Construction started Friday on the second former Germantown mill revitalization project and second new apartment complex in the neighborhood.
Called Bradford Mill Lofts, the project will turn the former Bradford Mills and the Boyd Moving and Storage buildings into 147 loft-style, Class A apartment units. The buildings are located at the corner of East Oak Street and Reutlinger Avenue, and Louisville-based full-service real estate company Marian Development Group, Ashley Blacketer and Chad Middendorf are the project developer.
Justin Brown, a principal at Marian Development Group, said the company closed financing for the $20 million project late Friday. He added that the cost has not changed since plans were unveiled last summer.
Brown described the project and financing as “complicated.”
“All great things are hard to do. They take time. They take effort,” he added. “We know how successful Germantown Mill Lofts has been, how successful Germantown has been. We are just proud to play a part in that next step.”
Part of the complication is the historic nature of the buildings and the fact that they have sat empty for decades. The Bradford Mill building was constructed in 1910 out of steel, wood and brick, while the Boyd Moving and Storage building was built in 1937 using poured concrete and wood, Insider Louisville previously reported.
Similarly, Germantown Mill Lofts was a revitalization project along Goss Avenue. The 188-unit apartment building is housed in a renovated 130-year-old mill. It opened earlier this year.
Construction on Bradford Mill Lofts will take roughly a year, with the complex opening its first units in summer 2017. It will start leasing apartments around February 2017, but early birds can contact Marian Development Group to express interest in a possible pre-leasing. Brown said the company has received seven or eight unofficial requests already.
“If people are interested, we definitely want them to reach out to us,” he said. “We are keeping track of those.”
Apartments will range from 700 square feet to 1,300 square feet, and rent will start somewhere between $700 and $800 a month, IL previously reported.
In addition to the apartments, Bradford Mill Lofts will include a full-service gym, community center, courtyard, pool with food service, and a 3,708-square-foot restaurant, which includes outdoor seating, on the first floor. Marian Development Group hasn’t inked a deal with an operating partner for the restaurant, Brown said, but it will be someone known locally and well-respected.
An official Bradford Mill Lofts website is expected to go live this fall.