A few more details have come to light since Georgia-based developer Flournoy Cos. confirmed its plans to buy the former Service Welding & Machine Co., a.k.a. Service Tanks property, in NuLu and erect a five-story mixed-use development.
The company filed documents Monday with Louisville Metro Planning and Design Services that provide a more in-depth look at the plans for the properties at 700 E. Main St. and 121 S. Clay St.
First off, the development will cost an estimated $52 million to construct. Insider Louisville reached out the company to see if that included the purchase price of the two properties but has not heard back.
Flournoy Cos. has already said it plans to apply for a tax break from the city, which could cover $4.5 million to $4.75 million of the project cost if approved, IL previously reported.
Plans call for a 461,952-square-foot development, which is split between two buildings. The larger building, which is bound by Billy Goat Strut and Main, Clay and Shelby streets, will include 169 one-bedroom and 79 two-bedroom apartments. Rents will range from $1,150 a month to $2,400 a month.
Renters will have access to an open-air pool and courtyard, as well as a clubroom, fitness center and off-street parking. A 430-space parking garage will be incorporated into the building but hidden behind the apartments and 4,850 square feet of retail storefront, as shown in the detailed drawing below.
The plans also state that the mixed-use development will feature 29 on-street parking spaces.
The smaller 36,137-square-foot building at 121 S. Clay St. is separated from the main development and contains the only existing section of the Service Tanks property that will remain — the brick façade. The Clay building will include the fitness center, 15 one-bedroom units and 13 two-bedroom apartments.
Both buildings will consist of brick, precast concrete, board and batten, cement paneling and cement trim.
According to the plans submitted, the project also will include 20 street trees. Today, there is only one street tree on the sidewalk around the property.
Pending city approvals, the project is expected to be completed in late summer or fall 2018.