Seven-story student apartment building planned near UofL - WDRB 41 Louisville News

Seven-story student apartment building planned near University of Louisville

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LOUISVILLE Ky. (WDRB) --  A seven-story student housing building called The Standard at Louisville is planned on an old industrial site adjacent to the University of Louisville.

It's the third privately owned student apartment site in the works near the university.

Developer Terry L. Rasmussen plans a V-shaped building at 1900 S. Floyd St. with parking on the first two floors and 105 units on five upper floors, according to a zoning change application filed Nov. 4 with Louisville Metro Planning & Design Services.

The 1.6-acre site, owned by Rasmussen's Cardinal Land Development LLC, is at the northwest corner of Floyd and Brandeis streets. It backs up to the CSX rail line that runs parallel to S. Floyd.

While U of L is aware of the plan, the university has no connection to the project, spokesman Mark Hebert said.

Down the road, U of L would be open to negotiating an agreement whereby the building could be official student housing, similar to the privately owned Cardinal Towne, Province and Bellamy, Hebert said.

"We like to work with developers," rather than trying to win state funds to build dorms, Hebert said.

Two other student housing developments are in the works, each with a larger footprint and more units planned than the Floyd Street project.

Charlotte-based Campus Crest Communities is at work on a 246-unit development called The Grove on seven acres at 2501 S. Fourth St. The building should be open for next year's fall semester, Hebert said.

Meanwhile, Innovative Student Housing of Austin, Texas, plans a five-story, 272-unit project called The Lofts at 417 Eastern Parkway, just east of I-65, according to Planning & Design records.

Over the last several years U of L has put a heavy emphasis on increasing the percentage of students living on its main Belknap campus or in affiliated housing nearby, in part to shed its image as a commuter school.

The Floyd Street site was planned as student housing as far back as 2007, when an affiliate of Louisville-based Icon Properties bought it, according to Jefferson County property records.

But Icon ran into financial problems during the recession, and lender Old National Bank took over the site in foreclosure in January 2013, according to deeds on file with the county clerk's office. A company backed by Rasmussen bought it in August for $1,352,500.

Rasmussen is seeking a handful of waivers from zoning rules, including one that would allow the building to be 81 feet tall.

The building's height would be consistent with other residential buildings on U of L's campus, including Unitas Towers and University Tower Apartments – each 11 stories – and Louisville Hall (6 stories), according to the zoning application.

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