Lexington, Payne Site Cleared For Apartments
An Indianapolis developer, Cityscape Residential, has cleared a large site in Irish Hill near the corner of Lexington Road and Payne Street where it plans to build nearly 300 upscale apartments along Beargrass Creek.
Cityscape has not announced a formal ground-breaking for the Irish Hill project, being called Axis Apartments. But a large old warehouse complex on the site has been cleared in the past month and the site appears nearly ready for construction.
Once underway, construction is expected to take about 24 months.
Cityscape closed on the purchase of the nearly 10-acre site along Lexington Road — across from Headliners Music Hall and the large Distillery Commons development — in March for $1.2 million.
Kelli Lawrence, a Cityscape partner, has estimated the total development cost of the Axis project at $40 million.
“Cityscape Residential has started site preparation for Axis Apartments with the anticipation of construction beginning soon,” Lawrence said.
The Axis plans approved last year by the Metro Planning Commission provide for the apartments to be developed in three, five-story buildings along Beargrass Creek. Cityscape officials have said that rents would range from $700 to $1,600 a month.
The site plan shows that each building will be atop one level of parking, a measure intended to keep the housing above the flood plain. The plan shows 126 parking spaces in the garages and 375 other surface spaces.
Cityscape’s recently opened Apex on Preston apartments are situated on about 15 acres on Interchange Drive, just east of Interstate 65.
The Apex units rent for $830 to around $1,400 a month. Cityscape invested about $30 million in the Preston Highway corridor project located near Commerce Crossing near Bullitt County. The site is close to UPS Worldport, GE Appliance Park, Ford, Fort Knox and major employers in Bullitt County.
Cityscape’s Irish Hill development is expected to offer similar high-quality residency. The company has promoted its Louisville projects as offering “high-end living, with top-of-the-line interior finishes and resort-style communal amenities.”
The pending Axis project, which has the support of many residents in the Irish Hill neighborhood along the Lexington Road corridor, ranks as one of the largest investments in a multi-family complex by an out-of-town developer.
Poe’s development faced neighborhood opposition, primarily because he wanted to reroute the Middle Fork of Beargrass Creek through the site.
Reporter Sheldon S. Shafer can be reached at (502) 582-7089. Follow him on Twitter at @sheldonshafer.