Prospect Cove plans moving forward for 198-unit affordable senior housing complex
Leaders with LDG Development say plans are moving forward for the affordable senior housing complex called Prospect Cove.
PROSPECT, Ky. (WDRB) – Leaders with LDG Development say plans are moving forward for the affordable senior housing complex called Prospect Cove.
The proposal is to build a 198-unit complex for seniors on fixed incomes off Timber Ridge Drive and River Road. The property is in Metro Louisville limits but right on the border with the city of Prospect.
“In Louisville alone, we’re expecting our senior population to more than double over the next twenty years,” said Michael Gross, Development Manager of Prospect Cove development manager.
Gross said the project is important to the company’s mission of providing up-scale, affordable options for seniors.
“Senior developments are a really important aspect of having a compassionate city,” he said.
After presenting to the Metro Council planning commission in February, LDG has been working on new exterior design plans to suit the neighborhood feel of Prospect.
“The planning commission was pretty clear that they felt the height and the density were appropriate for the location,” Gross said. “But they did want to see some modifications to the exterior of the building.”
LDG initially lost the original purchase contract with the seller after presenting to the planning commission. Gross said that the seller expressed he wanted time to review his options. But Gross said LDG has been back in contract with the seller for about a week and a half.
“He came back and decided that we were probably the best option moving forward,” Gross said.
In that time frame, the city of Prospect has been accepting donations in support of a different option. Prospect Mayor John Evans did not want to comment about the purchase contract until he heard directly from the seller.
However on May 15, Evans said that residents were donating funds to help purchase part of the property. The other part would be purchased by a different developer, and then together the land would offer a mix of retail and business space along with a park and new municipal maintenance building.
So far, Evans said upward of $250,000 of the $390,000 needed by the city has been raised. He said all of the checks are made out to the city for a restricted fund, but none of the checks have been cashed yet, adding that if the LDG contract goes through, all of the checks would be returned.
However, he emphasized, “Prospect will oppose this with every resource we have.”
Gross said LDG hopes to have the new plans submitted to the planning commission in the next few weeks. After that, there would be another public hearing, and then it would go to Metro Council for review.
“We are confident that our design team is working hard to find something to fit in with the neighborhood and that the planning commission will find acceptable,” said Gross.
Gross said LDG also wanted to clear up some of the linger confusion about the plans. Although some in Prospect are concerned that around 700 people would live in the building, Gross said that’s not realistic based on the company’s similar developments in other cities.
“We typically have 80 percent of the units, or 90 percent of the units actually, are inhabited by one resident," Gross said. "And the remainder are inhabited by two residents.”
There will be age and income restrictions in order to rent a unit. Any person renting an apartment must be 55-years-old or older. And the senior must make at least $27,900 and no more than $42,500 each year. Rent will vary from $625 to $1,000 per unit.
Gross said residents will go through an income verification process, along with a criminal background check, credit check and reference check. He said that is a “more vigorous check” than other market-rate developments.
And Gross said there’s a difference between their affordable housing project and a typical public housing or Section 8 project. He said LDG has a public-private partnership that sells tax credits. Those credits then help pay for the development so the company can charge lower rent prices.
Gross said the residents go through the verification process because they must be able to pay rent when they sign on, because LDG does not provide subsidies.
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