A chunk of Louisville’s East Market Street district is slated for a face-lift.
The near three acre site at 700 East Main Street, currently home to the massive Service Tanks building, is set to be transformed into a luxury residential complex, complete with a pool and parking garage.
The site encompasses nearly an entire city block and was listed for sale earlier this year for about $9 million, according to a report from Broken Sidewalk.
Georgia-based group Flournoy Development Company will facilitate the construction.
Blake Breimann, a vice president of Flournoy, said price tags for the luxury apartments will max out around $2,200. Plans call for studio apartment space, as well as one and two bedroom units, he said. There will be about 270 units total.
No retail is set for the development. Breimann said the entire Service Tanks building at 700 East Main will be demolished.
He said construction is expected to be complete in about two years.
Breimann and Ryan Foster, also a vice president of Flourney, unveiled renderings of the proposed development Tuesday evening at the Green Building on Market Street.
Rebecca Matheny, executive director of the Louisville Downtown Partnership, attended the unveiling and praised the project.
She said the redevelopment of the Service Tanks site will provide much needed market-rate housing in the East Market Street district.
“In terms of in-fill, this is a really, really great opportunity,” she said.
Matheny pointed to other recent and ongoing projects in the area, like the residential development at Main and Clay Street and the mixed income Liberty Green complex just to the south of Market Street as other developments helping re-energize the once distressed section of city.
“And there’s more property that could be redeveloped than I think people realize,” she said.
The revitalization of East Market Street has brought shops, restaurants and, now, luxury apartments. Matheny stressed it’s also important to maintain the area’s mixed-use character.
“We have a lot of different kind of companies here that make it a 24/7 place,” she said. “That mix of units in this neighborhood is one of its great strengths.”