Thursday April 3, 2008
Mayor Jerry Abramson today cut the ribbon on downtown Louisville’s newest condominium complex, Gallery Square Lofts, a $5 million, 20-unit development in the East Market Arts District.
Gallery Square is the first major private housing investment in east downtown completed since the city demolished the former Clarksdale public housing project and built Liberty Green, a new mixed-housing neighborhood.
“This outstanding development proves that our decision to tear down Clarksdale is paying dividends for the city,” Mayor Jerry Abramson said. “We made major investments in the construction of Liberty Green, which has transformed this area into vibrant, growing neighborhood. Private investors saw a wonderful opportunity for projects of their own. Gallery Square is an attractive, modern addition to east downtown.”
Louisville Metro Government aided in the project by allowing the Gallery Square developers to purchase a shotgun-sized lot from the city. The lot sat in the middle of the planned development. Also, the city is rebuilding the sidewalks along Jefferson Street in front of Gallery Square.
Located at Clay and Jefferson streets, Gallery Square features modern open floor plans with hardwood floors, granite countertops, tiled bathrooms and private rooftop decks overlooking downtown. The development also has secured, off-street parking and a large party deck for residents that will be popular during the First Friday Gallery Hops.
In January, the Louisville Historical League awarded Gallery Square with its “New Landmark” Award, which recognizes excellence in architectural design for new projects in the city.
The project is 50 percent sold and seven residents have moved in, said Ryan Stultz, a partner in the project and a Realtor with RE/MAX Connections. The development includes two commercial spaces – a 1,800 square foot space at the corner at Clay and Jefferson streets and a 900-square foot retail/art gallery space fronting Clay St. Both are available for sale or lease.
The complex was developed by partners WEM LLC and Modern Living LLC. It was financed by Wilson and Muir Bank, located in St. Matthews.
The project has two basic units – one bedroom, one-bath flats and two bedroom, two-bath townhouses with private rooftop decks. Prices range from $205,000 to $375,000.