2040 Plan
Like many American cities, Louisville has a housing crisis.
While the causes are many, the solution is clear: our city needs more housing. We need more single-family homes, multi-family housing, condos, affordable housing, and more.
Louisville needs new market rate apartments to address the growing demand for quality housing options. The city has experienced an increase in population over the past few years, with a surge in young professionals and millennials looking for housing options that offer modern amenities and convenient locations. The current housing market in St. Matthews is dominated by older homes and outdated apartment buildings, which often lack modern amenities and have high maintenance costs. The need for new market rate apartments is further amplified by the city's economic growth, with an increasing number of businesses and industries moving into the area. This has led to a higher demand for quality housing options for employees, particularly those who prefer to live in urban areas with easy access to transportation and amenities.
These new apartments can provide affordable housing options for residents who are unable to purchase a single-family home. This can lead to a more diverse community with a mix of ages, cultures, and backgrounds. Furthermore, residents of the apartment building can contribute to the local economy by supporting local businesses in the area. New market rate apartments will help solve the housing shortage in Louisville and provide a boost to the local economy through increased spending at local businesses.
What is Louisville’s Comprehensive Plan?
The 2040 Comprehensive Plan went into effect in 2019 and represents voices of 6,000+ individuals throughout Louisville, including St. Matthews. The 2040 comprehensive plan was reviewed and approved by Louisville Metro Council and 12 municipalities, including St. Matthews.
The 2040 plan created a housing framework to help Louisville, and many municipalities, address its growing populations with clear, actionable guidelines. The plan identifies a variety of areas that Louisville, its leaders, businesses, and residents need focus efforts on in order to ensure the future success of the community.
How does this relate to
Gilmans Point?
The 2040 Comprehensive Plan has everything to do with developments like Gilmans Point. Without sensible developments, like Gilmans Point, Louisville will not be able to adapt to the increased need for more housing options at every level.
Without more housing options across the board, rent, mortgage, and cost of living in Louisville will continue to climb. With skyrocketing prices and low inventory, housing will continue to be difficult to acquire, further feeding the crisis the community is experiencing.
How do we get there?
The 2040 plan outlines that the city must expand and ensure a diverse range of housing options, facilitate the development of connected, mixed-use neighborhoods, and ensure long-term affordability and livable options in all neighborhoods.
The 4 objectives of the Housing plan under 2040 are:
Flexible zoning/design regulations encourage diverse housing options.
Neighborhoods are able to grow while preserving their unique character.
Energy-efficient development practices and resilient design features are encouraged.
Varieties of housing types and densities are promoted.
The 2040 plan states that Louisville should:
“Develop a variety of housing types that meet the needs of all residents.”
“Encourage a variety of housing types including, but not limited to, detached and attached single family, multi-family, mixed use, zero lot line, average lot, cluster, and cohousing. Allow for accessory residential structures and apartments.”
“Residences are designed for users of all abilities to have convenient and safe multi-modal access to jobs, education and services.”
“Housing is encouraged near existing and future clusters of economic activity.”
“Encourage inter-generational, mixed-income and mixed-use development that is connected to the neighborhood and surrounding area.”
“Locate housing within proximity to multi-modal transportation corridors providing safe and convenient access to employment opportunities, as well as within proximity to amenities providing neighborhood goods and services. Higher density, accessible residential uses should be located along transit corridors and in or near activity centers.”
And many others…
To see the full 2040 Comprehensive Plan, please visit:
louisvilleky.gov