LOUISVILLE, Ky. (WDRB) – A local developer has big plans to bring thousands of apartments to Louisville and help low-income families in the process.
The new development was announced Monday morning. It’s called Lou 2.2 and there are 10 resorts in the plan.
The company defines “affordable” as a unit that someone earning 30-80% of the region’s median income can afford. The map shows the other complexes and how many units are affordable. @WDRBNews pic.twitter.com/oYFQYD44yP
— Lexie Ratterman (@LRatterman_WDRB) April 11, 2022
One of the approved projects – The Prestonian – will be located at the corner of South Gray Street and East Clay Street, near the Phoenix Hill neighborhood of Louisville.
LDG Development plans to create 2,200 units within the 10 complexes, some of which will be scattered throughout downtown Louisville, including the Russell neighborhood near Lake McNeely and Cane Run Road.
Some of these housing units will be set aside in an effort to meet the need for affordable housing in Louisville. The city needs 30,000 affordable housing units, so 1,300 of Lou 2.2 units will be specifically for those earning only 30-80% of the city’s median income.
LDG says the resorts will have on-site health and education services to improve the lives of its residents, especially those with low incomes.
“We all know homelessness is an issue in this community,” said Chris Dischinger, co-founder and director of LDG Development. “You don’t have to go very far to see it, feel it and believe it. And there are no easy answers to homelessness. I know that. You all know that. But we We have to start with having enough housing.”
Some of the Lou 2.2 projects are ready to go, while others are still in the proposal phase, but if all goes well, LDG Development expects the project to be completed in about 5 years.
The company plans to innovate on The Prestonian and 4 other sites by the end of this year and complete some by 2024.
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