Insider Louisville has a sit-down interview scheduled Thursday with developer Steve Poe, and we’re hoping for his market overview.
Until then, this just came over the transom: As we told you last month, Poe is on the verge of adding significantly to his big RiverPark Place project.
Poe Companies and REI Real Estate are planning to expand RiverPark Place with the next building and amenities pending approval at today’s 4 p.m. meeting of the Waterfront Development Corp., according to a news release.
(We’re guessing Poe and companies are fairly confident about the outcome since work has already started, as we told you in the July 1 Monday Business Briefing.)
This is essentially Phase 3 at the site, and includes plans for 162 upscale apartments in a 4-story building. Apartments will vary from one-to-three bedrooms, renting for $700 per month up to $2,000 per month, according to the release.
Plans call for restaurant and retail space on the ground level. Amenities for this Class A development include two pools, sand volleyball courts, firepit, green space, cookout area and clubhouse, according to the release.
Poe has gone on the record saying this riverside project has been one of his most successful. In the release, he’s quoted as saying WaterSide at RiverPark Place has “exceeded all expectations. It leased up faster than any other apartment community in my development experience.”
Phase 1 of the project on River Road, just east of the waterfront parks, was the 149-boat slip marina that was completed in May, 2012.
Phase 2 – a 167-upscale apartment complex – was completed last March.
Poe, like all developers, had his setbacks during The Great Recession. RiverPark Place began as a mega condo project.
From Steve Kaufman’s “The return of Steve Poe … and the return of the dream of a residential riverfront into downtown” post last February:
His company received an RFP for the project in 2004, came up with a design, put together a master plan for the 40 acres in 2005, broke ground in 2007 and began pre-selling the condominiums. He had deposits on $38 million worth of condos and marina slips.
And then ….
“By November 2007, it became apparent that the world was changing,” Poe recalls. “The condo bubble was bursting in places like Florida and Arizona and, by the first quarter of 2008, financing was drying up. Our banking commitments vanished.
“Liquidity was coming out of the market, the bank was not taking on anymore real estate and we had to admit that ‘this party’s over – at least for now. We need to shut down until the market comes back. ’ ”
The project shut down from 2008 to 2011.
Now Poe is back in high gear, which makes a nice narrative for every entrepreneur who’s gotten back up after getting knock down.
The existing building has the following features:
• Walk/bike path access into Waterfront Park
• Parking garage beneath the building
• Views of downtown Louisville and the existing marina
• Granite countertops
• Stainless steel appliances in select units
• 9’ ceilings
• Floor to ceiling windows
• Walk-in closets
• Track lighting
• Private balconies/patios