A developer wants to turn this warehouse into luxury lofts. | Courtesy of Jefferson County PVA

A former Bargain Supply warehouse in Germantown could get new life as luxury condominiums.

Developer Ryan Lykins submitted plans to the city for a proposed 25-unit condominium at 938 E. Kentucky St. He’s asked for a variance that would allow him to take down the water tower on top of the building and add a fourth floor to the warehouse.

Lykins said he was drawn to the building because of its location and because it had been on the market for a while.

“I’m always looking for new projects and looking for a project that is in a good area for a good price,” he told Insider. In neighborhoods such as NuLu and Germantown, “the prices have gone so crazy that it is hard to find something that is a good deal.”

However, Lykins said, he thinks the water tower on the top of the building and its location next to the railroad tracks scared some potential buyers away.

The first time he toured the warehouse, he said, he knew he wanted it. “I visualized it being condos with floor-to-ceiling windows.”

Plans call for cleaning up the exterior and covering some of the concrete with decorative steel or tile. Inside, Lykins said, he plans to leave some exposed concrete and columns but also will bring a modern style.

A rendering of how the East Kentucky Lofts will look | Rendering by Prodigy Construction

The open-design condominiums will range from 900 square feet to 2,000 square feet and have one to two bedrooms.

The development will target professionals without kids or those whose children are grown, Lykins said. “It’s not like Mom and Dad and four kids are moving into Germantown.”

On the third floor where there are 17- to 18-foot ceilings, the plan is to create a mezzanine with additional living space all open to the lower floor, Lykins said. And because there are no tall buildings blocking the view, those living on the fourth floor will have broad views of the city from the units’ patios.

Prices will range from $200,000 to $500,000 for a condominium, he said.

Lykins declined to disclose the estimated cost of renovations and won’t finalize the building purchase until after his plans are approved. Construction is expected to start in early January and will take no more than a year to complete, Lykins said. A sign will go up on the building soon offering people the chance to buy a unit before construction begins.

The 34,352-square-foot building last changed hands in 1996 when Bargain Supply bought it for $175,000.