And now for some good news … Axis on Lexington to break ground in 2015
Officials at Indy-based Cityscape Residential announced last week they’ve closed about $82 million in joint-venture financing within the last 90 days in a round led by two unidentified commercial banks and a long-term institutional equity partner.
In a news release, Cityscape listed the Apex on Preston, a $40 million Class-A apartment project in southern Jefferson County, as one of the projects fully funded in the $82 million round. Cityscape’s first apartment community here, Apex on Preston broke ground in July, touted as the first complex with luxury interiors and high-end pools and communal amenities built in the South End.
There’s more good news for Louisville. The release states the Axis on Lexington complex is scheduled to break ground by early 2015.
Axis on Lexington will put 300 units within a mile of NuLu, and close to the Highlands, Clifton and Crescent Hill neighborhoods. In June, Cityscape partner Kelli Lawrence told IL the Axis was on track to close the purchase of the 9-acre parcel by August. Lawrence said at the time Axis would have amenities such as a bike repair area aimed at the younger people who are flocking to NuLu and other urban neighborhoods.
The latest release notes that to date, Axis on Lexington “ranks as the largest investment in an urban Louisville, Ky. multifamily complex by an out-of-town developer.”
Cityscape has more than 1,700 units under development throughout Indiana, Kentucky, Missouri and Kansas, according to the release. Cityscape is developing 688 units at two locations in downtown Kansas City, Mo. So, city centers increasingly is where the action is ….
Finances are super! at KFC Yum! Center, as always
The Courier-Journal reported last month that state officials gave the Louisville Arena Authority a check for $7.5 million, representing the increased sales tax and employment tax from the KFC Yum! Center tax increment financing district.
Which is nice.
But reporter Sebastian Kitchen did not mention the projection for FY 2013/2014 is $11.5 million, not $7.5 million. So, the TIF revenue still came up 30 percent short of the money the state needs to service the $348 million bond debt issued to build the University of Louisville’s basketball arena.
That said, the trend is favorable for the TIF revenues, which at one point produced only 20 percent of the projected amount. Metro Council President Jim King, who pushed the riverfront location, says everything is great. But if you start doing the actual math on the event revenue, everything is NOT great.
Lest anyone forget, KFC Yum! Center has cost the taxpayers of Our Fair City $39.2 million since 2010 while generating about $52 million in ticket sales for the tenant, the University of Louisville. How come we never hear anything from the Tea Party about this socialist transfer of wealth scheme?