A Louisville, Kentucky, public-private adaptative reuse project takes on housing affordability in one of the city's historic areas near the Ohio River waterfront.
In March 2024, Weyland Ventures and Catalyst Opportunity Funds opened Painters Row, a conversion of two industrial buildings totaling 124,000 square feet into 71 apartments and mixed-use commercial space.
Painters Row, designed to increase the economic stability of the underserved Portland neighborhood, was selected by local industry professionals as a winner of the 2025 CoStar Impact Award for multifamily development of the year for greater Louisville.
When the development team began working on revitalizing Portland 12 years ago, one in every four properties was vacant. Painters Row brings workforce units priced below 80% of the area median income, making them affordable to low- to moderate-income households. In a tenant survey from last year, 84% of respondents shared that, had they not found housing at Painters Row, they would not have had a cheaper or equivalent option.
About the project: Painters Row was developed in partnership with Mariah Gratz, CEO of Weyland Ventures, a veteran business leader in Louisville, and Gill Holland of the Portland Investment Initiative. Financing came through federal and state tax credits, investment from Catalyst and Rocklee Co., and a loan from the Downtown Housing Fund.
The one- and two-bedroom apartments have exposed original brick walls and beams, showing off the building's warehouse past. Although units vary in layout, all include a full bathroom, oven, refrigerator and microwave as well as closets and storage space. Residents have access to parks and the nearby hip New Louisville, or "NuLu," neighborhood with its art galleries, restaurants and shopping.
The apartment lease-up has been so successful that the developers are looking into converting some of the commercial space into additional housing, which would bring the total number units to 108.
What the judges said: "Both projects were highly impactful to their respective market areas and a tie certainly could be considered appropriate given the strengths and difficulties of each. However, development of Painters Row was considered more difficult given its adaptive reuse nature and location, but it was a difficult decision," John Beery, assistant vice president, NAI Isaac.
"Painters Row is a great opportunity to revitalize riverfront access," Kezia Ramsey, retail branch manager, Fifth Third Bank.
They made it happen: Gregg Rochman, founder, Rocklee Co.; Gill Holland, managing partner, Portland Investment Initiative; Jeremy Keele, managing partner, Catalyst Opportunity Funds; Kristian Peterson, managing partner, Catalyst Opportunity Funds; Jim Sorenson, managing partner, Catalyst Opportunity Funds; Mariah Gratz, CEO, Weyland Ventures.