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By Bailey Loosemore – Reporter, Louisville Courier Journal
April 3, 2024
Fewer Louisvillians are looking for large homes.
At least that’s the thought behind a spate of new townhome construction taking place citywide.
In April, the first tenants are expected to begin moving into the 72-unit Bull Run Townhomes in Graymoor-Devondale, and owners of the development say there’s already a waitlist for those still under construction.
A smaller complex, Wellston Place, is now selling townhomes in St. Matthews. And several proposals in the city’s pipeline include similar attached single-family homes, which are connected by exterior walls and often have smaller yards to increase density while still giving residents the feel of having their own space.
Local developers say shifts in mindsets and home prices have led townhomes to attract wider audiences than before. And such construction has taken off nationally, with townhouses accounting for almost 20% of total housing starts at the end of 2023, according to the National Association of Home Builders.
Historically, attached single-family homes have drawn older residents looking to downsize, said Craig Mayer, a partner with Leisure Development who’s seeking approval to build 51 patio homes near Bullitt County.
But today, more residents of all ages want the ease of smaller yards and shared community spaces, he and others said. And denser construction can make townhomes more affordable than traditional single-family.
“With the way the economy has changed and the housing shortage, I’m selling to nurses, teachers, people just getting into the housing market,” Mayer said of recent patio homes he’s built, which often sell for around $250,000. “…I’ve done several projects like this, and it really hits all aspects of the market.”
Townhomes, however, can be versatile to fit the needs of residents across all incomes and lifestyles, developers said.
At Bull Run, Hagan Properties is courting higher wage earners with the “lock and leave mentality” who want to be part of a community but don’t want the “upkeep and frustration that comes with maintaining a home,” said Layson Hagan, a principal and developer with the company.
Townhomes there will all be for rent, with prices starting at $2,950 per month. The development includes a playground, dog park, fitness center, pool and 24/7 maintenance. And each unit comes with a double garage.
“It feels more like a neighborhood than an apartment complex,” Hagan said, adding Bull Run has seen interest from everyone from young families to Baby Boomers. “…We think it’s going to be a big success. There’s a substantial amount of people out there looking for something like this.”
Chris Thompson, CEO of Alter Development, is also watching Bull Run for success.
Alter is behind the 12-unit Wellston Place townhomes in St. Matthews and is planning another 12 luxury townhomes on Brownsboro Road.
“I think Hagan is going to test the market to see if people are ready to accept it in Louisville,” Thompson said of larger townhome developments. “We’re dipping our toe in at a smaller level.”
Thompson said he was surprised by the interest Wellston Place has already seen, with more than 100 people attending three recent open houses. And if all goes well, he could see the uptick in townhome construction continue.
“I’m much more interested in building townhomes than apartments,” he said. “I think that’s what people really want. They’re not stacked on top of one another. I think people perceive it as a more convenient way to live.”