As an expert in the real estate industry, I have been closely monitoring the developments and revitalization projects happening in central Kentucky that will greatly impact the housing market. Central Kentucky is a region known for its picturesque landscapes, horse farms, and bourbon distilleries. However, it is also home to a growing population and a thriving economy. With this growth comes the need for more housing options to accommodate the influx of people.
The Current State of Housing in Central Kentucky
Before we dive into the planned developments and revitalization projects, let's first take a look at the current state of housing in central Kentucky.According to recent data from the U. S. Census Bureau, the median home value in central Kentucky is $167,000, which is slightly lower than the national average of $229,000. The median rent is also lower at $850 compared to the national average of $1,062. However, despite these relatively affordable housing prices, there is still a shortage of available homes in central Kentucky.
This has led to a highly competitive market, with homes often receiving multiple offers and selling above asking price. This shortage is mainly due to the lack of new construction and limited inventory.
The Impact of Planned Developments on Housing Options
To address the shortage of available homes, several planned developments are underway in central Kentucky. These developments aim to not only increase the housing supply but also revitalize certain areas and attract more residents.Lexington City Center:
One of the most significant developments happening in central Kentucky is the Lexington City Center project. This $241 million project will transform downtown Lexington into a vibrant mixed-use development with residential, retail, office, and hotel spaces.The project is expected to bring in over 1,000 new housing units, including apartments, condos, and townhomes. This will greatly increase the housing options in downtown Lexington and attract more people to live in the heart of the city.
Midland Avenue Redevelopment:
Another project that will greatly impact housing options in central Kentucky is the Midland Avenue Redevelopment in Georgetown. This project aims to revitalize a 40-acre area and create a mixed-use development with residential, retail, and office spaces. The project will also include a new public park and green space.With over 300 new housing units planned, this development will provide much-needed housing options for the growing population in Georgetown.
CentrePointe:
In downtown Lexington, the CentrePointe project is set to bring in a new luxury hotel, office space, and residential units. The project has faced several delays but is now back on track and expected to be completed by 2022. The addition of luxury residential units will cater to the demand for high-end housing options in downtown Lexington.The Revitalization of Historic Neighborhoods
In addition to these planned developments, there are also revitalization projects happening in historic neighborhoods in central Kentucky. These projects aim to preserve the character and charm of these neighborhoods while also providing modern housing options.East End Revitalization:
The East End neighborhood in Lexington is undergoing a revitalization project that will bring in new affordable housing options for low-income families. The project includes the renovation of existing homes and the construction of new single-family homes and townhomes.This will not only provide more affordable housing options but also improve the overall livability of the neighborhood.
Boyle County Courthouse Square:
In Danville, the historic courthouse square is being revitalized to attract more residents to the downtown area. The project includes the renovation of existing buildings and the construction of new residential units. This will provide more housing options for those who want to live in a charming and walkable downtown area.The Future of Housing in Central Kentucky
With these planned developments and revitalization projects, the future of housing in central Kentucky looks promising. These projects will not only increase the housing supply but also improve the overall livability and desirability of the region.However, it is essential to ensure that these developments are sustainable and cater to the needs of all residents, including low-income families. Furthermore, it is crucial for local governments and developers to work together to address issues such as affordable housing and transportation. As the population continues to grow, it is essential to plan for the future and ensure that there are enough housing options for everyone.
