Derby City currently needs around 30,000 units of affordable housing, and LDG Development has a plan to help tackle the issue.
Called the LOU 2.2 Housing Plan, LDG Development looks to build 2,200 apartments across 10 new complexes throughout Louisville.
One of the new complexes, The Prestonian, will sit in the Phoenix Hill neighborhood at the corner of South Gray + East Clay streets. LDG Development looks to break ground on The Prestonian — as well as five more sites — this year with a completion date sometime in 2024.
Here are some features of The Prestonian:
- The development will occupy 404,391-sqft across two, four-story buildings.
- There will be 343 units total — including 13 accessible units.
- Amenities will include a business center, fitness center, clubhouse, library + two enclosed courtyards.
More than half of the units LDG creates in its LOU 2.2 Housing Plan will be reserved for families earning between 30-80% of the area’s median income.
But what does that mean? The area median income (AMI) is the midpoint of a region’s income distribution, according to Community Roots Housing. For Louisville, the AMI is $75,600 — which means renters would need to earn between $22,680 to $60,480 annually to live in one of the new developments.
Here’s a breakdown of how many units will be created per AMI + how much renters need to earn:
- 337 units will be at 30% AMI — renters need to make $22,680/year
- 525 units will be at 60% AMI — renters need to make $45,360/year
- 473 units at 80% AMI — renters need to make $60,480/year
Residents who live in one of the LOU 2.2 Housing Plan developments will also have onsite access to comprehensive health services via a partnership with Norton Healthcare + after-school academic enrichment and scholarship assistance provided by EVOLVE 502.