LEXINGTON, Ky. (LEX 18)– Mayor Jim Gray, Councilmember Peggy Henson and officials with AU Associates, Inc. cut a ribbon Monday to officially open the final phase of Parkside Apartments.
The project, located at 1060 Cross Keys Road, brings an additional 36 units of affordable housing to Lexington, raising the total to 108 units of deed-restricted affordable housing on the site.
The property was originally the home of the Gardenside Cabana Club and more recently the home of the Cross Keys YWCA. After years of neglect and vandalism, AU Associates purchased the property upon receiving an award of affordable housing tax credits from the Kentucky Housing Corporation. Additionally, Lexington Affordable Housing Trust Fund ($960,000 fully amortizing loan) and HOME Funds ($500,000 grant) were also used to create this development.
All three phases represent over an $18.5 million investment in the Gardenside Neighborhood. Construction and permanent financing was provided by Citizens Union Bank of Shelbyville, and Community Affordable Housing Equity Corporation, located in Raleigh, North Carolina, is the tax credit investor.
Parkside provides much needed new, safe affordable housing for families in the Lexington area. The apartments include well-appointed kitchens with dishwashers and microwaves; individual unit climate control; ceiling fans; and washer and dryer hookups. Energy star appliances and many elements of “green” technology have been utilized to make this a sustainable new construction project.
The new building includes 7 one-bedroom, 19 two-bedroom, and 8 three-bedroom apartments. The apartments are restricted to individuals and families making 60 percent or below of the area median income. Rents range from $525-$775 per month, which includes water, sewer and trash.