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New low cost apartments coming to North Limestone in 2019

A rendering of the $10 million Arlington Lofts project.
A rendering of the $10 million Arlington Lofts project. Nicol Development

Low-cost apartment living is coming to North Limestone.

The $10 million complex will include two buildings — one on either side of Embrace Church at 1015 North Limestone — with 81 apartments and commercial space that could include anything from a diner to a barber shop and laundromat.

Groundbreaking on the project took place Friday.

The apartments will include studios and one-bedroom units renting for $500-$700 with utilities included, according to developer Bruce Nicol, who not only had to put together financing for a mixed-use infill project but also alleviate the area’s water-retention problems.

Apartments will range from 376 square feet for a studio to 476 and 536 square feet for one-bedroom apartments. Arlington Lofts is planning to build this year with a goal of being finished in spring 2019.

“Market demand is for more affordable units,” Nicol said.

A 2009 Lexington housing market study emphasized the need for more affordable rental housing, particularly inside New Circle Road, traditionally a boundary between downtown and the suburbs, said Jim Duncan, Lexington city planner, in 2016.

The study said, “There exists a greater appetite for higher density product and diverse communities where residents are motivated by proximity to work, walkable environment, and access to green space,” within New Circle Road.

Arlington Lofts’ target market is those earning $28,000 a year, Nicol said. The tenant mix will include both people in the neighborhood, those on Social Security and millennials.

Holly Wiedemann’s AU Associates, a specialist in development and construction of urban infell, helped Nicol Development structure its financing and will act as managing agent when the apartments are completed.

Arlington Lofts will convert vacant and underutilized property into a walkable population center in the Lexington neighborhood known as NoLi, home to artists, restaurants and shops, Nicol said .

Arlington Lofts will include 133 parking spaces; one building will have four floors, the other three.

For more information, potential tenants can call Nicol Development at info@nicoldevelopment.com.

Cheryl Truman: 859-231-3202, @CherylTruman

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