LOUISVILLE, Ky. (WDRB) -- An affordable housing complex in downtown Louisville is no longer on the market. While one resident is uncertain about its future, the new owners said it's their goal to preserve the property.
Those who head the holy sanctuary on South 2nd Street in the heart of downtown said that God had other plans for Cathedral Commons.
Terrie Allen has called the complex home for 15 years. What has kept her there is more than the centralized location.
"It's affordable," Allen said. "I like the apartments, yeah. It's close to town and (the) bus and I just don't like moving and it's, you know, it's a small community. It's only 40 apartments."
Christ Church Cathedral sold the property in December to New York-based real estate developer Fairstead LLC. The property is now managed by Beacon Property Management.
Matt Bradley, who leads Christ Church Cathedral, said before the sale, owning Cathedral Commons was a heart move, not a business one. The church managed the property for more than 15 years, using loans to help with maintenance and upkeep.
"We got a loan for $500,000," Bradley said to WDRB in 2021. "As a result of the very thin margins that come from running affordable housing, we were not able to pay that in one lump sum."
For residents like Allen, parking seems to be the only issue. But she said she can deal with that as long as the apartments remain affordable.
"It makes me feel really good that they are not saying they're going to come in and take everybody's livelihood from them," she said.
According to signs posted around the building, there are still vacant units.
In a statement, a spokesperson for Fairstead said their goal is to preserve sustainable, high-quality, affordable housing across the country, and that remains the goal at Cathedral Commons.
"We acquired the property at the end of 2021 and have been spending the last few months getting to know our residents, our neighbors, and connecting with local partners and stakeholders," the statement continued.
The spokesperson did not give any details about possible future plans for the property.
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