$17.5 million restoration project planned for affordable housing in the Russell neighborhood
Millions of dollars could soon revive affordable housing in the Russell neighborhood.
LOUISVILLE, Ky. (WDRB) -- Millions of dollars could soon revive affordable housing in the Russell neighborhood.
Allied Argenta is planning to buy and renovate a 125-unit apartment complex at 11th and Jefferson Streets at a cost of $17.5 million.
"We're planning on investing about $45,000 per unit, so it's a significant investment," said Yvonne Delgadillo with Allied Argenta.
The developer is asking for around $1.2 million in tax savings over 20 years to go toward construction. A Louisville Metro Council committee recommended the tax deal Tuesday night for the Henry Greene Apartments. The tax incentive proposal now moves to the full council for a final vote.
Councilwoman Barbara Sexton Smith said the project will complement the $29.5 million in federal money being used to rebuild the Beecher Terrace complex across the street.
“It's gonna increase the quality of life," Sexton Smith said. "There's gonna be amenities that will be built up. The lighting will be increased, the walkways will be increased, the livability."
The Henry Greene Apartments have been around since 1959 and were most recently renovated in 1996.
"It will include energy-efficiency changes, so changing the appliances," Delgadillo said. "We're also planning on changing a lot of the wiring or the plumbing as well as landscaping."
Laura Ferguson with Louisville Forward said affordable housing is crucial for economic growth.
"We have a need for affordable housing, and we also have a need to make sure that the affordable housing we have stays affordable housing and stays in good condition," Ferguson said.
Delgadillo said she hopes the building will be a fixture of the community for decades to come.
“It's a great opportunity for us to make a difference," she said. "We love the fact that we can be a part of something greater."
The developer wants to close on the property by the end of February. If approved, the company plans to start construction in March or April.
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