A local group with deep roots in Owensboro's building trade plans to put $50 million into 205 new homes downtown, which the city calls the largest residential investment in downtown's history (via 14 News). Owensboro Downtown Properties announced the project Oct. 29 on an empty lot at the corner of Clay Street and East Second Street.
The plan has two pieces, according to the city and 14 News. The bigger one is 165 row homes along East Second Street near Clay Street, east of the Blue Bridge, with restaurants and shops mixed in. The second is 40 riverfront units on Veterans Boulevard between Allen and St. Ann streets, overlooking Smothers Park.
The project is led by the Yager family, which founded Yager Materials in Owensboro in 1914, the city said. Artist Aaron Kizer, who also runs Kizer Construction, is a partner; 14 News identified Tony Yager and Kizer as the owners. The city didn't say who will build the homes, and no architect or builder has been named.
"For more than a century, my family has helped build Owensboro," Tony Yager said in the city's announcement.
The homes will be a mix of rentals and for-sale units, with parking behind them, Mayor Tom Watson said, according to 14 News. No prices have been set, and the owners told the station they want to keep prices as low as they can without giving up quality.
Land cost is the hurdle. Downtown land values are high, and the city helped close that gap with an incentive paid per completed unit, 14 News reported. Neither the city's release nor the station gave the dollar amount.
"It's exciting to see this level of investment bringing new housing to our beautiful downtown," Watson said in the city release. Claude Bacon, president and CEO of the Greater Owensboro Economic Development Corporation, told 14 News simply: "Housing is absolutely required."
Timing is still loose. Architects are now moving to finish the design, and the owners told 14 News they'd ideally break ground in the spring, though they called timelines iffy. No completion date has been announced. The owners describe the project as the first phase of a larger plan.
Not everyone is sold yet. One neighbor told 14 News she's worried about parking.
Why it matters for Contractors
Two hundred homes in a mid-size river city is a lot of work for local trades, and row houses mean repeatable floor plans, which suit framing, drywall, plumbing and electrical crews that can run unit after unit.
No builder has been named yet. With design still underway and a hoped-for spring start, now is the time for Owensboro-area subs to get on Owensboro Downtown Properties' radar, not when the first slab is poured.
Keep an eye on the city's per-unit incentive too. If the commission sets a dollar figure, it'll show what Owensboro is willing to pay to get housing built downtown, which matters to any small builder eyeing infill lots there.