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By Eleanor Tolbert – Reporter, Louisville Business First
July 14, 2023
https://www.bizjournals.com/louisville/news/2023/07/14/26-million-bull-run-townhomes-planned.html
A new housing development is underway in the East End.
Crews recently broke ground on Bull Run Townhomes, located at 1922 Her Lane. The $26 million project comes from Louisville-based Hagan Properties.
The luxury townhome development will consist of 72 build-for-rent units. Layson Hagan, principal and developer at Hagan Properties, said for-rent townhomes give tenants an option for those who may not be able to afford a home.
“There is a substantial shortage of homes nationally and in Louisville, and many of the homes that are available are beyond the reach of many prospective homebuyers who may not have the down payment necessary to buy a home,” Hagan said in an email.
The community will feature three-bedroom floor plans ranging from 1,850 square feet to 2,350 square feet each. Each will include a two-car garage, doggie doors and privacy fences.
The community amenities include a private community swimming pool, social grilling patio, 24/7 fitness center, dog park with agility equipment, children’s playground and fire pit lounge.
“Our goal has been to design a product that is in keeping with the latest national trends for residential neighborhoods and single-family for lease communities,” Hagan said. “We visited, in-person, neighborhoods in Phoenix, Arizona; Savannah, Georgia; and Nashville, Tennessee. We’ve taken great care in designing highly desirable floor plans with unit features/amenities that set them apart from the market.”
Along with that, tenants of Bull Run Townhomes get the convenience of renting, like avoiding ongoing maintenance and upkeep, with the quality of a house.
“Many tenants prefer the flexibility to ‘Lock & Leave’ and not have the responsibility of home ownership,” Hagan said.
Construction is anticipated to be completed in the summer of 2024. It will be constructed, managed and leased by Hagan Properties, Inc. The plans show Gresham Smith, which has an office in Louisville, will be providing its services to the project. Hagan said the architect was Terry White with Lynn White and Associates.
Bull Run Townhomes is located near Ballard High School and next to Hagan Properties’ future complex, Providence Point Apartments. Hagan said the site has been on the company’s radar for over a decade.
“Hagan Properties rezoned the adjacent property (Providence Point) in 2006, and shortly after purchased a Right of Refusal from the previous land owners of the site in question,” Hagan said. “This protected our investment in Providence Point and ensured that a proper transition from high-density to low-density would be provided between Providence Point and the Graymoor-Devondale neighborhood.”
The complex will occupy the site of the former KABA Select Sires, a company within the cattle industry. The name Bull Run Townhomes is a nod to that history.,