Mayor Linda Gorton, Councilmember Shayla Lynch and representatives of developers AU Associates, cut a ribbon this morning to officially open affordable Kearney Ridge Apartments. The development features 252 affordable housing apartments for families, including one-, two- and three-bedroom units, and includes energy efficient garden-style apartments, with washer/dryer hookups, a clubhouse containing community and fitness rooms, and a swimming pool.
“This infill project is a big step forward,” Gorton said. “Affordable housing is a pressing need in our city, and we are glad to see this big, new infill development fully open.”
“Finding housing that is affordable has been a challenge for many in our city. Kearney Ridge Apartments will provide 252 new housing opportunities in the second district. I am excited about this intentional step forward to combat our city's affordable housing challenges,” said Councilmember Shayla Lynch, whose district includes the development.
This project responds to a need for affordable housing in Lexington, said Johan Graham, AU Associates’ President. “This is the largest single affordable housing development built within the urban service area in the last 30 years,” he said. “It is a huge accomplishment and gratifying for all of our partners to see the vision of this much needed affordable housing come to reality. Additionally, I believe that affordable housing should be indistinguishable from market rate housing, and we are proud to offer a product with amenities that rival our conventional competitors.”
Construction on the $43 million project, located at 2559 Kearney Ridge Boulevard, began in February 2022, and the first units were leased in the summer of 2023. The project was made possible by utilizing Low Income Housing Tax Credits from Kentucky Housing Corporation and $2.5 million from the City of Lexington’s HOME program and Affordable Housing Fund. Construction and permanent financing are being provided by Fifth Third Bank and Bellwether Enterprise. Ohio Capital Corporation for Housing is the tax credit investor. The project team included: Weber Group - Contractor, Studio A Architecture – Architect and Prime AE – Civil Engineer.
This ribbon-cutting ceremony is an opportunity to celebrate with the City of Lexington and our project partners on a successful collaboration to create much needed affordable housing within the urban service boundary, Graham said.