Car dealership Tafel Motors will move out of its longtime space along the busy Shelbyville Road corridor in St. Matthews.
David Peterson, owner of Tafel Motors, has agreed to sell the 6.5-acre lot to Louisville-based developer Investment Property Advisors, which plans to construct an eight-story mixed-use building with 276 apartments, according to documents filed with the city. The Tafel Motors building will be razed.
“We like the St. Matthews area in general because there hasn’t been any new multifamily built there in a long time,” said Chase Sorrick, a partner with Investment Property Advisors. The location “gives it more of an urban feel, which some people like.”
The project will cost an estimated $40 million but could end up with a higher price tag.
There is no timeline currently for when Tafel Motors will move, but Investment Property Advisors hopes to start construction at the end of this year or early next year, said Jonathon Baker, an attorney with Wyatt, Tarrant & Combs who is representing the developer.
The apartments will be a mix of one-, two- and three-bedroom units with high-end finishes and in-unit washer and dryer, the documents state. The estimated average monthly rent will be $1,100.
Sorrick told Insider Louisville that the majority of tenants are expected to be young professional who are drawn there because of its proximity to office building, the malls and other commercial businesses.
In addition to apartments, the building will have a Crossfit facility, a swimming pool, 13,000-square-feet of rooftop green space and 15,345-square-feet of retail and restaurant space. Plans also call for a 3,675-square-foot detached building for commercial use.
The property will be “heavily landscaped,” Sorrick said, and the apartment building will feature rooftop green space.
“Nice exterior spaces are an amenity,” he said. “You certainly won’t feel like you are in the middle of this commercial corridor” on the roof.
Investment Property Advisors also plans to install a stormwater retention basin to help alleviate problems with flooding and stormwater runoff along that section of Shelbyville Road.
The development will have 575 surface and parking garage spaces for residents and visitors. Construction will take roughly 16 months.
The redevelopment plans for 4156 Shelbyville Road will need to be approved by both the Louisville Planning Commission and the city of St. Matthews.
Investment Property Advisors is asking the two government bodies to eliminate existing development restrictions including one that says only a car service shop and dealership can operate on the property. Another restriction limits the size of the building permitted on the lot.
The developer also has requested that the cities close a section of North and South Church Way, which sits behind the property.
Investment Property Advisors’ primary focus has been multifamily housing for college students. It has constructed multiple student-focused, mixed-use developments in the United States, including Cardinal Towne at the University of Louisville.