Bristol Development Group
The development would be on the northwest corner of Main and Clay streets.
Louisville Metro Council has proposed a financing plan to assist the development of a seven-story apartment and retail complex proposed by Franklin, Tenn.-based Bristol Development Group on about 1.5 acres along Main Street near Clay Street, on the edge of Butchertown.
An ordinance proposed by Metro Council President David Tandy would rebate as much as $4.46 million in real property taxes for the development, which is expected to cost $48 million. The proposal will be reviewed by the council’s Labor and Economic Development Committee during its 4 p.m. meeting Tuesday. Tandy could not immediately be reached for comment Monday afternoon.
In the ordinance, the roughly 260-nit complex is described as a “residential anchor for the Main Street gateway to Butchertown and NuLu.” Bristol Development Group wants to develop the project on land it has under contract that is owned by Trompeter Realty Group LLC and is home to the John F. Trompeter Co.
As Business First previously reported, the complex would have mostly one- and two-bedroom units, with at least 2,400 square feet of retail space along Main Street. Charles Carlisle, CEO of Bristol Development Group, told Business First late last year that rental rates for the units would average about $1,500 per month.
The ordinance states that the complex would create a “unique urban living environment targeting young, well-educated millenials” and also would appeal to other generations “seeking an urban lifestyle.”
“It has been shown that increases in the urban residential base provide the support necessary to sustain urban life. Areas with a concentration of urban residents become true communities and serve as a draw for the development of restaurant, shopping and entertainment venues,” the ordinance states. “This project will support the city’s goal of bringing high-quality residential opportunities to urban Louisville.”
Marty Finley – Business First Louisville