Mayor Greenberg, Governor Beshear and Congressman McGarvey join LDG officials to break ground on largest housing development in the growing downtown medical district
The Prestonian will offer more than 340 units of affordable housing and resident services to some of the community’s poorest families
(Louisville, Kentucky—) Mayor Craig Greenberg, Governor Andy Beshear and Congressman Morgan McGarvey joined with representatives from LDG Development to break ground on an affordable housing community that will serve families who earn between 30-80 percent of the area median income or up to $71,760 annually (for a family of four). Located at 712 and 715 E Gray Street, The Prestonian will sit steps from the growing downtown medical campus and represents a $114 million investment into an area that has more than 16,000 workers and has 1.5 million visitors each year.
“The downtown medical district is an economic engine for not only this community but this entire region,” said Mayor Craig Greenberg. “The addition of the Prestonian will help to address an increased demand for more affordable housing units while also providing the opportunity for many of our healthcare professionals to live close to where they work. This project only strengthens my belief that we will achieve our administration’s goal of creating 15,000 new affordable housing units across the city by 2027.”
The Prestonian will provide 343 1-, 2- and 3-bedroom apartment homes. This includes 145 units that will be reserved for families earning up to 30 percent of the area median income or $26,910 annually for a family of four. Residents will also have access to a variety of upgraded in-unit and community amenities, including spacious floor plans; upgraded flooring and counter tops; underground parking and a bike storage area; and a children’s play area and outside gathering spaces.
Additionally, as a LOU 2.2 community—an initiative introduced by LDG in 2022 that provides a pathway to addressing Louisville’s ongoing housing shortage by developing more than 2,200 units of housing, including 1,300 units of affordable housing that is supported by wrap around services—Prestonian residents will have access to robust resident service programming and other resources designed to improve outcomes and provide additional support for families with children.
Examples of the programs that could be offered include after school literacy programs; a food pantry residents can access on a monthly basis; and through a partnership with Norton Healthcare, a free career and job training program for residents seeking to pursue a career within the health care industry.
Governor Andy Beshear says that the benefits the Prestonian provides extend far beyond access to quality housing.
“Every Kentuckian deserves safe, reliable housing – a place where they can raise their kids and make great memories together,” Beshear said. “The Prestonian will be that new home for more than 340 of our families, who will also receive additional support from this community. I want to thank LDG Development for this $114 million investment in Louisville, and most importantly, in our people.”
Congressman Morgan McGarvey agrees and says he will continue to champion more developments like The Prestonian.
“I’m proud to champion affordable housing solutions for our community in Congress,” said McGarvey. “The Prestonian is more than a building. These homes mean parents can stay employed, families have access to critical family and health services and kids are getting the quality education they deserve. This is more than building houses, this is an investment in our community.
Financing for this development was provided through a number of sources: Kentucky Housing Corporation; PNC Bank; Red Stone, a Ready Capital Company; Louisville Metro Government Office of Housing and Community Development; and Louisville Affordable Housing Trust Fund. In addition, many of the units are Project Based Voucher units awarded through Louisville Metro Housing Authority as part of the HUD Choice Neighborhood Initiative Grant revitalization of Beecher Terrace.
Construction on the Prestonian is currently underway. Monthly rental rates for this development will range between $446 – $1,715. LDG expects to welcome the first resident in late 2024.
Chris Dischinger, co-founder of LDG Development, says that given the community’s continued struggle to address the growing housing crisis the units offered at The Prestonian—particularly those that are reserved for families earning up to 30 percent of the area median income—cannot come online soon enough.
“Many of the individuals who will call The Prestonian home are working families who fill some of the most essential roles in our community, yet in many cases, they do not make the salary that reflects the invaluable role they play,” said Dischinger. “From social workers and teachers to EMS staff and other first responders, these are individuals who have sacrificed income for service. LDG is proud that we are playing a leadership role in ensuring these dedicated men and women have access to a place that they can be proud to call home.”