Condos again a possibility at River Park Place
Pre-sales to begin in August to determine demand
Tuesday, July 1st 2014, 4:23 pm EDT
LOUISVILLE, Ky. (WDRB) -- It's a major development along the Ohio River in Louisville that was slowed by the recession -- but it now looks as though it's moving full-steam ahead.
Construction continues on Phase 2 of the River Park Place, a four-story, 160-unit apartment building. The first apartment building, which opened more than a year ago, is fully occupied.
Plans to develop the area on the Ohio River, just east of Waterfront Park at one time included a couple of multi-story condominium towers. Since the recession, condo sales in the Louisville area have been soft, so construction of the condos had been put on hold.
But Steve Poe, the developer of the project, believes now could be the time to proceed to build one 17-story condo tower.
"Sometime in the next 30 days," said Poe, "we will start a quiet pre-sale with all of the people who have recently inquired about condos at River Park."
A model condo in the project's sales office is now being prepared. If built, the condo tower will have a rooftop swimming pool.
"We will have about 90 units in the condo tower consisting of one-, two-, and three-bedroom units," explained marketing director Nicki Sibley. "The model unit here in the office will be a two-bedroom, two-bath for people to come and see. It will be opened to the public the first part of August."
Poe believes demand for condos is on the rise again as consumer confidence is growing -- but before breaking ground on the project, he wants to make sure.
"We are going to have to achieve at least 50 percent pre-sales," he said. "That is why we are going to start the pre-sale function. We'll see how that works. We get five-to-seven inquiries a week about condos at River Park, so we are going to see how many of those people really want a condo."
Meanwhile, the construction on the second apartment building is expected to be finished in October.
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