Yesterday, Mayor Greg Fischer, with non-profit developer Community Ventures, welcomed the Smith family, the first residents of the Cedar Street development, to their new home. The Cedar Street development is a project to construct 28 energy efficient, market-rate, custom built homes in the Russell neighborhood.
“The Cedar Street development is an important asset to the Russell neighborhood because it adds to the strong housing stock in Russell and increases homeownership in the area,” Fischer said. “Investment like this, including the nearly $30 million CHOICE grant, will contribute to Russell’s transformation.”
The $6 million development project is a partnership of the city and non-profit housing developers, Community Ventures and REBOUND – the housing development arm of Louisville Urban League. In conjunction with this project, the city has made numerous streetscape improvements such as sidewalk construction and repair, street signs, drainage improvements and street resurfacing.
“This ribbon-cutting ceremony not only signals a major step for the Smith family, but marks the beginning of a new era for Community Ventures and west Louisville,” said Kevin Smith, CEO and President of Community Ventures. “With the Cedar Street housing development and Chef Space, Community Ventures is making concerted efforts to show their dedication to west Louisville and its residents.”
The Cedar Street Development was kicked off in 2005, as the last major piece of the Russell Urban Renewal initiative, which began in 1990. At that time, developers were sold lots for $1 and built 14 homes with their own funding sources, before the national economic recession hit and the project came to a halt. These 28 homes built by Community Ventures and REBOUND will bring the number of constructed homes to 42.
For more information on the Cedar Street development, please visit http://www.cvky.org/cedar-street2