Major residential real estate deal closes

• One of the biggest, if not the biggest, multi-family real estate deals in Louisville history closed Friday. Louisville-based PRG Investments represented Intervest National Bank, which sold Kingston Park Apartments to a local public-private partnership that includes Underhill Associates.

Kingston Park – better known as the Americana Apartments – is not merely a huge complex, with 622 units. It’s a small city off Southside Drive near Iroquois Park, with 66 total buildings on a huge campus. Though it’s fallen into disrepair, it’s home to hundreds of residents representing at least a dozen countries, from Somalia to Guatemala.

Reed Weinberg and Fred Sutterlin with PRG represented seller Intervest, a Manhattan-based real estate investment bank that ended up with Kingston Park after a default, and they’ll be at our Insiders Meetup this afternoon. In the meantime, we’ll have a longer post about this because Metro government and Underhill Associates plan to make Kingston Park something that’s all too rare in Louisville … great affordable housing for our growing immigrant community.

Middletown Commons
Preliminary construction at Middletown Commons.

And the highest-ticket construction projects in the region are…

• The C-J recently had a story with a headline about Louisville entering the busiest construction period in 50 years. Oddly, the online version only mentioned the bridges. But it got us thinking about all the construction in the region, from Simpsonville to downtown.

Area by area, there is a lot going on, so we’re giving you a list of the $20 million-plus projects.

  • As we told you last month, Middletown Commons retail center at the Snyder Freeway and Shelbyville Road, is well under way. The 32-acre project is a $50 million investment for Nashville-based GBT Realty.
  • Just east on Shelbyville Road is the new Meridian on Shebyville apartments. (We’ll have more about that project this week.) An estimated $40 million investment.
  • Downtown, the Hilton Garden Inn is nearly finished, about $22 million.
  • The conversion of the former Stewarts/Hilliard-Lyons Center at Fourth Street and Muhammad Ali Boulevard is valued at $80 million.
  • On River Road, the second phase of RiverPark Place is under way, a $30 million stage.
  • U of L Development Co., the construction subsidiary of the University of Louisville, has two buildings under construction at ShelbyHurst, with total construction valued at about $50 million
  • Claiborne Crossings, the 242-unit luxury apartment complex off Old Henry Road near Middletown, is scheduled to wrap this month. The $33 million project at 14601 Bush Farm Road is a 50/50 joint venture between Cogan’s Jefferson Development Group and TDK Construction Co., based in Murphreesboro, Tenn.
  • The Outlet Shoppes of the Bluegrass, which started out as Outlet Shoppes of Louisville, is scheduled to open July 30 in Simpsonville. With 300,000 square feet of shops, we estimate the project at $40 million.

That’s just a quick list of almost $400 million in investments, and it doesn’t include Norton Commons, where homes and apartments are under construction. Trust us, there’s a lot more out there in progress or planned that no one is taking about …..

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