Apartment boom hits Louisville, helping the city attract more yo - WDRB 41 Louisville News

Apartment boom hits Louisville, helping the city attract more young professionals

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LOUISVILLE, Ky. (WDRB) -- Multi-million dollar apartment buildings are popping up around Louisville, and even more are on the way.

Axis on Lexington is one of those new buildings under construction. It's just one example of the changing landscape in Louisville.

"Anything that was close to office was our priority, so that was a reason we just picked something around the downtown area," said Nishitha Pasupulaitui, who lives in an apartment. 

And many more buildings are on the way. Several are already under construction and others are being proposed by developers who see a big need in some of the city's most popular neighborhoods.

"Occupancies are very high right now," said Brian Evans with Cityscape Residential. "Lot of companies coming in, investing, especially more toward the urban core."  

Axis on Lexington is a 300-unit apartment complex under construction in the Irish Hill neighborhood. It's a more than $40 million investment. The developer says it already has a complex in town with a 97 percent occupancy rate.

"I think we're just on the very beginning of the urban renaissance going on in Louisville, and I think you're going to see pretty good demand for the next several years.," Evans said.

Greater Louisville Inc. says the project helps make the city more desirable for young professionals.

"Younger folks wish to live in that walkable urban environment where you can walk to the coffee shop, you can walk to the grocery store, you can walk to your work," said Kent Oyler, President and CEO of Greater Louisville Inc.

But renters hope new developments keep prices down.

"If there's a competition between all the apartments nearby, I think it's good for the renters," Pasupulaitui said.

The developer expects renters to start moving into Axis this January. They want the project finished by July of next year.

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