposed work includes construction of a regional basin to serve 88 acres of the area’s watershed, signalization improvements and a new traffic signal and road improvements to Herr Lane, including the installation of an additional lane from Wesboro Road to the new traffic signal.
“This storied property will satisfy this area’s demand for apartments for many years to come and the road improvements we are making will significantly aid in alleviating the gridlock that Ballard High School experiences during peak hours,” Layson Hagan, a multifamily developer with Hagan Properties, said by email.
Hagan Properties has a number of other major projects in the works locally.
The firm is finishing up the 470-unit Victory Knoll apartment complex on the East End near Southeast Christian Church, which has been estimated to cost $68 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.
And the firm is investing about $48 million into a 344-unit apartment complex on 19 acres at 8000 and 8006 Cedar Creek Road. About 90% of that complex will feature one and two-bedroom units while the remaining 10% will be three-bedroom units.
Meanwhile, the firm is slated to break ground later this year on The Station @ Middletown, a new apartment complex with more than 300 units near the Middletown Station shopping center, which it owns. That project is expected to cost nearly $50 million.
Hagan Properties also owns the Shelbyville Road Plaza and Taylorhurst shopping centers in Louisville.