LOUISVILLE, KY (WAVE) - New apartments and restaurants are coming to downtown Louisville.
Capital Investment Group is planning a seven-story building in the 500 block of South 4th Street, between Guthrie and Chestnut Streets. The company plans to demolish the former KentuckyOne Health building and redevelop a drugstore in that location.
The building will house 237 apartments and have about 9,000 square feet for commercial space. The existing parking garage with 310 spaces will remain intact and be used for the new development.
"Our company's focus for the past 17 years has been urban residential development," CIG President David Bastos said. "Currently, we are seeing our residential developments and those that followed them attract new investment, employers, and restaurants to urban areas."
CIG is working with Louisville Metro government to negotiate financial incentives and loans to help pay for construction. The cost estimate for the project is $47 million.