Hagan Properties

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Louisville’s Hagan Properties creates new leadership position

By

JUL
30

By Marty Finley  – Reporter, Louisville Business First
Jul 30, 2020, 2:41pm EDT

A well-known Louisville real estate developer has brought an old colleague back into the fold in a new position.

Hagan Properties Inc. has named Bob Pettit its new director of construction. In that role, Pettit will provide general supervision of construction-related multifamily projects and oversee various aspects of construction activity, from budgeting and cost analysis to scheduling, logistics and delivery.

“My return to Hagan Properties is a great fit for me and an opportunity to allow me to do what I love,” Pettit said in a statement.

Tommy Edwards, a principal with Hagan Properties, said Pettit’s focus on high-quality multifamily projects will make him a strong asset for Hagan Properties as the firm has several apartment projects in the pipeline.

“Bringing a talent like Bob back was imperative for Hagan Properties’ growth. In the last 10 years, he has been involved in 15+ multi-family projects, and given our company’s current and future developments, the need for a person of his caliber has never been greater,” Edwards said.

Pettit previously worked for Hagan Properties in a similar role from 2004 to 2011, assisting in the construction of apartments and several shopping centers, Edwards said. He had been a project manager with The Weber Group in Sellersburg, Indiana since late 2013 before taking on this new role.

Hagan Properties has a number of major projects in the works locally.

The firm is finishing up the 470-unit Victory Knoll apartment complex on the East End near Southeast Christian Church, which has been estimated to cost $68 million. Hagan Properties also built the 356-unit 9910 Sawyer Apartments, a sprawling upscale apartment complex that backs up to E.P. “Tom” Sawyer State Park.

And the firm is investing about $48 million into a 344-unit apartment complex on 19 acres at 8000 and 8006 Cedar Creek Road. About 90% of that complex will feature one and two-bedroom units while the remaining 10% will be three-bedroom units.

Meanwhile, the firm is slated to break ground later this year on The Station @ Middletown, a new apartment complex housing more than 300 units near the Middletown Station shopping center, which it owns. That project is expected to cost nearly $50 million.

Hagan Properties also owns the Shelbyville Road Plaza and Taylorhurst shopping centers in Louisville.

EXCLUSIVE: Shelbyville Road Plaza owner has a $48M project in the works

By

FEB
21

By Marty Finley  – Reporter, Louisville Business First
Feb 21, 2020, 10:05am EST Updated Feb 26, 2020, 3:47pm EST

A Louisville developer will invest about $48 million into a new Class A apartment complex in Louisville.

Hagan Properties Inc. has proposed the construction of a 344-unit apartment complex on 19 acres at 8000 and 8006 Cedar Creek Road. The cost translates to about $140,000 per apartment unit.

The land is under contract for purchase by Hagan Properties now and is about one mile from Bardstown Road close to the Gene Snyder Freeway and existing retail stores.

“The south end is something we have considered for quite a while,” said Layson Hagan, vice president of multifamily for Hagan Properties, by phone. “There has been some activity on Preston Highway, but you go over to Bardstown Road [and there’s] really no new product.”

About 90% of the complex will feature one and two-bedroom units while the remaining 10% will be three-bedroom units. The apartments will range in size from 700 square feet to 1,400 square feet with modern upscale features, such as large balconies or patios with outdoor storage closets.

Hagan said the units will be a mix of garden-style apartments and townhomes with some townhomes having direct access garages. Detached garages will also be on site. A site plan shows 15 two-and three-story buildings, and the project will include a large clubhouse, dog park, pet salon, car care facility and playground.

Lease rates have not been finalized, and a name for the complex has not been chosen.

Hagan Properties intends to break ground by the end of 2020, pending rezoning approval of the property by the city for multifamily use. If that timeline holds, the first units could be ready to open by the first quarter of 2022.

Hagan said he anticipates the ideal demographic for the complex to be a blend of young professionals and families who want to live close to retail outlets and schools in the area.

“We are targeting couples who have reached a stage in their lives when they prefer to rent a quality home rather than pay a mortgage and have the maintenance and upkeep of a traditional single-family home,” Hagan said.

The construction will be handled by Hagan’s in-house general contracting team, and the firm is interviewing architects now.

“As local developers, we have seen many out-of-town developers come and go,” Hagan said. “We act as our own general contractor and therefore we are able to mitigate our construction costs which enables us to provide the highest level of unit finishes and community amenities.”

As I previously reported, Hagan Properties is constructing the 470-unit Victory Knoll apartment complex on the East End near Southeast Christian Church, which has been estimated at more than $60 million. Hagan Properties also built the 356-unit 9910 Sawyer Apartments, a sprawling upscale apartment complex that backs up to E.P. “Tom” Sawyer State Park.

Hundreds of apartments coming to Middletown shopping center

By

JUL
3

By Marty Finley  – Reporter, Louisville Business First
Jul 3, 2019, 11:46am EDT

An East End shopping center owner and apartment developer is bringing more than 300 new units to the market.

Louisville-based Hagan Properties Inc. has revised its plans for the Middletown Station Shopping Center on Shelbyville Road to include a 326-unit apartment complex dubbed The Station @ Middletown.

Hagan has proposed construction of the complex on 11 acres at 12975 Shelbyville Road, west of the shopping center’s Target store. The site is zoned for commercial use, and the company owns the property through its Middletown Partners LLC affiliate.

According to a site plan filed with Louisville Metro Planning & Design Services, the complex would have four four-story buildings that total nearly 100,000 square feet. The complex would house a mix of one-, two- and three-bedroom units.

Three of the buildings each would house 88 to 94 units, and a smaller building would have 52 units. A large pool and amenity area also are proposed on the site.

The plans do not disclose the size of the apartments or anticipated lease rates for the complex. Wendy Hagan, a principal with Hagan Properties, said the firm is planning an urban-style design she believes will appeal to modern renters that do not want to carry the financial obligation of owning a home and prefer the flexibility renting offers.

“As the demand for this type of product has increased, retailers that traditionally prohibited multi-family from co-tenanting with them now aggressively court these renters and encourage developers to incorporate multi-family into their developments,” Hagan said by email. “Furthermore, retailers are modifying their prototypes from future stores so that multi-family can be built above their stores.”

Hagan Properties is working with the Louisville office of Nashville-based architecture, engineering and interior design firm Gresham, Smith and Partners as project engineer and Charlotte-based Axiom Architecture as project architect.

Costs for the development were not disclosed.

Middletown Station shopping center has more than 500,000 square feet and is anchored by the Target and a Walmart store. Other tenants there include Feeders Supply, Buffalo Wild Wings, Norton Healthcare Inc., Bassett Furniture and McAlister’s Deli.

“The supply of desirable retailers to fill out this 10-acre site is very limited, if any,” Hagan said in the email. “For these reasons, we feel that what we are proposing is the most appropriate use of this site.”

Hagan Properties also owns Shelbyville Road Plaza, which counts Trader Joe’s, Nordstrom Rack and Nike among its major tenants.

In addition to its shopping center portfolio, the company previously developed the 356-unit 9910 Sawyer Apartments, which backs up to E.P. “Tom” Sawyer State Park, and is constructing the 470-unit Victory Knoll Apartments, which is costing more than $60 million to develop at the northeast corner of Interstate 64 and Blankenbaker Parkway on Ellingsworth Lane.

Recently, Hagan Properties expanded into the self-storage business with the 150,000-square-foot Winchester Acres Self-Storage next to Ford’s Kentucky Truck Plant on Chamberlain Lane.

Louisville’s apartment market has been booming over the last few years, with several dozen apartment complexes being greenlit in Louisville and Southern Indiana. And there’s no immediate sign of a slowdown as local and out-of-state developers are pouring hundreds of millions of new investment into new construction and redevelopments of older commercial properties into apartments.

Project Watch, Louisville Business First’s interactive map of active commercial development projects, is currently tracking nearly 50 local multifamily projects that are either proposed or under construction.

Louisville nonprofit launches $1.5M capital campaign for new HQ, rehab center

By

DEC
18

By Marty Finley  – Reporter, Louisville Business First
Dec 18, 2018, 2:06pm EST Updated Dec 18, 2018, 2:59pm EST

A Louisville nonprofit that specializes in the treatment, rehabilitation and placement of abused and neglected animals is looking to establish a new rescue complex in Louisville’s East End that will allow it to take on more animals in need.

The Arrow Fund Inc. recently launched a $1.5 million capital campaign to build a new facility that will house its administrative offices, overnight boarding for in-treatment animals and space for volunteer, advocacy and foster training classes.

Rebecca Eaves, president of The Arrow Fund, said the complex will be equipped with state-of-the-art kennels as well as rehabilitation kennels for animals who have undergone surgeries and other treatments and a quarantine and isolation area.

The Arrow Fund also is considering a veterinary suite that would allow for an on-site veterinarian.

Eaves said the nonprofit has secured property off Taylorsville Road for the complex that exceeds 15,000 square feet and once housed a kennel. She declined to disclose the exact location because the facility is not yet open and she does not want to risk animals being dropped off outside the complex.

She hopes to be in the building by late summer 2019 and said the money will be used to purchase and renovate the property.

The capital campaign is still new, but has quickly brought total pledges of about $650,000 that would be paid out over multiple years. Louisville developer Scott Hagan and his wife, Wendy, gave $300,000 and received naming rights for the complex, which will be called The Scott and Wendy Hagan Rehabilitation Center.

“We rely on the generosity of the general public to help these animals that need us so much,” Eaves said.

Scott Hagan weighed in on his appreciation for the organization by email:

“Five years ago, I saw an article in the Courier Journal about The Arrow Fund, our Director Rebecca Eaves and a dog they rescued after being fought then tied tightly to a fence with his mouth duct-taped shut. As I found out more, I saw a wonderful organization of talented volunteers from all walks of life throughout our community which rescued the most abused, tortured and neglected animals in Kentucky,” Hagan said. “I also saw that they had woefully inadequate facilities. I felt that Wendy and I could make a difference not only with money but also bringing to the table the subcontractors who work on our commercial properties. If potential donors believe in the cause of rescuing horribly treated animals and want to put their money into an organization where virtually every donated dollar goes directly to the animals, TAF is the place to put your money.”

Founded about eight years ago, The Arrow Fund has been involved in the rescue and emergency treatment of more than 2,000 abused and neglected dogs, cats and other animals. Eaves said more than 500 of those animals were taken in directly by the agency.

Through its role, the organization seeks out specialty veterinary care for abused animals so they can recover and be adopted out to a foster family. The nonprofit also uses its position to increase general public awareness about animal cruelty issues and the link to human violence, encourages the prosecution of animal abusers and advocates for better animal welfare laws.

The Arrow Fund works not only in Jefferson County but also takes in animals from smaller Kentucky counties that cannot afford to treat the animals but don’t want them euthanized. Eaves said they often work with law enforcement, animal control agencies and animal shelters in treating and placing animals.

The Arrow Fund operates now with a small volunteer staff out of a few thousand square feet of leased space on Envoy Circle not far from the Louisville Marriott East. It outsources certain functions, such as financial and IT services, to paid consultants.

The agency is working with Lexington architect John Dehart of Dehart Architecture and Craig McAllester of Kennel Design USA on the complex’s design.

To learn more about the capital campaign, check out The Arrow Fund’s website.

Shelbyville Road Plaza owner eyes $8 million development next to Ford’s Kentucky Truck Plant

By

MAY
15

By Marty Finley  – Reporter, Louisville Business First
May 15, 2018, 11:50am EDT Updated May 16, 2018, 3:31pm

The owner of Shelbyville Road Plaza and Middletown Station already has proven that it can produce in the retail and multifamily sectors.

So now the company is diving into a new challenge: The expanding self-storage industry.

Louisville-based Hagan Properties Inc. proposed the construction of a 130,000-square-foot self-storage facility on five acres at 2801 Chamberlain Lane and 3014 N. Winchester Acres Road, said Tommy Edwards, a retail and self-storage developer with Hagan Properties. The properties, next to Ford Motor Co.'s Kentucky Truck Plant, are owned by Huong X. Pham and Johannes W. Appelboom, according to Jefferson County property records.

Edwards said Tuesday that Hagan has the two properties under contract and hopes to start construction by the end of the year or early 2019 and to be open by mid-2019. The self-storage development will be housed in multiple buildings and will be anchored by a multi-story, climate-controlled facility. Hagan has not finalized the number of buildings or units.

But Edwards said the facility will house individual drive-up units as well as covered parking for boats and RVs. Hagan has estimated the cost at $8 million, with design being led by Green Design architects of Okeechobee, Fla.

Green Design specializes in self-storage design and completes more than 150 projects of this type annually, Edwards said.

To separate itself from the pack, Hagan plans to use high-end building materials, upscale LED lighting and a state-of-the-art security system to create a safe and welcoming atmosphere for clients, Edwards said, noting that some self-storage units do not seem safe after dark.

“They don’t have the sexy curb appeal, and that’s what we’re trying to change,” he said.

Edwards said Hagan is pursuing this project because the firm feels it would complement its existing multifamily properties and is a way for the company to diversify. As I , Hagan has started construction of a 470-unit apartment complex called Victory Knoll near Southeast Christian Church, estimated to cost $64 million.

Hagan Properties also built the 356-unit 9910 Sawyer Apartments, a sprawling upscale apartment complex that backs up to E.P. “Tom” Sawyer State Park.

“Self storage is a growing asset class, and we feel we can compete very well in it,” Edwards said. “Our goal is always to be the category leader in each asset class.”

Hagan will be the sole owner of the new complex, but the firm has tapped Salt Lake City-based Inc. as the leasing agent and property manager. Extra Space Storage NYSE: EXR) is one of the largest self-storage providers in the country, with nearly 1,500 facilities.

“Extra Space’s brand and operating platform combined with Hagan’s extensive development experience will provide a superior product and level of service to the people of Louisville,” Dylan Taylor, manager of third party management for Extra Space Storage, said in a statement.

A general contractor has not been chosen.

Louisville’s self-storage industry has been expanding in lockstep with the growth of new apartments. Self-storage units are popping up across the city, and we are starting to see more facilities of this type on the East End. For instance, Citadel Storage Partners I L.P., a Delaware limited partnership, is with about 145,000 square feet at 1403 Browns Lane that will have nearly 1,000 storage units. That complex is slated to open later this year.

And Kinetic Properties Inc. recently of 80,000 square feet of storage space in the nearly 250,000-square-foot Distillery Commons at Lexington Road and Payne Street into climate-controlled self-storage units.