A Cincinnati-based company is planning to develop a seven-story, 38,775-square-foot apartment building in the heart of downtown Louisville, but exact details are scarce.
According to documents submitted to Louisville-Jefferson County Metro Government, a subsidiary of real estate development and investment company Capital Investment Group plans to buy 535 and 539 S. Fourth St. and demolish at least two existing office buildings.
The existing five-story parking garage with retail space will be renovated to house apartment amenities such as a clubhouse, office and fitness center, as well as future first floor retail, the documents state. Amenities also will include a private pool and courtyard.
Capital Investment Group has hired GBBN Architects, which has offices in Louisville, Cincinnati, Pittsburgh and Beijing, to work on the project. Other than those details, no much else is known about the proposed development.
“Right now, we are not commenting,” David Bastos, president of Capital Investment Group, told Insider Louisville before directing the call to spokesman Patrick Crowley, a partner at the Cincinnati public relations firm Strategic Advisors.
“(The developers) have been watching the market for quite a while,” Crowley said. And they’re “really excited about the opportunities in the urban core.”
He added the company is “very experienced” when it comes to residential, multi-family living. Projects include LEED-certified apartment building Vue 180, SouthShore Condominiums and Aqua on the Levee, a 239-unit apartment building still under construction in Cincinnati.
“They do top-notch projects,” he said.
Capital Investment Group is still calculating the estimated cost of the Louisville development, Crowley said, and more details will become available once the company closes on the properties, which are valued at roughly $6.9 million by the Jefferson County Property Valuation Administrator.
KentuckyOne Health owns the three buildings at Fourth Street between Chestnut and Guthrie streets. The Louisville health care company announced plans last year to sell the buildings and move the more than 500 employees working in the office building to other KentuckyOne Health locations, IL reported.