Another apartment complex is coming to downtown Owensboro at the corner of 4th and Frederica Streets, and it’s a project of developer Matt Hayden’s Rivercity Trio I LLC. Called LUX, the complex is expected to contain 100-150 apartments along with 10,000 square feet of retail space on the first of at least four floors.
The Owensboro Metropolitan Planning Commission on Thursday approved rezoning .495 acres at 408 Frederica Street from general business to central business. That space was formerly home to a portion of the Jerry Ray Davis Chrysler Dodge Jeep Ram dealership, which recently officially opened at their new location at 3900 Frederica Street.
Ed Ray, Chief Operating Officer for Gulfstream (another of Hayden’s companies), said that they are working to ensure the lot it is completely switched over to the proper zoning before they move on with demolition. The beginning stages of demolition can already be seen.
“This is an exciting project to bring to downtown because it helps the community in several ways,” Ray said.
Ray said the project predominantly helps Owensboro by providing density to the downtown area, offering easy access to other areas through walking or bus transportation.
He said the complex will also provide more housing to attract new residents to the city; he said it could also support Brescia University and Kentucky Wesleyan College with housing for students.
The facility is a collaboration between public and private funding and is estimated to cost between $40 million and $60 million.
This is the third project Gulfstream is working on downtown, as they are also developing both the new Big Rivers Electric Corporation Headquarters and the Riverfront Brio hotel-apartment building complex. Both projects are on 2nd Street near the Convention Center.
The Big Rivers location has made significant progress already, as it has structural steel in place for the shell of the building. The Brio location has completed the underground work on the foundation of the structure.
“The next 2 to 3 years, depending on supplies availability, there’s major projects downtown that will ignite excitement and ignite new construction projects,” Ray said.
