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Liberty Green Begins Leasing

Monday April 10, 2006

Former public housing project replaced with new mixed-income neighborhood

Mayor Jerry Abramson today led the first tour of a completed housing unit in Liberty Green – the new neighborhood springing up on the eastern edge of downtown in the place of a former public-housing complex. Abramson announced that people interested in living in Liberty Green can now sign up for rental units.

The $233 million HOPE VI revitalization project includes the relocation of the more than 700 Clarksdale Homes residents in order to accommodate the new, mixed-income neighborhood. The Louisville Metro Housing Authority is replacing every housing unit from the Clarksdale development either in the new Liberty Green development or elsewhere in the community.

"Like we did so successfully in Park DuValle, we are proving that we can create a neighborhood where people from all walks of life, of all income levels, can live as a vibrant community," Abramson said. "Being able to recreate and redesign a neighborhood has allowed us to turn a pocket of poverty into a place of opportunity."

Units will be available in a studio, one- , two-, and three-bedroom apartments and two- and three-bedroom townhouses, ranging in size from 714 to 1,245 square feet. Monthly rents will range from $425 to $850. CT Associates, the property manager, opened the leasing office today, which is located at 301 South Hancock Street, Apt. 103, and is open Monday-Friday, 10 a.m. – 2 p.m. Interested individuals may call (502) 582-8500 for more information.

Abramson said that the demolition of the former Clarksdale buildings is nearly complete, with the last two blocks being cleared by May. Construction of new homes in Liberty Green began in June 2005, and residents are expected to move into the new development this June.

Liberty Green and Off-Site Development Highlights
 
Budget Total
  • Phase I - $140 million about ½ public funds (4 blocks bounded by Jefferson, Jackson, Muhammad Ali, and Clay)
  • Phase II
    $93 million about ½ public funds (2 blocks bounded by Jefferson, Clay, Muhammad Ali, and Shelby)

Projected Economic Impact 
(upon completion of Phase I and II) 

  • 2,883 total jobs; 1,433 direct impact (jobs)*
  • $85 million in total payroll; $42 million direct impact (payroll) 
  • $8.1 million in state/local tax revenues; $5.2 million in state/$2.9 million local 
  • To date, produced 200 additional jobs, paying nearly $6 million in wages
    *Direct effects refer to on-site activity attributable to actual spending funded through Liberty Green itself. The additional effects that produce the total jobs, wages, output and taxes are the result of the spin-off or multiplier effects.

Clarksdale Background
A 65-year old public housing development comprised of 713 dwelling units. Just east of downtown, it sits on six large city blocks, totaling approximately 29 acres.

Project Partners
Clarksdale residents, Louisville Metro Housing Authority (LMHA), U.S. Dept. of Housing and Urban Development, Louisville Metro government, The Community Builders, Inc., Kentucky Housing Corporation, PNC Bank, other private lenders/investors.

HOPE VI Goal
To develop a mixed-income community with heightened livability for residents, reintegrate the site into the fabric of adjoining neighborhoods, and reduce the negative effects of concentrations of low-income families in one tightly constrained area.

Off-Site Development Status
Phase I acquisition completed: 107 units
Phase I construction to be complete by end of 2006: 69 units
Phase II acquisition and construction to be complete by 2009: 218 units

Liberty Green Status - (old Clarksdale site)
Phase I and II resident relocation completed
Phase I demolition: completed (Phase II demolition complete by May 2006)
Phase I construction: to be complete in Fall 2008, occupancy begins June 2006
Phase II construction: to begin mid 2007 and be complete by 2009

Liberty Green Units
Leased apartments and town homes: $425 – $850 (income dependent); lease-up begins April 2006 Home-ownership/Condominiums: $110,000 – $400,000; Model unit opening Fall 2006