Construction underway on more than 350 units of affordable housing in Lexington and Georgetown communities
Units will help address area’s need for more housing options for local families
Families currently living in Fayette and Scott counties will soon have access to new, high quality affordable housing developments that are currently under construction. The Alcove at Russell is located in the historic Winburn Neighborhood on a 13.8-acre site and will offer 202 units of apartment homes. The Overlook at Elkhorn is part of a phased development that currently offers 92 apartment homes. The completion of this final phase of the community will bring another 156 units to the campus.
The Overlook at Elkhorn will provide 1-, 2- and 3-bedroom apartment homes. Plans for this phase of the development include a variety of amenities including onsite management; a clubhouse that houses a business and fitness centers; a swimming pool and a walking trail on the property. Once complete, The Overlook at Elkhorn will offer 248 units of quality housing including 92 units that were developed in earlier phases. Construction nearing completion and the community expects to welcome its first residents in January.
The Alcove at Russell is located in Lexington’s historic Winburn neighborhood off of Russell Cave Road. The development will provide 202 1-, 2- and 3- bedroom units as well as a host of amenities including an outdoor sitting area and playground; a clubhouse that will contain a television lounging area; fitness center; kitchenette and a community room. Onsite management will be provided at this development. Site preparation is nearing completion and construction is expected to span about 18 months.
Chris Dischinger, co-founder and co-principal of LDG Development says that addition of more than 350 units of affordable housing to these neighboring areas support the region’s long- and short-term economic development goals.
“There are very few areas of The Commonwealth of Kentucky that have seen the growth that this corridor has continued to experience year after year,” said Chris Dischinger, co-founder, and co-principal of LDG Development. “Our decision to move forward and develop The Alcove at Russell and phase three of The Overlook at Elkhorn reflects our belief that this level of growth will continue in these communities and that more housing options are needed for families living and relocating to this area.”
The Alcove at Russell is being developed in partnership with the City of Lexington’s Office of Affordable Housing. The Office of Affordable Housing provided $1,250,000 in funding. Since the establishment of the Affordable Housing Fund in 2014, the fund has supported construction and preservation of 2.390 units by investing just over $20 million and leveraging $326 million private investment. Mayor Linda Gorton says the addition of The Alcove at Russell aligns with the city’s goal of bringing more high-quality affordable housing to the Lexington area.
Lexington Mayor Linda Gorton said, “increasing access to quality affordable housing for those who live and work in Lexington is a priority of my administration, and the Urban County Council. The Alcove at Russell’s 202 units will be a welcome addition to the community and will enhance the Winburn neighborhood. “
LDG expects to begin leasing activity for The Alcove at Russell in May 2022 and welcome its first residents in August 2022. Monthly rental rates are expected to range between $800-$1,085. Pre-leasing has begun at The Overlook at Elkhorn and rents range between $785-$1,087 per month. Both developments are reserved for families earning up to 60 percent of the area median income or up to $45,300 for a family of four and LDG anticipates welcoming its first resident to The Overlook at Elkhorn in November.
In addition to the Lexington Affordable Housing Fund, R4 Capital provided the funding for The Alcove at Russell while PNC Bank and Redstone provided the capital for The Overlook at Elkhorn. The Kentucky Housing Corporation provided tax exempt bonds and Low-Income Housing Tax Credits for both developments.
Headquartered in Louisville, LDG Development is the country’s largest developer of affordable housing with more than 20,000 units across 8 states including Texas, Georgia, Louisiana, and Tennessee, including 1,242 units in Louisville. Dischinger says that given the robust economic development activity taking place in Fayette and Scott counties, he anticipates LDG growing its footprint in the area.
“Ensuring a community has access to a variety of quality housing options is an essential part of any successful economic development strategy,” said Dischinger. “It is clear that leaders in Scott and Fayette counties understand the important role access to quality housing plays in growing are and are thankful that they have entrusted their confidence in LDG to help meet this growing need.”