The Barrister Commercial Group plans to build a large apartment complex in the Highview neighborhood on property currently owned by the University of Louisville Foundation.
The Louisville-based company plans to construct a 265-unit apartment complex called Unity Place Commons, with features like a recreation area, a clubhouse, on-site manager and on-site security. The proposed development, at 8016 Shepherdsville Road, was downsized from original plans to build 338 apartments following concerns from neighbors, according to Mike Brown, director of business development at Barrister Commercial Group.
“We want to be good neighbors,” he said, adding, “We buy and hold” property.
The apartments will be market rate, with the “latest energy saving” features and hook-ups for a washer and dryer, Brown said. Rental rates will be under $1,000 a month.
Barrister Commercial Group has wanted to build apartments for several years and “felt the East End was saturated,” Brown said. The company found out about the available land on Shepherdsville Road because, Brown said, he is on the Board of Overseers for the University of Louisville.
The University of Louisville Foundation was willed the vacant land in late 2011. Barrister Commercial Group now has an agreement to purchase the 18.4-acre property from the foundation.
“There is no conflict, but I heard the property was available,” Brown said.
He declined to say how much the company would pay for the property, which is valued at $694,050, but the total cost estimate for the project is $25 million.
Insider Louisville reached out to the UofL Foundation about the property, but has not heard back.
Barrister Commercial Group also is the company behind a major retail center coming to Fern Creek. Construction will start in January on the $60 million, 363,000-square-foot shopping center called Southpointe Commons.
Louisville-based TRIO Commercial Property Group will handle leasing for the center, and Barrister Commercial Group is expected to make announcements about future tenants in the coming months.
“That’s going to be pretty exciting,” Brown said.