Sale of affordable housing complex in downtown Louisville leaves resident uncertain about future

LOUISVILLE, Ky. (WDRB) — An affordable housing advanced in downtown Louisville is no for a longer time on the marketplace. While one resident is uncertain about its foreseeable future, the new owners stated it truly is their intention to maintain the property.

These who head the holy sanctuary on South 2nd Street in the heart of downtown claimed that God had other designs for Cathedral Commons.

Terrie Allen has called the elaborate household for 15 a long time. What has retained her there is extra than the centralized area.

“It can be inexpensive,” Allen mentioned. “I like the flats, yeah. It truly is near to city and (the) bus and I just really don’t like transferring and it’s, you know, it is a compact neighborhood. It is really only 40 residences.”

Christ Church Cathedral marketed the house in December to New York-dependent authentic estate developer Fairstead LLC. The residence is now managed by Beacon Residence Management.

Matt Bradley, who qualified prospects Christ Church Cathedral, claimed just before the sale, possessing Cathedral Commons was a coronary heart move, not a business enterprise 1. The church managed the home for more than 15 yrs, using loans to assist with servicing and repairs.

“We acquired a loan for $500,000,” Bradley said to WDRB in 2021. “As a final result of the incredibly skinny margins that occur from running cost-effective housing, we have been not ready to pay out that in one lump sum.”

For residents like Allen, parking would seem to be the only challenge. But she explained she can offer with that as prolonged as the apartments continue to be economical.

“It helps make me feel definitely very good that they are not saying they’re likely to occur in and choose everybody’s livelihood from them,” she explained.

According to signals posted around the making, there are continue to vacant units.

In a statement, a spokesperson for Fairstead said their objective is to preserve sustainable, large-excellent, reasonably priced housing throughout the country, and that remains the purpose at Cathedral Commons.

“We acquired the house at the close of 2021 and have been spending the past several months getting to know our inhabitants, our neighbors, and connecting with regional associates and stakeholders,” the assertion ongoing.

The spokesperson did not give any particulars about attainable long term ideas for the house.

Related Stories: