LOUISVILLE, Ky. (WDRB) -- Developers plan to build 200 apartments next to Lynn Family Stadium, the first step in a heralded sport-centered district that has lagged years behind schedule.
Butchertown Apartments would be an "upscale" complex just south of the stadium home to the Louisville City FC and Racing Louisville FC professional teams. Construction could start as early as next spring.
The project marks the start of a development area on more than 30 acres near Waterfront Park that was part of a deal giving public subsidies to the stadium's backers — only to stall after the venue opened in early 2020 amid the COVID-19 pandemic.
The deal between the teams' parent company, Soccer Holdings LLC, and Denton Floyd Real Estate Group, was formally unveiled Tuesday afternoon. Apartment builder LDG Development is working with Denton Floyd.
"When this development is completed, you're going to have hotels, you're going to have restaurants, you're going to have retail, you're going to have apartments," Clayton Pace, president of Denton Floyd's development division, said in an interview before the announcement. "And then you can walk over to the walking bridge and be a part of downtown and NuLu all within minutes."
The roughly 3-acre site plan calls for 128 one-bedroom and 72 two-bedroom units built above a below-ground parking garage, Pace said, with about 8,000 square feet of retail space on the first floor. Residents would have access to a pool, clubhouse and other amenities, such as grills and fire pits, he added.
Soccer fans outside Lynn Family Stadium before the June 29, 2024 match between racing Louisville and Bay FC (WDRB photo)
Other details aren't yet available, including the overall estimated cost of the project and rents, although Pace said the apartments would be leased at market rate prices.
He said design is still underway, but that once developers are ready to secure financing, "I have no doubt that this will be easily a package that we can model and put together."
Shane Uttich, chair of Soccer Holdings' stadium district development committee, called the project "a great first step" during remarks at the stadium.
"This will be a strong catalyst to support what happens next, and we look forward to this first phase," Uttich said. "We envision a vibrant new extension of downtown Louisville around Lynn Family Stadium."
At Work The Metal, a home decor store on Story Avenue, co-owner Jack Mathis said neighbors have expected more development on the stadium site by now, "but we all know things take a long time to get permitted, processed and approved."
"We all know things take a long time to get permitted, processes, approved," he said. "So we are just trying to be patient and hopefully it will help the whole neighborhood, including our retail store."
The broader mixed-use district initially envisioned 308 rooms across two hotels; 340,000 square feet of office space; and about 70,000 square feet of retail and restaurant space. But those plans changed.
By early 2023, apartments had been added to the master plan along with a project from "a family entertainment operator," WDRB News reported at the time. But the development — along with the projected tax revenue meant for public coffers — had yet to materialize.
Kentucky lawmakers included the stadium district in a $100 million allocation last year for Louisville projects. Mayor Craig Greenberg told reporters that part of those funds will be used for infrastructure improvements on the site, including the Butchertown Apartments' garage that will also be open to the public.
Greenberg said the amount dedicated to the project still is being determined.
The city-owned land once was home to a storage facility, a former oil tank farm and the Challenger Lifts and Marshall's Auto Parts properties and previously housed an iron works, foundry and veneer mill.
Metro government issued $30.4 million in bonds in 2017 to buy and prepare land for the stadium and the surrounding property and to pay for some public infrastructure. In all, the city must cover $43.7 million in principal and interest costs on the bonds until 2039.
Louisville Mayor Craig Greenberg (left) poses near renderings of apartments proposed next to Lynn Family Stadium with Soccer Holdings representative Shane Uttich (middle) and Clayton Pace (right) of Denton Floyd Real Estate Group, March 25, 2025 (WDRB photo)
There are two main ways that Louisville would be partially reimbursed.
The development agreement requires the soccer group to give $14.5 million to the city before April 2040 through lease and other payments, such as the purchase price from any lots that are sold.
Paying off that amount in 10 years would let the stadium owners avoid paying the city up to roughly $10 million more.
WDRB illustrated in early 2023 how the lack of development at the stadium district was impacting the promised tax revenue for the city.
Early projections anticipated Metro government would receive $12.8 million in local property taxes generated there over a 20-year period starting in 2020. But with only the stadium built, only about $110,119 was tallied in the first three years — less than the $1.2 million expected.
Uttich, the stadium district planner, said the next phases are "still to be determined" but declined to discuss a specific timeline.
"It takes a lot of methodical planning, patience, time and money," he told reporters. "Market conditions have to be appropriate. So we are working towards that every day."
Related Stories:
- Louisville's soccer stadium district is years behind schedule. Owners say it's still 'moving forward.'
- Downtown area Louisville projects land $100 million in Kentucky spending bill
- Louisville was promised more than a soccer stadium in Butchertown. Where's the rest?
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