I lived in Old Louisville many years ago, well before the area really saw the influx of condos and even then parking was an issue. I imagine now it is even more so.
Also, those units would be competing with home prices that are incredibly affordable here and with commutes not being that bad, I would really think hard before making it smaller units.
BUT, and a big one, you do have U of L down the street and many parents are buying condos for their kids while they attend school too!
I just realized that this is a pretty old post, but maybe it can help someone else!
Have a great day everyone!
I am a well known and long time Realtor in Old Louisville, having lived here 30+ years. I have also served many years on the Acrchtectural Review Committee that oversees these projects. I'd be more happy to have a conversation with you as I also represent several investors that have completed or in process of your endeavor.
Red edge Realty
This would be subject to zoning and Old Louisville's Traditional Neighborhood Zoning (TNZ) rules regarding conversions. I believe it states that a new conversion or one that has lost its grandfathered status must include one apartment at least 2700 square feet in size.
The condo market here is realitively small when compared to other metorploitain areas the size of Louisville. Somewhere around 15% of sales approximately.
There are several devlopments where old apartments are being converted to condos and most are in the 2 to 3 bedroom version listing anywhere from just under $200K to $400K plus.
I expect the Louisville condo market to continue to grow but with the average residential home selling around $140,000, I would think there is market for something less than luxury condos.
One bedroom condo are a pretty small part of the market, 2 bedroom is more common.
Louisville is also seeing growth in loft type condos due in part to development down by the waterfront.
With gas prices where they are i would expect to see more growth in hte more urban settings.