Overlook Terraces is one of LDG Development's other Louisville apartment complexes/ | Courtesy of Winterwood Property Management

Overlook Terraces is one of LDG Development’s other Louisville apartment complexes. | Courtesy of Winterwood Property Management

Louisville-based multifamily development company LDG Development filed plans this week for a 408-unit apartment complex off Old Henry Road.

“We like the location of it,” said Michael Gross, development manager for LDG Development. “It is right next to the YMCA. It is close to a lot of amenities.”

The proposed complex will sit on 27.4-acres at 12201 Avoca Road and include a pool, dog park, car washing station, playground, picnic area and clubhouse with a community room, workout facility and business office.

“We try to be as amenity rich as we can,” Gross said.

The property will need to be rezoned R-6 for the project to move forward. After that, the company will buy the property and begin construction.

The same property has been rezoned twice in the past decade. It was first rezoned for a condominium project that fell apart “following the collapse of the residential condominium market,” according to information submitted to the city, and later was rezoned PRD, planned residential development. However, nothing came after that either.

While the plans submitted to the city call for 408 apartments spread across 18 buildings, LDG Development could downsize the project.

“We came to the number via the number of buildings the site would support,” Gross said, adding that the complex likely will be completed in two phases.

The company leaders have yet to decide whether the development will be market-rate, mixed income or affordable housing and will make that decision after moving through the zoning process, Gross said. If they go the affordable housing route, LDG Development will seek tax credits to help pay for the project.

Gross said they do not know the cost of the project currently.

The apartments would be LDG Development’s seventh multifamily development in Louisville, but the company also operates in Kansas, Louisiana, Mississippi, Tennessee, Texas, Virginia and other parts of Kentucky.