Developers have filed plans for new housing developments in 2017 as they look to cash in on and ease the continued demand for single-family and multifamily housing in Louisville.
At the end of 2016, Insider Louisville debuted a map that showed where new subdivision projects, additions to existing subdivisions, apartment complexes, condominiums and mixed-use developments were planned. This week, Insider combed through Louisville-Jefferson County Metro Government’s development records and our archives from Dec. 26 of last year to this past Monday to add new projects to the map.
Just under 30 pins were added to the 2016 map, which included 77 housing projects that were in development or under construction last year, with some updates to major projects on the map. The pink, teal and light green markers show projects added to the map this year.
It doesn’t seem as if there are as many projects in the works in 2017, but there are still four and half months left in the year, and some developers may be busy trying to wrap up current projects.
In 2016, plans were filed for, or construction was underway on, 36 apartment projects, ranging from a four-plex in southwest Jefferson County to a 552-unit complex near Jefferson Mall, according to Insider’s 2016 development map. This year’s additions only number 13 and are mostly concentrated in Louisville’s suburbs, in contrast to the 11 apartment projects in the works in the urban core last year.
As previously reported, Louisville-Jefferson County Metro Government has enjoyed a jump in demand among multifamily housing developers who want to build in the city.
The largest apartment addition this year is the recently announced partnership between Family Scholar House, LDG Development and The Marian Group. The three broke ground on a $71 million, 412-unit development that will house seniors, families and clients of Family Scholar House on one large property near Jefferson Riverport International. It will focus on affordable housing.
The biggest market-rate project is a 370-unit complex off Tucker Station Road near Main Event Entertainment and Xscape Theatres Blankenbaker 14.
Looking at single-family housing development, plans were filed for three new subdivision projects in Jefferson County so far this year, with the majority of development plans being expansions to existing subdivisions. According the 2016 map, more than a dozen new subdivisions were planned or under construction last year.
Of course, that doesn’t mean they will necessarily come to fruition.
Most notable this year are two large conservation subdivisions near each other and near Valhalla Golf Club and the northern edge of the Parklands of Floyds Fork.
Inverness Homes filed plans in June with Louisville-Jefferson County Metro Government for 321 lots on 115.6 acres at 1313 Johnson Road. The proposed subdivision would include 1.5-million square feet of conservation space.
The second sits a mile away at most. The proposed Stapleton Ridge subdivision by Elite Built Homes would have 137 lots and 1.2-million square feet of conservation space.
These two subdivisions are part of what is going to be a continuing trend in eastern and southeastern Jefferson County — conservation subdivisions — particularly near the 4,000 acres of Parklands of Floyds Fork. Seeing the demand, the city created the South Floyds Fork Area Study Advisory Group to set guidelines for how the property is developed and where infrastructure investments are made.
The new subdivision plans filed so far this year are north of that study area, but developers are bound to move south as sewage and other utilities are installed making it more affordable to build on the land. Building Industry Association of Greater Louisville head, Pat Durham, estimated in December that there were roughly 20,000 acres of property in that area. Some of it isn’t available for development, but as many as 4,200 could conceivably be built in that area.
Although plans have been submitted for a few new large subdivisions, the struggle to meet demand is still a reality as evidenced by month after month of declines in housing inventory.
The Greater Louisville Association of Realtors sent Insider its Louisville MLS housing market numbers for the month of July. The association is reporting a 15.4 percent decline in the number of active home listings in the Louisville MLS on July 15 compared to the same day a year ago. In Jefferson County alone, the decline was 12.5 percent.
Homeowners sold six more homes in Jefferson County in July 2017 compared to the same month a year ago, and the median home sale price slipped 0.56 percent, to $177,000. The MLS recorded similar results, with nine more homes sold in July compared to July 2016; however, median home price rose in the MLS by 1.7 percent, to $183,000.
Editor’s Note: The maps strive to be comprehensive but are limited to available data via public records and individual reporter knowledge. If you notice a recently started or announced project missing on the map, email [email protected] with the new information.