Louisville, Ky. — Valparaiso, Ind.-based Investment Property Advisors is partnering with the University of Louisville and the City of Louisville for the development of a new student housing community on the northwest part of the school's Belknap Campus. The $52 million project will be constructed on the block bordered by Cardinal Boulevard, and Third, Fourth and Bloom streets. It will consist of two four-story student housing buildings with 30,000 square feet of ground-floor retail space.
The housing component will contain 539 beds in units ranging in size from one to four bedrooms. Amenities will include underground parking as well as a common area that will contain a study center, a movie theater, a fitness center and a game room.
The retail component is currently 65 percent leased. Tenants that have already signed on include Qdoba, Jimmy John's and Heine Bros. Coffee. Negotiations are also under way with Gray's Bookstore, a convenience store, a hair salon, a bike shop and a copy shop.
Construction for the first building, which will contain 373 beds, will begin in August and is expected to be complete by fall 2011. The other building, which will contain the other 166 beds, will break ground in spring 2011 and be complete by July 2012. In addition, Investment Property Advisors plans to renovate three historic properties in Old Louisville that will be capable of housing an additional 30 students.