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LOUISVILLE, Ky. (WDRB) -- A 173-unit apartment building will break ground on the corner of Liberty and Hancock Streets in the coming weeks.
The Metro Housing Authority approved the project Tuesday, allowing developer Bill Whalen of City Properties Group to start work on the now empty corner lot.
The three-story residential development is the latest Liberty Green project by Whalen, who said this particular site has been in the works for about six years. It is his fourth project in the neighborhood.
Tim Barry of Metro Louisville Housing Authority said originally, the plans called for buy-to-own condominiums on the property along with some rentals. But the demand for rentals is so high in the area, plans changed.
"We still plan to do that, but that's down the road some," said Barry. "The condo market is not recovered fully, home ownership--which we still plan on doing on the site--is not completely recovered, but market rate rental is red hot."
Whalen said with young people flocking to Nulu and a lack of affordable rentals, they are targeting young, twenty-somethings.
Units will be efficiency to two bedrooms and range in price from $700 to $1,500. Square footage will range from 440 to 1,100.
The corner store across the street can hardly wait for the project to break ground. "Where there's people--where there is more traffic--there is better business," said Owner of Nulu Market, Issa Ikhlayel. He also said the development will make the neighborhood safer by taking away the now empty space.
The owner of Crossfit the Ville in Nulu said he is excited about the growth in the area. "I think it's wonderful, and hopefully it will bring more people into my business as well as other businesses," said Daniel Barnett, who hopes the new neighbors will need a place to break a sweat. "Most of our traffic, a majority are younger people, people that are moving to the area and living here."