Louisville, KY (WDRB News) -- Would you like to live along the Ohio River with a view of Towhead Island near Waterfront Park?
Work is now on underway on a $120 million development just east of the park. The first phase of RiverPark Place along the river is well under construction now.
"What people like, no matter where they live, is to be near water and they like to be near parks," says RiverPark Place developer Steve Poe. "RiverPark place is the best of both worlds," says Poe, "we are actually on the water and we are part of and in the park."
RiverPark Place is connected to Waterfront Park by a new walkway recently completed, part of the River Walk, which runs through the property to Beargrass Creek. The money for this part of the walkway was paid for by Poe.
The marina is complete and construction of a four-story, 167-unit apartment building is underway. There is plenty of activity with about a hundred construction workers on site now. "We think most of the tenants here will be young professionals," says Poe, "we have a waiting list of 70 people already and we haven't even run an ad yet."
Poe says empty nesters, people over 50 years old have also shown interest in the apartments. Poe predicts construction of the new apartments should be finished by the end of the year. Rents will range from around $595 to $1,100 month.
Construction of a second apartment building is expected to begin early next year.
Poe says if there is continued improvement in the housing industry then condo construction will begin.
The entire project covers 42 acres.
"We believe eventually we will have a half-million square feet of office space," explains Poe about the future of the project, "we'll have 1,500 living units, a combination of apartments and condos; we'll have seven to eight restaurants, all on the waterfront; and retail, everything from coffee shops to ice cream places."
The project has been in the planning stages since 204 but the recession delayed its start.
Poe says it will take from ten to 15 years for the entire project to be completed.
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