LOUISVILLE, Ky. (WDRB) -- A housing project a decade in the making is turning something old into something new.
Painters Row apartments is an $18 million attainable workforce housing project located at the corner of 15th and Lytle streets in the Portland neighborhood. The warehouses turned apartments were built in the 1880s and previously used for masonry, timber, storage, rope manufacturing and more.
"This represents the biggest investment west of 9th Street in the Portland neighborhood that I can think of in decades," developer Gill Holland said. "I think it is the third biggest adaptive reuse project in Louisville behind Bradford Mills and Germantown Lofts."
The three buildings include more than 100 apartment units with retail space on the ground level. Holland said the project was assisted with a help of a city housing loan, along with federal and state tax credits. No government subsidies were used.
"We have 30,000 families on the affordable housing waitlist and we have a desperate need for more apartments, more dwelling units," Holland said.
Painters Row apartments in the Portland neighborhood on March 19, 2024 in Louisville, Ky.
The apartments feature modern finishes, stainless steel appliances, modern lighting and high ceilings. The monthly cost for a studio is around $800, 1-bedrooms go for around $1,000 and 2-bedrooms are priced around $1,200.
Caleb Steele calls Painters Row home.
"People hear where it is at and they are like 'oh this is a negative place' but then people ask me and I am like 'I have no discomfort here, I feel comfortable here,'" Steele said. "Even since I moved in there's been buildings that have changed. People moving, actually showing up and moving around the neighborhood so it is good to see an up and coming place and being a part of it."
Holland, Weyland Ventures, and Catalyst Opportunity Funds invested in the property. The main focus was to work with what's already there instead of building new from the ground up.
"This is great for Portland for many reasons," Holland said. "When we started working in Portland 10 years ago, 1 in 4 properties were vacant and abandoned."
Renderings for Painters Row in Portland neighborhood in Louisville, Ky. (Renderings courtesy of Weyland Ventures)
Holland founded the Portland Investment Initiative 11 years ago with the intention of enhancing the neighborhood in west Louisville through real estate investment.
Painters Row will eventually be nearby Waterfront Park as a multi-million dollar expansion project is planned for the coming years. The Waterfront Park is expanding into Portland with a 3,000-square-foot community center. The 22-acre expansion between 10th and 14th streets will include an outdoor experiential learning area designed in partnership with the Kentucky Science Center.
"We hope for the ripple effect so then other people are like 'oh well look what they did with that old building,'" Holland said. "'Why don't we think about fixing up our building?'"
Applicants are still being accepted with occupancy expected next month.
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