Louisville Lofts and Condos

Park Place Lofts, view from Main Street

400 E. Main St.
Louisville, KY

Total units: 22 (condos)
Lofts: 22 units
Unit size: 792-1,802 sf
Sale price: $133,750-$315,000 (past two years)

Year built: 2005

Park Place Lofts is located directly across the street from Slugger Field, home of the Louisville Bats baseball team. It is also diagonally across from Preston Pointe and directly across the street from Fleur de Lis, another condominium project currently under construction. The lofts are located in the rapidly emerging East Main District of Louisville, one of the hotest residential areas in downtown. Many of the lofts feature balconies with great views of Slugger Field and Preston Pointe. It has on-site parking and a great location, just steps away from the Great Lawn and Riverfront park. The first floor features commercial space (a hair salon and a small coffee house, Blue Mountain, I believe), with several of the spaces currently open.

Park Place Lofts Photos

Park Place Lofts view of side balconies

The Oaks at Riverpoint are scheduled to open during August 2007 in downtown Jeffersonville, IN.  The 16 condos (2 BR or 3 BR) are moderately priced ($90,000 to $130,000) with close access to the river and downtown Louisville, yet have amenties such as hardwood floors and oak cabinets.  According to the developer, Tom English of the Gregory Group LLC , almost half have already sold.    The condos are in the former River Falls motel and Lounge, which was completely gutted for the remodel.  The developer plans another building facing West Market St, with retail on the ground floor and offices or condos on the upper floors.

I’ve started to begin a comprehensive listing of condominiums and lofts in the Louisville, KY area. On the right hand side of the page, you can see the condominium and loft development listing in its formative stage.

I’ve decided to separate the listing into two categories: Central Louisville (which is basically defined as Louisville, KY before the merger with Jefferson county) and Louisville, KY suburbs (outer Jefferson county and surrounding counties, including neighbors to the north in Indiana).

Each of the entries about the condominiums/lofts will feature key facts about that development and pictures (if I have any). I hope that this proves to be a useful aid to anyone who is in the market for a new residence or is just curious about condominiums and lofts in the Louisville area. I know that I would have appreciated this information several years ago. Of course, times are changing and there are many more choices today than just a few years ago–more than 19,000 condos in Jefferson County alone. My personal preference is for a more urban area, but I’ve decided to include suburban condominium developments to ensure that I provide a full view of the current marketplace (although I still believe that I’ll be biased toward downtown Louisville and nearby areas).

At the corner of Rubel Ave and Broadway, in the Original Highlands, Marian Development Group plans five lofts in a three story building to be called Phoenix Lofts.  It is a short walk from the coffee shops and stores of Baxter Ave and just east of the downtown Louisville area.

 The developers, Jake and Cynthia Brown, will offer four two bedroom, 2.5 Bath Lofts with underground garage, while one unit will be one bedroom, 1.5 Bath without a garage.  The lofts will feature metal staircases, tall ceilings (10-11 ft), stainless steel appliances, granite countertops, bamboo floors, and will fit the character of the neighborhood with brick/stone exteriors and walk-up stoops.  Prices will begin at $298,000.

Mercantile Gallery Lofts–View from the East on Market Street (with Charnette building still under renovation on the left)

The Mercantile Gallery Lofts, a $10 million development of Todd Blue (with Jim Walters of Bravura and investor Rowland Miller) includes the renovation of two historic structures (plus a third, newer building from the 1960’s for the parking area).

As of July 23, 2007 there are 8 condos that have been sold (the project began marketing about a month earlier, in June 2007) and the condos are now officially complete and open for occupancy. The units range from $179,000 to $400,000 (with a penthouse for $850,000). The development features a first floor common area with billiards/poker table, theater room, fireplace lounge, fitness facility and laundry.

Although the project is essentially complete, buyers can still have the finishing touches of each condo customized upon purchase.

The Fleur de Lis on Main is an 82-unit development that is now under construction at the corner of Preston & Main St in downtown Louisville. The five-story development will feature street level retail space and secured, underground parking. Each of the units will be on floors 2-5 and will feature a balcony (with either courtyard or street views). There are fifteen different floor plans, from 1,067 sq. ft to 2,016 sq ft in a variety of formats. All of the units have two bedrooms, but some are lofts, some have dens and others are in a townhouse format, with prices from $240,000 to about $440,000, dependent on configuration and views. In May, the developers announced that 30% of the development was pre-sold, just prior to the end of pre-construction pricing (June 1, 2007). Based upon my review of the currently available units at Fleur de Lis on Main, about 33% have been sold as of mid-July.

The condo/loft development is being constructed in the middle of the fast developing East Main District, directly across the street from Preston Pointe and diagonally across the street from Slugger Field, baseball stadium home of the Louisville Bats. On the opposite side of Preston street are the Park Place Lofts. There are 11 (!) residential developments either built or planned within one block.

I took a few pictures to show the current construction status. The foundation and underground parking appear to be substantially complete. Work has already begun on the first floor’s steel infrastructure. Work began last year (August 2006), but appears to now be making substantial progress.
Fleur de Lis on Main from Preston Street (July 2007)

Fleur de Lis on Main–View of underground parking and first floor steel construction from alley with Preston Pointe in background (July 2007)

On the south side of U of L’s Belknap campus, near the Speed School of Engineering, the Reynold’s building Loft/Condo development is taking shape. 

The Courier-Journal reported about its progress today. The 70 condos include walls of windows and private balconies. Its proximity to I-65 and the U of L campus should make it a lively place to live with easy access to other parts of the metro area.

Some of the original building features, such as the Reynold’s Aluminium company logo of St. George slaying the dragon, were preserved.   Detailed floorplans and features can be found at the Reynold’s Lofts website.

The developer, McGoodwin Co., has already sold 6 condos, although the building is still under construction. The first residents are expected at the end of July, before the U of L semester begins.

The Moorman Home condo conversion will likely soon have a new neighbor. According to the Courier-Journal report, a building with seven more condominiums (Second phase of the project) has a hearing scheduled for final approval.

It received praise from the Cherokee Triangle Association and Louisville Metro Landmarks Commission for a design that complemented the existing historic neighborhood.

Prices have not been set for the second phase, but the first phase prices start at $569,000.

The June 2007 edition of Louisville Magazine featured an article entitled “The Call of the Condo.” The article described recent demographic trends in the Louisville area that are leading to more interest and development of condos and loft projects around the city.

The article also focused a great deal of attention on the downtown area, since this area has been at the forefront of a resurgence in urban living and condo/loft development.

The overall article had a very positive take on the condo market and its continued development in Louisville, especially in the downtown and east of downtown areas.