2520 S 3rd St, Louisville, KY 40208

Commercial property for lease

• Description
• Unique student housing ownership opportunity at the University of Louisville. This is an opportunity to control one of the most prominent student housing and multifamily assets with majority rights of the condo association. Qualified buyers will acquire 47 units within Reynolds Lofts, located at the southwest corner of campus at the corner of 3rd Street and Eastern Parkway near the highly respected JB Speed School of Engineering. Over the last decade and a half, the University of Louisville has transformed from a largely commuter school to a thriving public higher-education epicenter with a boom in student housing development and other on campus amenities. University capital construction projects of recent have reached nearly $350 million including but not limited to a new state of the art Student Recreation Center, world class research centers, new soccer stadium, expansions to both the baseball and football stadiums, extensive renovations to the Speed Center Museum, an extensive MSD and road project completed, as well as new student housing developments such as "The Grove" and "The Clubhouse." The Kentucky Economic Development Finance Authority recently approved the TIF related to the MSD and Road project, paving the way for what could be an estimated $1 billion over 30 years. Private investment around campus has been extremely healthy as well in prominent student housing developments such as "The Retreat at Louisville Cottages," and "The Arch Apartments," "The Province," "The Bellamy," and more.The Reynolds Building, built in 1915, by industrial architect Albert Kahn, started out as a Ford Motor Co. Model T production line. Kahn is known throughout the world for his industrial designs of the early 20th century. In 1940, Reynolds Metals bought the facility, first using it to make aircraft parts in World War II and later using it as a national sales office. When Reynolds left Louisville in 1958, it gave the building to U of L. The building is made of reinforced concrete in a method known as flat-slab construction, covered in bricks and has horizontal lines and an irregular shape. Brick work and terra cotta decorate its surface. It has been called a textbook example of early industrial architecture. In 2008, the building was renovated in a nearly $8 million project to become the Reynolds Lofts.Reynolds Lofts presents a student housing or otherwise flexible real estate opportunity which rarely presents itself. This asset could have a multitude of future uses considering the rising tide of the university in which it serves. Building price details: $6,900,000.
• Exterior Features

• Parking:	Yes
  Parking Spaces:	180
  Parking Type:	Surface

• Contact info
• Tyler R Chesser

  Gant Hill & Associates, LLC
  Gant B Hill

  Gant Hill & Associates, LLC
• Note

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